Today on the NTRA website:
"Congress and President Obama have recently proposed capping or otherwise
limiting itemized deductions in an effort to raise revenue for the U.S.
government. Some horseplayers may be negatively impacted if they are
unable to fully deduct pari-mutuel wagering losses as itemized
Simple example. Bettor wagers $40,000, has gross win of $40,000. Under current rules, 0 net come from wagering. Under proposed $25,000 deduction cap,, bettor has AT LEAST $15,000 of wagering income, and maybe much more, depending on other deductions.Meanwhile, Wall Street bettor who wagers on pork bellies and loses gets full deduction, even to the extent of creating a tax loss. Hugely unfair.
It's been that way forever. Until the industry can get Congress to treat gambling winnings (and loses) the same as stock market gains and loses (or real estate or anything else that involves investing money where there is risk for loss and gain, players are always going to get screwed.
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