A group of lawmakers is working to cancel a new gambling penalty in President Trump’s sweeping tax and Big Beautiful spending bill.
The bill signed into law by Mr. Trump on July 4 includes a tax hike on gamblers. It was added by Senate Republicans. Now, a powerful House GOP lawmaker is seeking to repeal it.
Rep. Jason Smith, chairman of the House Ways and Means Committee, told The Washington Times he will back legislation to get rid of the newly added tax on gamblers and will forge “a path forward on this issue in the months ahead.”
Professional gamblers claim that the new tax threatens the survival of the gambling industry. The vice of gambling has allegedly become crucial to the economies of many states.
“For poker, many pros will no longer be able to make it,” said professional poker player Phil Galfond.
The gambling tax was tacked on to help cover the cost of the legislation. If they remove it, they need to find another means to help pay for the bill. It helps pay for the no-tax-on-tips, no-tax-on-overtime, and fewer taxes on seniors Social Security.