FAIR BET Act Gaining Bipartisan Support

• Rep. Dina Titus’s (D-NV) legislation to amend a portion of the One Big Beautiful Bill Act is gaining bi-partisan support
• The FAIR BET Act now has 10 co-sponsors in the House of Representatives
• The legislation will allow professional gamblers and sports bettors to deduct 100% of losses from taxes
  

Rep. Dina Titus’s (D-NV) legislation to reverse a portion of President Donald Trump’s (R) One Big Beautiful Act that negatively affects professional gamblers is starting to gain momentum.

Titus’s bill, the Fair Accounting for Income Realized from Betting Earnings Taxation Act (FAIR BET Act), will restore the provision that allows professional gamblers and sports bettors to deduct 100% of their losses from their taxes.

The legislation is now up to 10 co-sponsors and is receiving bipartisan support among her colleagues.

Paying Taxes On Money You Do Not Have

Trump’s legislation was approved on Thursday, July 3, with the president signing the bill into law on July 4.

Included in the massive piece of legislation was a change to the Internal Revenue Code to negatively impact professional gamblers. Under the new amendment, professional gamblers are only allowed to deduct 90% of their losses in a year.

“So you’re going to pay income tax on money you don’t have, because now you can only deduct 90%. That’s not fair, I don’t care if you’re a democrat or a republican, taxing money you don’t have is just not fair,” Titus recently said on her social media channels.

The bill is now up to 10 co-sponsors from both sides of the aisles. Rep. Ro Khanna (D-CA), Rep. Troy Nehls (R-TX), Rep. Steven Horsford (D-NV), Rep. Jefferson Van Drew (R-NJ), Rep. Mark Amodei (R-NV), Rep. Susie Lee (D-NV), Rep. Gil Cisneros (D-CA), Rep. Chris Deluzio (D-PA), Rep. Darren Soto (D-FL), and Rep. Guy Reschenthaler (R-PA) have all come out in support of the legislation.

Detractors of the One Big Beautiful Bill Act have said the changes to the gambling tax code will push professional gamblers to the black markets, decreasing business to licensed operators and companies in the country.

Bill to Be Discussed in Ways and Means

Titus will discuss the FAIR BET Act today at 1 p.m. EST in front of the Ways and Means Committee in Las Vegas, NV.

House Committee on Ways and Means Chairman Rep. Jason Smith (MO-R) announced the committee will hold a field hearing to highlight the One, Big, Beautiful Bill’s benefits for American families and workers.

Titus will make the case for her legislation during the hearing. The committee will be the first hurdle to pushing the bill through Congress.