Senate effort to quickly undo gambling tax change fails
The sweeping piece of legislation includes changes to the law that arguably wouldn't have happened if they'd been processed one at a time. One such change relates to gambling.
Previously, every dollar lost applied against every dollar won. The gambler's income was the net winnings, if any. Now, the losses are capped at 90 percent. Which can create income without winnings.
Both the House of Representatives and the Senate have launched efforts to undo the change to the tax laws regarding gambling. Via Joey Cappelletti of the Associated Press, an effort in the Senate to quickly fix the situation has failed.
Senator Catherine Cortez Masto (D-Nevada) requested unanimous passage of a bill that would undo the revision. Senator Todd Young (R-Indiana) objected. And that was enough to block it.
'My understanding is many Republicans, many Democrats did not even know it was part of that process,' Cortez Masto said, regarding the change to gambling taxes.
Young's objection means the bill will have to go through the usual process of committees and floor votes and what not, in both the House of Representatives and the Senate.
'Now I see Republican senators walking all over the Capitol saying they didn't even know anything about this policy,' Senator Ron Wyden (D-Oregon) said. 'The fact is, when you rush a process like this, this way, and cram in all of these policies that you haven't really thought about, you risk consequences for people back home. That is what is going on here.'
And now what's going on is an effort to turn the clock back to the days before the big, beautiful bill made life a lot uglier for gamblers.
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