A new tax law signed by President Trump limits deductions for gambling losses to 90%, raising concerns among poker players and gambling experts. Traditionally, betters have not faced a tax burden on annual losses, but the new rule requires players to pay taxes on a portion of their income even when they lose money. This change could create significant financial issues for professionals dealing with large sums in tournaments. Critics, including notable players, argue the law is unfair and illogical for taxing individuals on losses.
"At first, I didn't believe it. And then I read it," said Russell Fox, a poker player who runs a Nevada-based tax firm that specializes in gambling. "It's bad for just about everybody in the industry."
"This is just a completely illogical bill. You're taxing people who lose money," said Daniel Negreanu, a well-known poker player, who spoke to NPR while playing at the WSOP. "We don't mind paying taxes, but like, on actual money. Nobody thinks it's fair to pay taxes when you lose money."
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