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Started By
Message
re: The new sports betting tax in the BBB could kill sports betting
Posted on 7/5/25 at 10:03 am to Crimsonians
Posted on 7/5/25 at 10:03 am to Crimsonians
Sure yeah that too.
0
Posted on 7/5/25 at 11:15 am to dj30
The bill is a multifaceted suck job… most in Congress couldn’t tell you what’s in 75% of it.
Posted on 7/5/25 at 11:22 am to VOR
quote:
The bill is a multifaceted suck job
Just because they aren’t putting black people back in slavery like you wanted doesn’t make it a suck job bill.
Posted on 7/5/25 at 11:31 am to Mushroom1968
The guy who added the sports gambling tax stuff to the bill is Mike Crapo from Idaho apparently.
Sports betting isnt legal in that state
LINK
Sports betting isnt legal in that state
LINK
Posted on 7/5/25 at 12:17 pm to The Egg
quote:
honestly, thoughts on gambling aside, the tax implications of this don't make much sense at all
Oh I'm sure they don't. No argument there.
Posted on 7/5/25 at 12:31 pm to VOR
quote:That's every bill.
most in Congress couldn’t tell you what’s in 75% of it.
Posted on 7/5/25 at 12:39 pm to TT9
They should pass a bill that bills can't be more than 50 pages
Posted on 7/5/25 at 12:49 pm to bbap
quote:couldn't agree more.
They should pass a bill that bills can't be more than 50 pages
Posted on 7/5/25 at 12:53 pm to Jim Rockford
quote:
Fun fact: in a lot of countries gambling winnings aren't taxed at all, on the premise that you're gambling with money you already paid taxes on.
I’m interested in this. Please post some links to those countries and their policies
Posted on 7/5/25 at 12:55 pm to VOR
quote:could you? If not what qualifies you to say it sucks? Maybe just let things play out for a bit before trying to jump to conclusions about the whole thing.
The bill is a multifaceted suck job… most in Congress couldn’t tell you what’s in 75% of it.
This is definitely dumb but like others have said it’s hard for me to feel too sorry for people affected by it.
This post was edited on 7/5/25 at 12:55 pm
Posted on 7/5/25 at 12:55 pm to Dizz
quote:
. I have had numerous accountant friends tell me many audits just went away because the agents on them left/were fired.
Either you or your friends are liars
Posted on 7/5/25 at 12:57 pm to Civildawg
quote:
How is this any different from stock traders only being able to claim 3,000 in losses max each year? Stock traders have it even worse
Those are passive and you can carry forward any additional losses to future tax years.
So it’s quite different, like 0% the same
Posted on 7/5/25 at 1:12 pm to Corinthians420
quote:
Whoever passed this bill has no concept of how gambling works.
So basically another day that ends in "Y" under the current government?
Posted on 7/5/25 at 1:15 pm to danilo
quote:
Oh well. Sorry degenerates. Need to secure our borders
Trump raising taxes and being cheered on by the party supposedly against raising taxes.
Supposedly
Posted on 7/5/25 at 1:24 pm to Corinthians420
Sounds like something only degenerate gamblers care about.
Posted on 7/5/25 at 1:26 pm to Corinthians420
I think this will end up being adjusted in another bill before 2026.
I’m no fan of what sports betting has become but this is as crazy is democrats wanting to tax unrealized gains in the market.
I’m no fan of what sports betting has become but this is as crazy is democrats wanting to tax unrealized gains in the market.
Posted on 7/5/25 at 1:27 pm to msutiger
quote:
I think this will end up being adjusted in another bill before 2026.
It has to be. It makes it pretty much mathematically impossible to make money as a professional gambler
Posted on 7/5/25 at 1:31 pm to SDVTiger
quote:
Because you can make cash bets under 10k that arent reported
If you do this too often, I promise you casinos will notice. Just like banks, casinos have departments of people who get paid to watch for this kind of stuff. It is called structuring, and it is a felony; the feds use stuff like this to get a subpoena to look into more of your financial records.
Posted on 7/5/25 at 1:33 pm to VADawg
quote:
If you do this too often, I promise you casinos will notice. Just like banks, casinos have departments of people who get paid to watch for this kind of stuff. It is called structuring
This isn’t structuring
But you aren’t going to outsmart the casinos. They have records of all their bets and just because you don’t report it doesn’t mean the government can’t find out about it, it just means you didn’t get audited.
Posted on 7/5/25 at 1:34 pm to Corinthians420
Professional gamblers will tell you that if they hit on 58% of their bets, it’s a good year. This will absolutely kill that
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