(MENAFN- AsiaNet News)

United States Congresswoman Dina Titus has said that it is critical for the Ways and Means Committee to add the legislation she introduced earlier in the year to its legislative calendar, saying the FAIR BET Act seeks to restore the commonsense 100% tax deduction to protect professional and recreational gamblers.

Titus said in a post on X on Tuesday that the BS Budget Bill earlier this year reduced the tax deduction for gambling losses to 90%. "In response, I introduced the FAIR BET Act to restore the commonsense 100% tax deduction to protect professional and recreational gamblers. I was the first in Congress to introduce this fix and haven't stopped garnering support from members and stakeholders since," she said.

"In fact, the FAIR BET Act has up to 21 bipartisan co-sponsors with @RepEzell most recently joining! It is now critical for @WaysandMeansGOP to add this bill to the legislative calendar before the year ends. We must get this fixed," she added.

Background on the FAIR BET Act

The Committee on Ways and Means, the oldest tax-writing body in the US House of Representatives since 1789, shapes fiscal legislation including taxes, tariffs, and social service programs. Its notable influence is underscored by numerous members who have risen to prominent national offices, including Presidents and Supreme Court Justices.

Restoring the Full Deduction

Titus, in July, introduced the Fair Accounting for Income Realized from Betting Earnings Taxation (FAIR BET) Act that would restore the 100% deduction for gambling losses. "The recently passed budget bill included a provision inserted by Senate Republicans without consent of the House that imposed a tax increase on Americans who gamble by reducing from 100 per cent to 90 per cent the amount of losses they can deduct from gambling winnings for their income taxes," Congresswoman Titus said, according to press release from her office issued on July 7.

"My FAIR BET Act would rightfully restore the full deduction for losses so gamblers don't pay taxes on money they haven't won," she added. Titus had said this common-sense legislation will bring fairness back to gaming taxation, making sure that gamblers can fully deduct losses when they report their winnings. "It gives everyone -from recreational gamblers to high-stakes gamblers -- a fair shake. We should be encouraging players to properly report their winnings and wager using legal operators. The Senate change will only push people to not report their winnings and to use unregulated platforms," she had said.

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)

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