Summary
Erik Seidel, a well-known poker player, says a new law signed by President Donald Trump might force him to retire. Starting in 2026, the law will only allow gamblers to deduct 90% of their losses from their winnings for tax purposes, not the full 100% as before. This change could lead to higher taxes on professional and frequent gamblers.
Key Facts
- President Donald Trump signed a law that changes how gambling income is taxed from 100% to 90% of losses deductible.
- The change takes effect in 2026 and affects both professional and frequent casual gamblers.
- Erik Seidel has expressed concerns that this tax change could lead him to retire from professional poker.
- The American Gaming Association reports nearly 6 in 10 U.S. adults gambled last year.
- The Joint Committee on Taxation estimates the change could raise $1.1 billion over eight years.
- Some lawmakers, like Representative Dina Titus, are working to reverse the change with the Fair Bet bill.
- President Trump mentioned he will consider removing the new gambling tax provision.
- The tax change could encourage illegal gambling if regulated gambling decreases.
