Summary
A new law signed by President Trump changes how poker players pay taxes. Starting next year, they can only deduct 90% of their losses, which means they might owe taxes even if they break even or lose money while playing poker.
Key Facts
- President Trump signed a domestic policy law in early July affecting poker players' taxes.
- Previously, poker players only paid taxes on their profits each year.
- The new law only allows 90% of gambling losses to be deducted from taxable income.
- As a result, some players may owe taxes even if they earn no net profit or lose money.
- High-stakes players will feel the impact more, as their potential earnings and losses are larger.
- The law also affects other forms of gambling, including sports betting.
- Many professional poker players, like Daniel Negreanu, argue the law is unfair.
- Rep. Dina Titus, from Nevada, reported a high level of public concern over this policy.
