The US President planning to eliminate all taxes on gambling winnings

[Floxynice]

This sounds attractive and I am sure that gamblers will love this. This is not something that can happen overnight and not what just Trump will approve. Well, it is not yet official, I will take this update seriously when it becomes official.

[ScamViruS]

This is good news that will give relief to gamblers, if they win at gambling they will not have to pay a large portion of taxes. And I think that is still in their plan, they have not abolished taxes from gambling winnings. Since gamblers don't always win, they rarely win big, so it's frustrating when they have to pay taxes. On the other hand, low taxes on gambling also create problems, making gamblers more addicted to gambling.

[DiMarxist]

If this happens then it will be a welcome development to the gambling community because, gambling is not a profitable venture at the first place than any reasonable government will be collecting tax on. Gambling takes a huge amount of money away from gamblers and winning in gambling comes once in a while so its not ethical to collect tax from someone who has not even recovered all his losses when it comes to gambling. This move by Trump is a good one.

[Joy_learns_crypto]

It will be good that gambling wins do get taxed, I don’t see gambling as a business but fun and someone should not be taxed for having some benefits from fun.
I think the chances of losing and then after winning you pay tax can make a gambler quit gambling.
But is the US president going to include lottery winning in the elimination of tax? I think lottery and gambling are alike so if there is an elimination of tax in gambling he should eliminate it from lottery winnings.

[Aanuoluwatofunmi]

Wonders shall never end, some countries are planning on how they could implement on paying taxes from gambling winning, while in US the entire story is quite different, I'm surprised to hear this, because in US they have not been taken things as easier as expected when it's comes to regulation enforcement, but this time around, I think they are taking it into a new dimension to make things more easier for the people to enjoy having fun in gambling, while others should also learn from this and take the same decision to allow everyone enjoy their earnings from gambling.

[PrivacyG]

If this happens then it will be a welcome development to the gambling community because, gambling is not a profitable venture at the first place than any reasonable government will be collecting tax on. Gambling takes a huge amount of money away from gamblers and winning in gambling comes once in a while so its not ethical to collect tax from someone who has not even recovered all his losses when it comes to gambling. This move by Trump is a good one.

How is it not ethical to collect taxes from someone who is Gambling only because pretty much all the Gamblers are on a long term loss?  Are you of the same opinion about people who fail a business?

When you decide to Gamble, you are supposedly an adult who should acknowledge the risks of losing.  You are obviously probably NOT going to win because if most Gamblers were winners, Casinos would not exist.  It sounds really ethical to me that Gamblers pay taxes for their winnings.  A lot of people who do not Gamble lose a lot and very often particularly long term, but I do not see any body crying out loud about it.

[Su-asa]

This is interesting news, I just came across this not quite long.. If the US remove taxes on gambling winnings, that would be good news for gamblers based in US. Because ive hear people complain that paying tax after they win always felt like a second loss, especially on big wins.

If this happens, it may attract more players and boost gambling activity in the US. Because I won’t lie, keeping 100% of winnings instead of handing some portion to the government is really cool.

source

That's right my dear, as a matter of fact it, to me it is very wrong for a gambler to pay tax after winning a bet (whether big winnings or small amount of money) it is not right because nobody knows how hard/difficult it was for the gambler before he or she win the bet. So collecting taxes from the winning they got is no different from robbing. Some people might not agree with be but it is true, it is not different from robbery (robbery is not all about using arms to take what belongs to someone).
So in my own opinion, it will be a very good idea for president Dolan Trump to remove taxes from gamblers winning, it will even boost the gambling industries more and it will help the us economy because most casinos are regulated in the US.

[Fiatless]

Until there is a bill before Congress for the amendment of the gambling tax, I will take this news as a rumour. Anyway, it's a good move if it is implemented.  I wonder how someone would pay tax on wins, meanwhile, you have lost so much before that win. Most gamblers are in profit because they lose more than they win. Paying tax on just wins without deductions of past losses is pure injustice. This proposed law will affect the gambling industry positively, since it would make gambling attractive and more gambling businesses would be established.

[leonair]

This is interesting news, I just came across this not quite long.. If the US remove taxes on gambling winnings, that would be good news for gamblers based in US. Because ive hear people complain that paying tax after they win always felt like a second loss, especially on big wins.

If this happens, it may attract more players and boost gambling activity in the US. Because I won’t lie, keeping 100% of winnings instead of handing some portion to the government is really cool.

This can be a very good news for gamblers. Because many people can win in gambling but most gamblers cannot keep them. So if the government imposes a tax on gambling winnings, gamblers will continue to gamble and lose them, and they will have to pay taxes to the government for their gambling. And all in all, it will have a very big impact on a gambler. The government can do something like they can impose high taxes on the gambling business. In this, the government will get a lot of revenue without harassing the people in any way.

[Localhostspeed]

This is interesting news, I just came across this not quite long.. If the US remove taxes on gambling winnings, that would be good news for gamblers based in US. Because ive hear people complain that paying tax after they win always felt like a second loss, especially on big wins.

If this happens, it may attract more players and boost gambling activity in the US. Because I won’t lie, keeping 100% of winnings instead of handing some portion to the government is really cool.

source

Do you know the tax amount US makes from gambling. I don't believe it. If there is anything a government promise you that they are going to change, that's fine and it's possible but if they are going to remove tax from something, accept it with a pinch of salt. Everything they say is pure lies, they have something plan about gambling which they don't want to tell people, it might be this is a better way to attract gambling, you never can tell.

If they do this, there is every chance that this might influence money laundering because why not. Get dirty money, use it pass through gambling casino, withdrawal money and give commission to the casino. That's the easiest way to run away from money and I'm very confident that the government is watching, they will not take away thier eyes. You might just be sitting down and see the government put back the tax to do their chasing after gathering all evidence.

[Accardo]

Wonders shall never end, some countries are planning on how they could implement on paying taxes from gambling winning, while in US the entire story is quite different, I'm surprised to hear this, because in US they have not been taken things as easier as expected when it's comes to regulation enforcement, but this time around

You don't have to be surprised about the things that come off President Trump's speech, he's an all round guy, his interest is solid in all industries, which is a strong attribute of power, also he run casinos, he could be doing this to make sure the gambling communities benefits from his administration. While it's speculation his thoughts on it would determine what happens, without that he's got a fresh observation from gamers in the USA who wants it to be passed into law.

[aioc]

If Trump is going to eliminate taxes in gambling that's a 24% cut, this is huge this is positive for all the residents of the US but that's also a huge revenue losses as 60% of Americans are gamblers but we have to see to believe this he is says he is open to it which is not a definitive answers.
If this materialize they will be the 17th country that is not taxing their gamblers, this will raise his trust rating among gamblers.

[Jubilee58]

This news is interesting anyway, considering how often people loose games on daily bases. Gamblers in the united States of America will cherish this decision made by Donald Trump. I believe Donald Trump would have a reason for doing this. However, When gamblers loose money, it can be very painful and some gamblers loose money often and on, so if suddenly a gambler who looses money eventually wins a game, to me, collecting tax from such money is not good at all because that money is supposed to be a compensation of the losses he has incured on previous bets.

Trump has really done well and wished this development should not be in US alone, other countries who collect tax from money won from gambling should see reasons why they should do thesame thing too.

[cryptoaddictchie]

This is interesting news, I just came across this not quite long.. If the US remove taxes on gambling winnings, that would be good news for gamblers based in US. Because ive hear people complain that paying tax after they win always felt like a second loss, especially on big wins.

If this happens, it may attract more players and boost gambling activity in the US. Because I won’t lie, keeping 100% of winnings instead of handing some portion to the government is really cool.

source

That would definitely be a big change and shift if it actually happens, since taxes on winnings have always been a major psychological and financial hit for US gamblers. Keeping 100% of a win sounds great on paper, but I wonder if it would also lead to more impulsive or risky betting once that second loss feeling is gone. Do you think removing the tax would really benefit players long term, or would it mostly end up helping casinos and sportsbooks even more?

[KTChampions]

It sounds good from gamblers perspective. No tax for winning means you will be receiving full profit when you win a jackpot. However, it's kinda unfair when it's seen from different perspective. They're still taxing the stock and crypto gain as a capital gain.
I'd rather a gambling winning should be treated the same. It's idiotic to untaxed the gambling winning while capital gain from stock and crypto trade still being taxed. However, trump still "considers" it which mean it's unlikely to be passed.

As far as I know, there is no capital gains tax, you only pay tax when you sell the shares and make a profit (which seems quite reasonable and is common). Theoretically, trading can be equated with gambling, but if it happens on the stock exchange and not in prediction markets, it's still a normal economic activity, and yes, there are taxes involved.
As for Trump's words, yes, he's a windbag, and most of what he says is simply nonsense. I remember that he promised to abolish income tax, reduce the national debt, etc. In the end, everything is done in the opposite direction.

[Powerjumboo]

This is interesting news, I just came across this not quite long.. If the US remove taxes on gambling winnings, that would be good news for gamblers based in US. Because ive hear people complain that paying tax after they win always felt like a second loss, especially on big wins.

If this happens, it may attract more players and boost gambling activity in the US. Because I won’t lie, keeping 100% of winnings instead of handing some portion to the government is really cool.

source

Although the news of the abolition of taxation on gambling winnings is very interesting, I do not think that this decision will remain for long after it is passed. Because US President Donald Trump may repeal this law again at any time. Also, I think that he is suffering a lot from the gambling sector due to gambling, which is why he has decided to abolish taxation from gambling. However, if the law is specific and if it is not subject to change, then I think that gamblers will be much better off because they will not have to pay any taxes on their gambling winnings.

[Davidvictorson]

~

The keyword there is *allegedly*
If this didn't come from the White House or directly from him, then it is as good as false information. That's all I can say for now.

[Josefjix]

This sounds attractive and I am sure that gamblers will love this. This is not something that can happen overnight and not what just Trump will approve. Well, it is not yet official, I will take this update seriously when it becomes official.

I am still doubting this news because Trump will never love to what doesn't feed back to the nation, I can't still belief this because US government as well as other government recirculate the nations money between citizens back to the government vice versa. Letting it free on gambling winning isn't be logical but shows a kind of emotional declaration.

[Orpichukwu]

You guys even believe what Trump said will become real? He even himself is not stable and can take a complete uturn the next morning from whatever he said from the ast night so don't take it as anything serious and IMO there is 0% of this happening. They might increase the tax limit on winning amount let's say upto 5K but not possibility of no tax.

If they increase the tax threshold to $5, that would be better than when gamblers are being taxed for every winning above $2000. I'm not from the US, but it will be very favourable and fair enough if Trump could get this tax off from gambling winnings, as they should already be aware that before anyone wins any amount, they have lost much more than that before.

[STT]

The system in other countries is there is a clear overlap between betting companies for sports and normal gambling and the speculative forces in the finance market.  Polymarket appearing so large only makes that reality more obvious imo.  Why should we discriminate one over the other, the fairest system is to tax profitable companies not the users who have one lucky win.  If you regularly win from being so good at it, trading or betting then sure it can become a form of income and so taxable but most people thats not what happens.
   Its good practise to standardize and simplify systems of taxation to make business less constricted and open to undercutting from companies outside that nations laws, ie. make your economy competitive worldwide is often an advantage.