The US President planning to eliminate all taxes on gambling winnings

[demonica]

On the gambler's side, it's great news since their winnings won't have to be deducted for tax. However, this would also mean that they're promoting gambling. For gamblers, they'd be glad about this news but I don't know what would be the view of the people in general. It could encourage people to gamble more and could possibly lead to more gaming addiction in the country. Will they be able to handle that? Also, aside from Trump, will the government really pass this?

It's still too vague since it's just a talk. It would be great to discuss if we know what are the clauses they'd include if they are really considering doing this.

[Dunamisx]

Under the tax law act, not everything should be be taxable and I appreciate that US understands for this and accept to implement on it, they have to start to think in such a way that encourage the people for patriotism, this will make everyone feels the same justice they needed and to have more confidence in the government they are having, others countries should make review and readjust where necessary.

[Fivestar4everMVP]

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.

"cool" is not enough bud, "extra cool" should be right word or phrase to use, I personally have always detested the whole idea of taxing gamblers who won from gambling, I've always been of the opinion that it's nothing but the government stealing from the gamblers because how do we explain this...

I deposit $100 to the casino and spent it all on gambling without any winnings, i deposit another $100 and same thing happen, I deposit another $100 and just at the verge of losing it all again, I won $50, and the government comes on to tax the $50 I won when I've initially lost over $200 to the casino which I am very sure the government also have gotten their tax from that too.
Gambling winnings should never be taxed because every penny from from it is simply the gambler recovering a small part of money that he or she must have lost before getting that win..
So, I will be very happy for those living in the US if Trump could pull this one off...

[davis196]

This seems more like fake news to me. Is there any actual proof, that the Trump administration plans to remove taxes over gambling winnings?
I do believe that Trump ls a guy, who is friendly towards the gambling industry, but the US budget deficit isn't going to get smaller, if the government keeps reducing taxes. There aren't any good news around the US economy(except the AI bubble), so what's the plan? Making gambling winnings tax free in order to boost the gambling industry(and the economy)? More people getting addicted to gambling will boost the GDP? This can't be serious, right?

[Ziskinberg]

Honestly, this sounds like another bullshit story from Trump.  Governments don't walk away from free money, especially not from an industry as massive as gambling.

It kind of sounds like bullshit but if this actually gets approved, it would benefit gamblers a lot, especially professional sports bettors who are already profitable.
That percentage is huge, and removing it would directly help maximize a gambler’s income.

I’m not really affected by this since I’m not a citizen of that country, but I’m still happy to see news like this.
Hopefully it really passes and becomes law.

[Akbarkoe]

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

This should be very good news for American citizens because they will no longer receive a cut that is burdensome for every gambler who wins, this will get a positive response and increase gamblers and betting volume if implemented as proposed, but it seems that this is just a plan in his mind, while the implementation is still questionable whether or not this winning tax removal will be implemented.

[hyudien]

This is still just a plan, right? Although the elimination of the tax on gambling winnings is good, because it can encourage those who live there to reduce the burden with taxation a little, but I think it is unlikely to happen, the reason is, as far as I know, the tax on gambling winnings in the US is quite high, around 24%, if I'm not mistaken, which is a significant source of revenue for the government.

[Eternad]

This is still just a plan, right? Although the elimination of the tax on gambling winnings is good, because it can encourage those who live there to reduce the burden with taxation a little, but I think it is unlikely to happen, the reason is, as far as I know, the tax on gambling winnings in the US is quite high, around 24%, if I'm not mistaken, which is a significant source of revenue for the government.

Not an actual plan rather they are considering or open for possibilities that this will implement in the future but there’s no timeline or whatsoever to apply this law.

Trump is generating revenue for US government as much as possible to fund their military expenses since they are being aggressive recently against China and Russia allies.

He is prepared for the worst so he will not cut a huge source of income.

[Don Pedro Dinero]

This is still just a plan, right?

Yes, and it doesn't seem like a very firm plan, more like an idea, a possibility for the future.

Although the elimination of the tax on gambling winnings is good, because it can encourage those who live there to reduce the burden with taxation a little, but I think it is unlikely to happen, the reason is, as far as I know, the tax on gambling winnings in the US is quite high, around 24%, if I'm not mistaken, which is a significant source of revenue for the government.

Well, first of all, income tax on players is not the only tax the government receives from gambling; the most important one is the tax it charges casinos and betting houses. Then, one must consider that most people do not pay it, as they are net losers in the fiscal year. I don't think it would be a big problem for the US budget if it were ever implemented.

[passwordnow]

Taxation in the US is so crazy, you're almost going to get the third of what you've won, CMIIW. And anything that's going to ease the tax that any person gets, it's always been a good news. From gambling, to salaries, to consumables and all other things. I just hope that we'll live in a world that has lesser taxes so that we can enjoy all of the money that we're earning whether it's from the jackpots, single bets or just the casual bets that we make. Let's see if Trump's amendment to most of the taxations in the US will happen before his term ends or it's just for the mid term elections.

[Slow death]

This is still just a plan, right? Although the elimination of the tax on gambling winnings is good, because it can encourage those who live there to reduce the burden with taxation a little, but I think it is unlikely to happen, the reason is, as far as I know, the tax on gambling winnings in the US is quite high, around 24%, if I'm not mistaken, which is a significant source of revenue for the government.

I'm not an American citizen and I don't live in the US, but from what I've seen of Trump and the taxes he's imposed on all countries, it doesn't seem like he'll want to change anything about the existing taxes on gambling because that won't change anything regarding his popularity. He's more focused on big things that can significantly boost his popularity, like his aspirations for the Nobel Peace Prize and likely being seen as a good manager who made America great again.

[alani123]

This might end up hitting the crypto gambling industry because we all know taxes on winnings are pointless and the smarter gamblers move to crypto casinos for this reason. So I'd say it makes sense for the licensed ones to make this law but it'll surely cut the downline of crypto casinos that helped serve as an avenue to avoid tax.

[Orpichukwu]

Under the tax law act, not everything should be be taxable and I appreciate that US understands for this and accept to implement on it, they have to start to think in such a way that encourage the people for patriotism, this will make everyone feels the same justice they needed and to have more confidence in the government they are having, others countries should make review and readjust where necessary.

I think it's too early to appreciate the US government for such. Trump just made the statement, and I have not seen any legal moves towards that being achieved, so we should wait for action to be taken first before we start appreciating them. Politicians are not to be trusted by their words alone, especially when it's something that has to do with giving the seated government more revenue.

[Woodie]

Now this is exciting for the gambling world , now we wait to see how other nations will copy this development.. but nah these stay.

And knowing this industry generates a decent amount of revenue, I don't see this being scrapped off especially that his Mr tariffs who was so much convinced he would pay off what's owed to other nations in no time.. no this contradicts his intentions with tariffs.

[Zlantann]

This is still just a plan, right? Although the elimination of the tax on gambling winnings is good, because it can encourage those who live there to reduce the burden with taxation a little, but I think it is unlikely to happen, the reason is, as far as I know, the tax on gambling winnings in the US is quite high, around 24%, if I'm not mistaken, which is a significant source of revenue for the government.

Trump is seeking means to reduce taxes on personal income. He recently signed the One Big Beautiful Bill Act, which exempted tax on tips and overtime. Gambling wins taxes are an important revenue for the US government since a report shows that nearly 60% of American adults have gambled over the years. The President wants to get the support of the people and it seems he is successfully getting other sources of revenue like the Venezuelan oil .    

[Mindyspace]

For people who gamble, of course it would be great to keep 100% of the winnings, wouldn't it? Winning and still having to pay tax really seems like a second loss.
But being realistic, it's very difficult for the government to give up that money. Removing taxes would only make gambling even more attractive, it would make more people bet, but the math doesn't really change, in the long run most people continue to lose.

[Franctoshi]

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

It's quite a very good news for the gamblers in the US right now, as they will be enjoying their maximum profits which are going to be withdrawn. Crypto gains should also be except from being taxed, but if they failed to do so, some crypto investors there in US may find a way to play around this opportunity and be moving their funds to this casino sites that offers crypto deposit and withdrawals, and put in money just to gamble a bit and withdraw to their local bank account and not get taxed.

[OgNasty]

Since most people claim that investing in Bitcoin is gambling, I think that the government should do the appropriate thing and get rid of capital gains taxes on Bitcoin. I also think they should do this in the next 90 days. No particular reason. 

[adultcrypto]

Taxes are important but I think there are things that should be exempted from taxation and gambling is one of them. The reason is that, if you tax winnings but do nothing about when the player losses, this will make the play wins turn losses in most occasion because some winnings are recoveries from series of losses. Taxing winnings is definitely against the player and done to discourage people from gambling. The fair way to tax gambling should have been taxing the positive difference between monthly withdrawals and monthly deposits. This will ensure that players are only taxed when they make gains from gambling and not just when they win.

[criptoevangelista]

If this actually happens, it will be very worthwhile for casinos and gamblers, but I think it's very difficult for the government to give up taxes, especially with the amount of volume wagered nowadays in betting houses. For such a decision to happen, the government would have to indicate another source of income to cover the hole left by the lack of revenue from gambling.