The US President planning to eliminate all taxes on gambling winnings

[Stalker22]

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.

[iBaba]

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 know all the gamblers in the US will be jumping on receiving this news but policies like this don't happen over night like you rightly mentioned and it is equally not something one person can just sit and decide on their own and I'm not singling out the president either. Also knowing the kind of person Trump is, it will be too early to be over excited about this pronouncement now until the process has been confirmed and properly implemented by the government.

[Hispo]

Very unlikely to happen, considering the amount of money the federal government of the United States takes from taxpayers who happen to be gamblers, historically the federal goverment have benefitted from both casinos and also gamblers, and I doubt they have serious plans to change any of that in the short term.

As it stands now, I would treat this as a rumor, and nothing more. The USA needs massive amounts of money to try to close their deficit, and they are not in a position to give up on the money they get from gamblers.

[AmoreJaz]

Very unlikely to happen, considering the amount of money the federal government of the United States takes from taxpayers who happen to be gamblers, historically the federal goverment have benefitted from both casinos and also gamblers, and I doubt they have serious plans to change any of that in the short term.

As it stands now, I would treat this as a rumor, and nothing more. The USA needs massive amounts of money to try to close their deficit, and they are not in a position to give up on the money they get from gamblers.

If it is not yet approved, then, don't count on it. Because these days, it is easier to spread misinformation even if there's no basis. Believe if the government itself published the approved bill. And besides, before it gets approved - there will be proceedings for this so people will be aware of this bill. But for now, I don't think it is true. I do believe that before it really gets implemented, it will be a long way before we see this happening. So stop panicking because it won't be implemented tomorrow or the next day. It may be years in the making if this assumption is true. We will see its developments so to speak.

[Hispo]

Very unlikely to happen, considering the amount of money the federal government of the United States takes from taxpayers who happen to be gamblers, historically the federal goverment have benefitted from both casinos and also gamblers, and I doubt they have serious plans to change any of that in the short term.

As it stands now, I would treat this as a rumor, and nothing more. The USA needs massive amounts of money to try to close their deficit, and they are not in a position to give up on the money they get from gamblers.

If it is not yet approved, then, don't count on it. Because these days, it is easier to spread misinformation even if there's no basis. Believe if the government itself published the approved bill. And besides, before it gets approved - there will be proceedings for this so people will be aware of this bill. But for now, I don't think it is true.

I am not even sure if something like this would require for the congress and the Senate of the United States to debate and approve it into law so Trump could eventually sign it. Unless he tries to go with a executive order, which would be contested in court by some democrats, for sure... Just for the sake of going against whatever Trump does.

Even if the bill does not become law, people would make a very big deal of it as soon as get proposed by lawmakers in the congress.

I would totally see some Republicans pushing this through into becoming law if there is enough popular support by gamblers and non-gamblers alike.

[tread93]

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

Holy shit, Trump is on a roll. First he announced today that he will be capping all credit card interest in the US at 10% which is YUGE for the american public and will actually give them a clear path towards being out of debt instead of just barely making anything towards their principal and keeping people in growing and crippling debt and now he is planning to remove taxes on gambling alltogether? that is amazing. Trump is on a rampage to make the average American's life better. I love this man. He is advocating to remove property taxes also and also making our tax returns larger and give us more areas to get tax write off such as with car loan interest and tax free tips etc. Say what you will about Trump but he is one smart MF.

[Botnake]

Holy shit, Trump is on a roll. First he announced today that he will be capping all credit card interest in the US at 10% which is YUGE for the american public and will actually give them a clear path towards being out of debt instead of just barely making anything towards their principal and keeping people in growing and crippling debt and now he is planning to remove taxes on gambling alltogether? that is amazing. Trump is on a rampage to make the average American's life better. I love this man. He is advocating to remove property taxes also and also making our tax returns larger and give us more areas to get tax write off such as with car loan interest and tax free tips etc. Say what you will about Trump but he is one smart MF.

That credit card interest you’re talking about is a different thing, right? And when you say 10%, do you mean per year?

If it’s per annum, that’s actually pretty good, because credit cards usually have high interest and nasty penalties. So yeah, you’re right, a lot of people struggle to get out of debt once it starts piling up.

I’m not from the US, but I’ve been in debt before too. I got tempted by a higher credit limit, then eventually I couldn’t keep up with the balance. I did get out of it, but it took years.

[danherbias07]

This is good news for every gambler in the US, but I am kind of doubting that it can happen easily.

I mean, let's face it, they are already taking taxes from physical and online casinos through their business permits and the service itself. They don't really need to take anything from the winners. But due to greed, they also want a part of what the winner gets, and I have seen that here in our country, too. I also felt how the gamblers are aching from the cut that was being made from their winnings. Instead of getting x2.00, they will only get x1.80 or lower. They are forced to gamble higher amount just to feel the profits of their risk.

[bettercrypto]

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 know all the gamblers in the US will be jumping on receiving this news but policies like this don't happen over night like you rightly mentioned and it is equally not something one person can just sit and decide on their own and I'm not singling out the president either. Also knowing the kind of person Trump is, it will be too early to be over excited about this pronouncement now until the process has been confirmed and properly implemented by the government.

That’s exactly how I feel about it; a decision like that isn't easy to make, even if we’re talking about the President of the US. This is especially true if casinos are legal in their country just look at Las Vegas and how many millions, or perhaps even billions, they collect in taxes from there.

That’s why I don’t think it will actually happen, even though it would be favorable for winners who could potentially take home billions of dollars from online casinos and especially from physical casinos.

[abaeze]

I am sure that after seeing this news, many gamblers will try to continue their activities with double enthusiasm, but many of them may not know that Trump is still considering it, which means that the chances of it passing are very low. In my opinion, Trump's statement is hypocritical because this policy was needed in both casino trade and crypto trade, but he himself is a casino investor, so why is he only thinking about doing it in casinos and not in any other sector?

[wiss19]

I haven't quite verified it but it would be crazy if they do that. I don't see a reason why they would remove taxes from gambling though, it's a huge source of income for the government. I did see a video where Trump said they are getting so much from tariffs that taxes might be removed soon, but pretty sure that wasn't about gambling. Might even be AI, hard to trust videos nowadays lol.

I'm assuming if he eliminates taxes on gambling winnings, it must be up to a certain limit. Like no tax on winnings up to $50k but X amount of tax from 50-500k and so on. Makes no sense for a government to kill a big source of tax just like that.

[Cointxz]

I am sure that after seeing this news, many gamblers will try to continue their activities with double enthusiasm, but many of them may not know that Trump is still considering it, which means that the chances of it passing are very low. In my opinion, Trump's statement is hypocritical because this policy was needed in both casino trade and crypto trade, but he himself is a casino investor, so why is he only thinking about doing it in casinos and not in any other sector?

I doubt that it will increase the enthusiasm since tax on gambling profit is not a big deal for gamblers since we often experience it less especially winning huge amount.

But this is a good news as a gambler if they will stop deducting tax on gambling profit since it doesn’t make sense to tax a gambler that loses a lot in the past.

This law will be highly appreciated by lottery players which taxes is brutally high.

[rdluffy]

He gave a somewhat vague answer

Here's a good article about it: https://www.foxbusiness.com/politics/trump-says-hell-think-about-eliminating-tax-gambling-winnings

When asked during an Air Force One gaggle if he would potentially nix the tax on gambling earnings, Trump said he’d keep the option open.

"We have no tax on tips, we have no tax on Social Security, and we have no tax on overtime," he said. "No tax on gambling winnings, I don't know. I'm gonna have to think about that."

If you are an American citizen and win money at a casino, how much tax do you have to pay?

More then 30% of your win is taken from the government if you hit the thresh hold set. Shit thing is it doesn't matter if you're a winner or loser, if you hit $1200(2025 and before) you pay taxes on a single win. You could feed $1500 into a machine and hit $1200 and still pay taxes. If you win $1199 or less no tax applied. The only good thing is starting January 1st they raised the tax thresh hold to $2000.

Thank you for explaining 
This taxation doesn't make much sense, and it must be extremely difficult to keep your taxes organized if you are an north American who gambles regularly and manages to win more than these amounts
My opinion is that any taxation should only be based on total profits and not in this way 

[Wakate]

If it is not yet approved, then, don't count on it. Because these days, it is easier to spread misinformation even if there's no basis. Believe if the government itself published the approved bill. And besides, before it gets approved - there will be proceedings for this so people will be aware of this bill. But for now, I don't think it is true.

Does it mean that the government is going to leave this huge revenue from gambling and focus on something else?
I am not certain about the news and we should not rely on that if it has not been implemented.
The government can pass information through any channel to make things looks good so people will praise them while doing a different thing entirely.

[Porfirii]

Maybe I'm wrong, but isn't he the owner of any of the most important casinos in the country?

The decision itself seems right to me, because the risks are very high in gambling and the gains in the cases where they occur are more than deserved. But after the events related to Polymarket that have been in the news in recent days, I can't help but think about the personal gain that some political figures may seek deep down, beyond their work for citizens.

[jostorres]

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.

Haha, you are right. He makes some wild decisions but usually they are aimed at getting more out of people so I can't believe that is actually considering removing taxes on gambling gains. Perhaps someone in his family won a lottery and he is trying to help them evade tax? That is the best reason I can think of why he would ever think of doing so.

When he launched his memecoin, he was talking good about crypto because he wanted people to buy his coin. I'm sure he made good money with that memecoin and is now looking into how he can get some from the gambling juggernaut.

[TopTort777]

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.

Lol, yeah. The person who recently won 1.817 billions in lottery, took lump-sum payment of 834 billions. That roughly means 1 billion were taxes Trump really think that State will say "thank you" to him, when state budget would not get that billion? Las Vegas and Nevada as a State will be very unhappy if Trumps plans of gambling tax elimination comes true. He will make another Detroit.

[Chibit01]

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 might be another bullshit considering it’s coming out from a loud mouth like Trump, but even if that happens they are not walking away entire from taxing gambling industry they are only letting gamblers get free from paying tax for winning but they will still indirectly be remitting through other form and the companies itself won’t be exempted they are still required to pay taxes.

[maydna]

That is good news and I hopes that is really happens so if gamblers wins, they don't have to pay taxes. That gives them more chances to gets more money after receive the win money rather than to pay the taxes. Keeping 100% of winnings is really cool and that makes winners happily. But that may gives another problem because that can attracts them to keep gambling and chasing more winning. But we need to wait for the next announcement or good news from them so that will be clearly for gamblers.

[yhiaali3]

Any tax relief would be very welcome. Gamblers would certainly be very happy and thankful to Trump for passing a bill to eliminate taxes on gambling winnings.

However, I'm not sure Trump will sign it. Trump likes to make money any way he can, and gambling taxes are a great way to do that, especially since estimates indicate that billions of dollars go into the government coffers annually from taxes on gambling winnings.