The U.S. Senate on Thursday rejected an attempt to roll back a controversial change in tax law that affects thousands of gamblers across the country.
Senator Catherine Cortez Masto, a Democrat from Nevada, attempted to advance her bill, S.2230, known as the FULL HOUSE Act, which sought to repeal a specific provision in a Republican tax-and-spending bill.
This provision altered how much of their gambling losses taxpayers could deduct from their taxes, a change that could lead to financial strain for many gamblers nationwide.
Previously, gamblers could write off 100 percent of their losses on their tax returns. However, under the new law, the percentage was reduced to 90 percent.
This modification has sparked concerns that gamblers could find themselves liable for taxes even if they do not win or lose money overall.
Cortez Masto’s bill faced a setback when Senator Todd Young, a Republican from Indiana, objected to its fast-track process.
While Young expressed his support for the FULL HOUSE Act, he sought to attach an amendment that would provide an exemption for investment income earned by endowment funds of religious schools, including Notre Dame.
This proposal drew opposition from Senator Ron Wyden, a Democrat from Oregon, who argued that Young’s amendment was trying to undo parts of the original GOP bill and was unfairly aimed at benefiting specific institutions.
The disagreement among senators resulted in the inability to move Cortez Masto’s bill forward, leading her to express disappointment but reaffirm her commitment to continue pursuing the legislation.
In an interview following the vote, Cortez Masto labeled the legislative process as “broken,” criticizing Republicans for crafting the bill behind closed doors and unveiling it only hours before voting commenced.
She explained that even some Republicans were unaware of the change affecting gambling losses until poker players began raising concerns.
Cortez Masto noted, “There’s no doubt in my mind, the Republicans had no idea it was even in there,
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