For example, if A gambler won $500,000 and lost $500,000 in a year, that gambler would be able to deduct $500 from their taxes and break even. But Under the new law that was recently passed by the Republicans and signed into law by the president, gamblers will only be able to deduct 90% of their losses on their annual taxes. So that same taxpayer would now have $50,000 in taxable income. Even though they lost everything they won that year. They'd literally be paying taxes on money they don't have. (00:51–01:07)
CLAIM
Asserts that a new law reduces the deductible amount of gambling losses to 90%.
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