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Ted Cruz: “The change [in gambling tax law] means anyone gambling can…”

Featuring: Ted Cruz, Republican | U.S. Senate, Texas

Senator Ted Cruz Discusses Democratic Party's Decline, Federal Reserve Policy, and Gambling Tax Reform

Published July 28, 2025 | Video Starts at 25:21

What you actually Made your profit. That's actually a sensible way to do a tax law. The change [in gambling tax law] means anyone gambling can only deduct 90% of their losses. rather than 100% of their losses. Now what does that mean? Let's take for example, as you know, I like to play poker. I play poker with a lot of buddies. (25:21–25:29)

CLAIM

Asserts that a new law allows gamblers to deduct only 90% of their losses.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

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Ted Cruz

“63% of voters hold an unfavorable view of the Democratic Party, the highest share in Journal polls dating to 1990.”
Senator Ted Cruz Discusses Democratic Party's Decline, Federal Reserve Policy, and Gambling Tax Reform | Uploaded July 28, 2025 | 05:36-05:47
“There's actually no requirement at all [for banks to keep reserves with the Fed].”
Senator Ted Cruz Discusses Democratic Party's Decline, Federal Reserve Policy, and Gambling Tax Reform | Uploaded July 28, 2025 | 14:37-14:44
“For both 2023 and 2024, the Fed paid over $100 billion in interest on reserves.”
Senator Ted Cruz Discusses Democratic Party's Decline, Federal Reserve Policy, and Gambling Tax Reform | Uploaded July 28, 2025 | 16:31-16:43
“In 2024, last year, the last year, the Biden administration, The Fed paid $168 billion in interest on reserves.”
Senator Ted Cruz Discusses Democratic Party's Decline, Federal Reserve Policy, and Gambling Tax Reform | Uploaded July 28, 2025 | 17:28-17:41
“Roughly half of that, nearly 50% went to foreign banks.”
Senator Ted Cruz Discusses Democratic Party's Decline, Federal Reserve Policy, and Gambling Tax Reform | Uploaded July 28, 2025 | 20:37-20:43
“The Wall Street Journal just did a poll and found that the Democrats approval rating has plummeted. It is at the lowest level in 35 years.”
Senator Ted Cruz Discusses Democratic Party's Decline, Federal Reserve Policy, and Gambling Tax Reform | Uploaded July 28, 2025 | 00:19-00:26
“This is a proposal that could save over a trillion dollar dollars over 10 years.”
Senator Ted Cruz Discusses Democratic Party's Decline, Federal Reserve Policy, and Gambling Tax Reform | Uploaded July 28, 2025 | 00:54-01:00
“You literally have a communist who is the Democrat Party nominee to be mayor of New York.”
Senator Ted Cruz Discusses Democratic Party's Decline, Federal Reserve Policy, and Gambling Tax Reform | Uploaded July 28, 2025 | 04:25-04:31
“The Democrat Party's image has eroded to its lowest point in more than three decades, according to a new Wall Street Journal poll.”
Senator Ted Cruz Discusses Democratic Party's Decline, Federal Reserve Policy, and Gambling Tax Reform | Uploaded July 28, 2025 | 05:23-05:29
“The Democrats polling is 33% favorable, 63% unfavorable.”
Senator Ted Cruz Discusses Democratic Party's Decline, Federal Reserve Policy, and Gambling Tax Reform | Uploaded July 28, 2025 | 05:52-05:59
“President Trump is plus 7 and the Republican Party is plus 11.”
Senator Ted Cruz Discusses Democratic Party's Decline, Federal Reserve Policy, and Gambling Tax Reform | Uploaded July 28, 2025 | 06:16-06:20
“The Democrat Party as a whole has said, let's look at all those issues. Let's take the wrong side of 80, 20 or even 90, 10 issues, and let's…”
Senator Ted Cruz Discusses Democratic Party's Decline, Federal Reserve Policy, and Gambling Tax Reform | Uploaded July 28, 2025 | 08:39-08:54
“Right now the Democrats are outraising Republicans because their side is really energized.”
Senator Ted Cruz Discusses Democratic Party's Decline, Federal Reserve Policy, and Gambling Tax Reform | Uploaded July 28, 2025 | 10:10-10:16
“There is one camp within the Trump administration that wants to use tariffs as leverage to lower the tariffs of our trading partners.”
Senator Ted Cruz Discusses Democratic Party's Decline, Federal Reserve Policy, and Gambling Tax Reform | Uploaded July 28, 2025 | 11:20-11:30
“If we have really high tariffs that the US has put in place and if our trading partners have really high tariffs, retaliatory tariffs, that…”
Senator Ted Cruz Discusses Democratic Party's Decline, Federal Reserve Policy, and Gambling Tax Reform | Uploaded July 28, 2025 | 12:16-12:27
“I gave the President a total of $3 trillion of spending cuts that we could have included in the bill.”
Senator Ted Cruz Discusses Democratic Party's Decline, Federal Reserve Policy, and Gambling Tax Reform | Uploaded July 28, 2025 | 13:37-13:42
“If we do what I'm suggesting, we could save over $1 trillion over the next 10 years.”
Senator Ted Cruz Discusses Democratic Party's Decline, Federal Reserve Policy, and Gambling Tax Reform | Uploaded July 28, 2025 | 13:59-14:08
“Since 2008, they've been paying interest on reserves going forward.”
Senator Ted Cruz Discusses Democratic Party's Decline, Federal Reserve Policy, and Gambling Tax Reform | Uploaded July 28, 2025 | 16:16-16:21
“The Fed is transferring your tax dollars to the biggest banks in the world.”
Senator Ted Cruz Discusses Democratic Party's Decline, Federal Reserve Policy, and Gambling Tax Reform | Uploaded July 28, 2025 | 16:54-16:59
“The Fed is paying 4.4% to the banks to just park their capital with the Fed.”
Senator Ted Cruz Discusses Democratic Party's Decline, Federal Reserve Policy, and Gambling Tax Reform | Uploaded July 28, 2025 | 17:22-17:29
“Banks would be forced to buy Treasuries instead of just parking their money at the Fed.”
Senator Ted Cruz Discusses Democratic Party's Decline, Federal Reserve Policy, and Gambling Tax Reform | Uploaded July 28, 2025 | 21:54-21:58
“This change would create a market dynamic that would lower interest rates.”
Senator Ted Cruz Discusses Democratic Party's Decline, Federal Reserve Policy, and Gambling Tax Reform | Uploaded July 28, 2025 | 22:27-22:33
“Excess reserves are not being loaned to small businesses.”
Senator Ted Cruz Discusses Democratic Party's Decline, Federal Reserve Policy, and Gambling Tax Reform | Uploaded July 28, 2025 | 22:52-22:59
“Under the new law, you lose 100 grand that year, you make 130, you could only deduct 90% of the hundred grand you lost.”
Senator Ted Cruz Discusses Democratic Party's Decline, Federal Reserve Policy, and Gambling Tax Reform | Uploaded July 28, 2025 | 29:18-29:29
“Under this law, you'd have to pay taxes on 10 grand because you could only deduct 90% of your losses.”
Senator Ted Cruz Discusses Democratic Party's Decline, Federal Reserve Policy, and Gambling Tax Reform | Uploaded July 28, 2025 | 29:55-30:02
“I don't know of a senator who knew this was in [the law].”
Senator Ted Cruz Discusses Democratic Party's Decline, Federal Reserve Policy, and Gambling Tax Reform | Uploaded July 28, 2025 | 30:08-30:12
“I've joined with the two Nevada senators, with Catherine Cortez Masto and Jackie Rosen. They're both Democrats, and also Bill Haggerty…”
Senator Ted Cruz Discusses Democratic Party's Decline, Federal Reserve Policy, and Gambling Tax Reform | Uploaded July 28, 2025 | 30:25-30:36
“If we don't change this, the effect will be to drive those poker pros out of the US.”
Senator Ted Cruz Discusses Democratic Party's Decline, Federal Reserve Policy, and Gambling Tax Reform | Uploaded July 28, 2025 | 31:27-31:32