Even worse than that, let's assume you had a really lousy year. Let's assume you won a hundred thousand dollars and lost a hundred thousand dollars. So you, you like, just netted nothing. You broke even. Under this law, you'd have to pay taxes on 10 grand because you could only deduct 90% of your losses. So even though you made not a penny, you would owe taxes on the 10 grand. That is wildly unfair. And, and I gotta tell you, I don't know of a senator who knew this was in. (29:55–30:02)
CLAIM
Asserts that the law requires taxes on 10% of gambling losses even if net income is zero.
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.
