Loss Deduction

Not sure what topic this should go under, but I just read an article that California is considering eliminating the tax deduction for losses against gambling winnings...

https://www.cdcgamingreports.com/loophole-california-lawmaker-looks-to-end-gambling-tax-deduction-for-wealthy-indian-casino-customers/


"The tax loophole allows gamblers to deduct losing bets on their state income taxes. The loophole was created by a federal tax law to which California currently conforms. Gray’s proposal would disallow the deduction on state incomes taxes, but gamblers would retain the federal deduction."


This could be a catastrophe for the casinos and for the players.

There is a thread on this here:

https://wizardofvegas.com/forum/off-topic/general/33158-california-seeking-to-close-gambling-loophole/#post722892

Quote: FCBLComish

Not sure what topic this should go under, but I just read an article that California is considering eliminating the tax deduction for losses against gambling winnings...

https://www.cdcgamingreports.com/loophole-california-lawmaker-looks-to-end-gambling-tax-deduction-for-wealthy-indian-casino-customers/


"The tax loophole allows gamblers to deduct losing bets on their state income taxes. The loophole was created by a federal tax law to which California currently conforms. Gray’s proposal would disallow the deduction on state incomes taxes, but gamblers would retain the federal deduction."


This could be a catastrophe for the casinos and for the players.

Yeah, but the article by the assemblyman says that it's only millionaires and billionaires who take advantage of this "loophole". I swear. I don't have the link at my fingertips but that's what he said. Seriously. What an idiot.

(edit: Hullabaloo published the link above. Thanks)