FCBLComish
FCBLComish
Joined: Apr 11, 2010
  • Threads: 3
  • Posts: 549
June 15th, 2019 at 4:53:47 PM permalink
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.
Beware, I work for the dark side.... We have cookies
Hullabaloo
Hullabaloo
Joined: Nov 30, 2014
  • Threads: 16
  • Posts: 435
bobbartop
bobbartop
Joined: Mar 15, 2016
  • Threads: 130
  • Posts: 2564
June 15th, 2019 at 10:13:23 PM permalink
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)
'Emergencies' have always been the pretext on which the safeguards of individual liberty have been eroded.

  • Jump to: