The US President planning to eliminate all taxes on gambling winnings

[coin-investor]

In that interview, he says he is open to that, so he is not definite on it, although there are tax cuts embodied in The One Big Beautiful Bill Act (OBBBA) its still unclear if this will be included, the US citizens are one of the biggest spenders in gambling, and they could face a tax deficit without it.
This is the dream of every gambler: no taxes on their winnings. Ours is 10-20% of your winnings, and other third-world countries are unlikely to impose these taxes because vice sectors are the easiest to tax and generate revenue.

The title of the thread contradicts to what you share here which is a crucial information. Planning is different to considering since we all know that Trump considers a lot but his action is always not the same just like what happened when he hype the whole Bitcoin community by making Bitcoin reserves and many speculate that US will purchase huge amount of Bitcoin.

Can you please highlight what you believe contradicts what I share here? My post is on point, and why single out my post when I just agree with what the others have posted, and I just added the name of the bill that stated there would be no taxes on tips and overtime?
Please enlighten me, as you seem to have the right definition for this topic. I appreciate you correcting me if there was an error in what I shared.

The One Big Beautiful Bill Act (OBBBA) signed into law over the summer by Trump included "no tax on tips" and "no tax on overtime" provisions, allowing individuals to claim new reductions.

[Oluwa-btc]

Good move, this was long overdue. Gamblers don’t win all the time, most of the time we actually lose, so it never really made sense to heavily tax someone just because they got lucky once.No taxes on winnings just feels more reasonable. The state already has plenty of ways to collect money if they can implement their tax system properly, there’s no need to squeeze gamblers even more on their rare winning days.

It's such a smart improvement honestly.But according to what the news has for us,the law hasn't been enforced or enacted yet but President Trump has publicly laid his intentions to work on the high tax rates on gambling winnings.Meanwhile,the news has sparked debate in and among industry groups and it's not yet a confirmed initiative.

[yahoo62278]

He gave a somewhat vague answer

Here's a good article about it: https://www.foxbusiness.com/politics/trump-says-hell-think-about-eliminating-tax-gambling-winnings

When asked during an Air Force One gaggle if he would potentially nix the tax on gambling earnings, Trump said he’d keep the option open.

"We have no tax on tips, we have no tax on Social Security, and we have no tax on overtime," he said. "No tax on gambling winnings, I don't know. I'm gonna have to think about that."

If you are an American citizen and win money at a casino, how much tax do you have to pay?

More then 30% of your win is taken from the government if you hit the thresh hold set. Shit thing is it doesn't matter if you're a winner or loser, if you hit $1200(2025 and before) you pay taxes on a single win. You could feed $1500 into a machine and hit $1200 and still pay taxes. If you win $1199 or less no tax applied. The only good thing is starting January 1st they raised the tax thresh hold to $2000.

[nimogsm]

If this happens, it may attract more players and boost gambling activity in the US. Because I won’t lie, keeping 100% of winnings instead of handing some portion to the government is really cool.

source

Although I am not a US citizen, their income tax has always impressed me. In my country, it is slightly less than 25%. On the other hand, someone is clearly interested in this, and someone from his inner circle is undoubtedly involved. Las Vegas and everything else can be used to launder large sums of money by simply pretending that you have won.

[Findingnemo]

You guys even believe what Trump said will become real? He even himself is not stable and can take a complete uturn the next morning from whatever he said from the ast night so don't take it as anything serious and IMO there is 0% of this happening. They might increase the tax limit on winning amount let's say upto 5K but not possibility of no tax.

[Kelward]

From what I see, this is still in form of speculation. The proposal bill has not gone out and at the moment the existing federal law on tax on gambling profit is still intact. I wonder what could be the reason for such or he wants to increase the rate of gambling in US. US is already one of the leading gambling countries and to remove such tax will mean more people will gamble in US and increase in casino investment

Free tax on gamble wins is not yet a law from what I understand and if it becomes a law it'll be a good thing as gamblers will be sure of receiving full payments when they win. But like you said the US is a big gambling country and you can't help but wonder if there's any catch to the proposed bill because if it is passed it will increase the rate of gambling in the US. Maybe this is a marketing strategy to encourage more people to gamble continuously so that when they win they won't have to deduct anything from the payments for taxation. This is just my own opinion of the proposed tax law, I hope that it happens it'll be favorable for responsible gamblers.

[Muba20]

If a large portion of the winnings is paid to the government from the gambler, the gambler does not have much excitement about the winnings. But if the United States takes such a step, it will certainly be good news for gamblers. The propensity of gamblers to gamble will continue to increase. Gambling platforms will lose their clients if they take taxes directly from gamblers. This will slow down their business. As a result, everyone involved in the gambling business will suffer. But if the gamblers are given the opportunity to do free gambling then the gamblers will play more and the platforms will earn more and at the same time the government will be able to receive more taxes from those platforms as revenue income.

[crwth]

Hmm, I think this would lead to people going to gamble more just to get away with taxes, but it could also be a source of addiction, and lossesof the money of people. This could lead to an increase in wealth for the business owners, but no direct benefit for the people.

Maybe just some kind of threshold could be a good start with the right reporting/documenting of the wins/losses.

[Nwada001]

If this happens, it may attract more players and boost gambling activity in the US. Because I won’t lie, keeping 100% of winnings instead of handing some portion to the government is really cool.

If the president succeeds in getting that done, sometime gamblers from the US are going to celebrate, and other countries that plan to or are already taxing gambling should emulate them since they don't pay anyone some sort of compensation for losing. They should allow them to take all the winnings; after all, they get a cut from the casino paying tax to them while still worrying about the little that someone managed to win.

[bettercrypto]

It’s still just a plan for now. I’ll only believe it once he actually does it or makes it happen. Even though it sounds good to gamblers who are dreaming of hitting
a jackpot, we don't really know his true motive though I do hope it's true.

But for me, I’m not buying it yet. Governments always look for ways to benefit from the people, primarily through taxes. Why would they remove taxes on gambling when winners are bringing in millions?

[YOSHIE]

If this happens, it may attract more players and boost gambling activity in the US. Because I won’t lie, keeping 100% of winnings instead of handing some portion to the government is really cool.

In my logical opinion, if the US President's policy regarding the decision to eliminate gambling taxes is approved, of course this will give rise to pros and cons in the parliament under Donald Trump's leadership, of course this situation will have a significant impact on the economic sector.

The positive side: if the gambling tax abolition bill occurs, gambling activities will automatically increase and the development of the Gambling Industry will increase drastically, apart from encouraging the activity more participation due to receiving full winnings without tax deductions the increase in the online casino industry is also increasing this will be a new history and film in the world of gambling especially in the US.

The negative side: automatically the federal government's income from gambling taxes will be lost, of course in cases like this it will give rise to new debates in eliminating the policy taxes in the US on the gambling industry as a whole, of course we will see the next results whether Trump succeeds in doing it or vice versa.

[Smartprofit]

I'm not a US citizen, which doesn't allow me to fully appreciate this news. 🙋

At the same time, I'd certainly like to visit Las Vegas at least once and gamble in the local casinos. It was an amazing adventure! Incidentally, I recently rewatched all three Godfather films directed by Coppola. The characters in these films are the creators of the gambling industry in Las Vegas. And these films show how gambling in Las Vegas has always been combined with amazing entertainment shows. This is one of the reasons I'm so eager to visit modern Las Vegas!

And of course, if I come to the US, visit Las Vegas (so many assumptions 🙂), and win at roulette, I wouldn't want to pay taxes on my winnings. So if Donald Trump abolishes this tax, I'll be thrilled.

Will this change be adopted into US tax law?  I don't know... In theory, this change in tax legislation would be a good stimulus for the tourism industry. However, I get the impression that President Donald Trump isn't particularly interested in developing the tourism industry (including tourism associated with visiting gaming zones and casinos). Perhaps I'm wrong.

[Adbitco]

This is interesting news, I just came across this not quite long.. If the US remove taxes on gambling winnings, that would be good news for gamblers based in US. Because ive hear people complain that paying tax after they win always felt like a second loss, especially on big wins.

If this happens, it may attract more players and boost gambling activity in the US. Because I won’t lie, keeping 100% of winnings instead of handing some portion to the government is really cool.

source

Great news for gamblers, removing taxes from winnings is going to be awesome. A better will use his money and gamble for a period of time and after several losses he or she manages to win, then the government will take certain percentage from the winnings, but the government doesn't refund certain percentage when a gambler losses money on the same betting. Personally, it's not fair, I love a level playing field. If the government is taking certain percentage from bettors wins, why are they not also giving out refunds of certain percentage to their losses. I love the idea of totally removing taxes from winnings, since no government in world is ready to give when things go south, they shouldn't take percentage in winnings also.

[Mr_Brilliant$]

This is interesting news, I just came across this not quite long.. If the US remove taxes on gambling winnings, that would be good news for gamblers based in US. Because ive hear people complain that paying tax after they win always felt like a second loss, especially on big wins.

If this happens, it may attract more players and boost gambling activity in the US. Because I won’t lie, keeping 100% of winnings instead of handing some portion to the government is really cool.

source

I don’t know why, but I just have a feeling that this is not fully about gamblers tbh, I just can’t prove it lol..  yeah a lot of gamblers are happy about it, and that’s cool.
Because, if the effect is made, it will still be beneficial to all gamblers in US and even gambling companies too. I Hope he does make the effect though, because I won’t really believe this till it is done..

[tvplus006]

...While in reality, it's most likely that everything will continue as it has for years, and the proposal will remain just a possibility...

If taxes are not levied on gambling winnings, it will become even less costly to launder dirty money using casinos for this purpose. Everyone has to pay taxes, including criminals) And no state will miss such an opportunity to replenish the budget.
 

[danadc]

It's a good thing; it will further develop casino activity They could achieve great results if they do this This is because the USA is receiving large amounts of money , and that makes them a good manager Not only is it regaining freedom in its hemisphere , but it's also doing the right things without fearing powers like China and Iran, I just hope Congress approves these plans; he can't do everything alone.

[retreat]

This is still just Trump's plan because so far the tax on gambling winnings has provided income for the federal and state governments, and eliminating it would mean that the government would lose significant income from gambling winnings, which would be a loss for the government. So, while this has been welcomed by gamblers, the plan still requires further consideration and cannot be immediately enacted.

[Lida93]

Good move, this was long overdue. Gamblers don’t win all the time, most of the time we actually lose, so it never really made sense to heavily tax someone just because they got lucky once.No taxes on winnings just feels more reasonable. The state already has plenty of ways to collect money if they can implement their tax system properly, there’s no need to squeeze gamblers even more on their rare winning days.

It's such a smart improvement honestly.But according to what the news has for us,the law hasn't been enforced or enacted yet but President Trump has publicly laid his intentions to work on the high tax rates on gambling winnings.Meanwhile,the news has sparked debate in and among industry groups and it's not yet a confirmed initiative.

Definitely it's a smart initiative that would benefit gamblers in the US but my grate is in the enactment of it into law as has being public spoken of. Since Trump won the heart of the bitcoin community with all his campaigns promises on US bitcoin reserves and has being doing the opposite since he emerged as President I don't trust every word he says until I see it to enactment.

[PrivacyG]

Great.  Now eliminate all the taxes on alcohol, drugs and remove limits and restrictions on Gambling advertisement.  Make the life of addicts cheaper and more affordable to keep their addiction going!

I would say it is a good thing that Gamblers get no taxes, but this rather sounds like a decision similar to the pardon of ex Binance CEO after he donated some green bills to the pockets of Trump.  It sounds like a 'bribed' decision rather than a necessity.

[xbetz.io]

Interesting if true but important to separate political headlines from actual policy. Even small tax changes can significantly impact player behavior, casino liquidity and withdrawal patterns. We’ve seen before that incentives matter more than headlines.