Winnings And Gains

The National Thoroughbred Racing Association has released a new campaign advocating for passage of a bill that would repeal a wagering tax as part of legislation passed by Congress earlier this year, the NTRA announced Tuesday. As part of the One Big Beautiful Bill Act (OBBBA) signed into law July 4, there was a tax change regarding wagering losses--reducing the deduction from 100% to 90%. In response, Kentucky Rep. Andy Barr has introduced the WAGER Act (Winnings and Gains Expense Restoration Act), new legislation which would restore the deduction back...