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Tax Deductions on Gambling Losses Under Threat in California, Tribal Casinos Expected to Fight Back

Philip Conneller June 11, 2019 California State Assemblyman Adam Gray (D-Merced) wants to put an end to tax-deductible gambling losses.

Under current federal and state law, gamblers can claim deductions on gambling losses, provided these are itemized on tax returns and do not exceed the amount of income from gambling reported.

But Gray believes the law is a “sin subsidy for the rich,” mainly benefiting wealthy customers at California’s tribal casinos. He wants an estimated $300 million deducted by gamblers each year to be diverted into programs that ensure Californians have healthy drinking water.

Complete article: Tax Deductions on Gambling Losses Under Threat in California, Tribal Casinos Expected to Fight Back