Trump says he will 'think about' eliminating tax on gambling winnings
Donald Trump stated he would consider removing federal taxes on gambling winnings as part of a broader tax reduction initiative.Summary
President Donald Trump indicated he would consider eliminating federal taxes on gambling winnings, expanding his administration’s efforts to reduce taxes on various forms of income. During a conversation on Air Force One, Trump mentioned the possibility, stating he would “think about” it, following the recent implementation of the One Big Beautiful Bill Act (OBBBA) which removed taxes on tips and overtime. Approximately 60% of American adults gamble annually, with significant participation in casinos and sports betting. Currently, winnings over $600 are reported, and a 24% withholding rate applies to winnings of $5,000 or more, potentially increasing to 28% or 31% depending on the amount and provision of a Social Security number. All winnings must be reported on Form 1040, and losses are deductible up to the amount of income.
(Source：Fox Business)