THE BEAUTIFUL BUDGET
I don't think it's very beautiful, from what I've heard about it.
No need to increase the military budget, let alone a la
here's my take:
I don't even get how something like that even gets in the bill
Most gambling ban/prohibition type stuff you can usually identify the special interest that doesn't want it but this just seems completely thrown together for no reason
Someone mentioned that the senator who put it in there has a kid with a gambling problem.
Since I saw it on the internet, though, it was probably a lie.
I don't even get how something like that even gets in the bill
Most gambling ban/prohibition type stuff you can usually identify the special interest that doesn't want it but this just seems completely thrown together for no reason
I tried some deep search (with AI as well as asking people "in the know") because i was REALLY curious how that small devastating (for pros) paragraph was added.
What i know is it was NOT in the bill the house passed to begin with. It was added in the senate. Someone (reportedly a "GOP senate aide") mentioned it was because it "aligns wagering with other itemized deductions"
I don't even get how something like that even gets in the bill [...] this just seems completely thrown together for no reason
yeah, crazy. and maga seems like such a well-oiled machine...
wonder how much it is even enforced but you obviously test the IRS at your own peril
seems like poker would be the easiest target out of the major gambling activities
DFS you get a 1099 from the site and sports betting doesnt leave the same trail as a tourney poker player
No reason at all to believe this was "MAGA". The uniparty is up for sale for people with money and niche interests. Someone with money wanted to kill pro gambling in the USA, and someone delivered.
UIGEA passed before MAGA was a word.
I don't think it was as sinister as someone wanted to screw people who make $ gambling
Think they probably were just throwing any revenue raising mud they could think of and someone put that in
I don't think it was as sinister as someone wanted to screw people who make $ gambling
yeah i mean unless there's something in project 2025 about gambling, i'm guessing it's just some random pork that somebody asked for, for whatever reason, and they said sure because who gives a ****
I don't think it was as sinister as someone wanted to screw people who make $ gambling
Think they probably were just throwing any revenue raising mud they could think of and someone put that in
Anyone who remotely understands the sector knows that not being able to deduct all losses means you cannot be a pro
yeah i mean unless there's something in project 2025 about gambling, i'm guessing it's just some random pork that somebody asked for, for whatever reason, and they said sure because who gives a ****
If the intention was to reduce gambling they would have taxed gambling more. This isn't taxing gambling. This is removing the option of being a pro gambler legally, while allowing a ton of people to keep losing. This is like stars removing it's vip system
If enforced, yes
but can't imagine a poker player or sports bettor cutting the IRS a check for 10-50k is getting audited
Yes i wrote "legally". Ofc people can hope Trump was serious about no audits for normal people and go on smoothly. But trusting trump with your finances is... quite a gamble
Bill is actually somewhat worse than I expected. Even the few non-garbage parts are mostly just low-impact carveouts that expire quickly, and they somehow managed to not only shortchange lower income earners but they managed to make the tax code for them even more complicated.
The interest on my new car loan would be deductible, it is made in the US and a 2025, but of course we're over the household income limit. It's a 36-month loan at 1.9% anyway and I don't buy expensive cars so it's $1k total interest if I don't just pay it off early and get it off my bills column, which I'll probably do by the 2 year mark. But that's fine, it's perfectly reasonable that my wife and I would be ineligible based on income. Especially as we both interact with some younger folks who can't finance a car at all due to student loan debt, insane insurance and rent costs in our area.
But then it's also a good example of weirdly targeted. It's for buyers of new American-cars, with under 6-figure incomes--most of whom should probably not be purchasing new vehicles [yes, even in today's more challenging used car market. Fight me.]. And is especially favorable to those paying higher interest rates. There's a $10k annual cap on it, so its basically a windfall for that new Hyundai Tuscon owner paying 29% on an 84 month loan.
Calling the used car market "challenging" is the understatement of the day, and many of these people who are new at life are firmly pushed in the direction of buying new. It has gotten a little better, but not by much.
In the 90s, I paid $800 for my first car. It got me through high school without any issues. Young adults these days simply don't have options like that. Adjusted for inflation, you can still expect to pay 5x that amount to buy something with 160k miles on it and who knows what other problems.
It doesn't require itemizing, so this is just found money for a lot of people and an undeniable boon for models made in the USA.
When I helped my son navigate his first car purchase in 2023, there were only bad options. The discount for used was minimal, so he went with the least bad option, which was a new Jetta. He had a huge spreadsheet made for his weighted decision matrix on this model vs that, but if this tax benefit was active, he might've gone with a Civic instead of the Jetta.
My wife and I bought two Japanese brands recently, but one is made in Indiana, and the other in Alabama. Sometimes the only difference between USA and overseas assembly is a trim level bump or engine change. If you pay an extra $4k for the higher trim level and save that much by year 3 of the loan, it's an easy call. Plus, you'll have the added feelsgoodman of buying something "Made in the USA".
Despite what many 2p2 regs think, a lot of people still see that as a positive thing.
