Trump considers ending federal tax on US gambling winnings
US President Donald Trump said he had not decided whether to support ending federal taxes on gambling winnings, according to the report. Current federal rules require gambling entities to issue Form W-2G for winnings above $600; the IRS sets a 24% withholding rate for payments of $5,000 or more. Trump gave no timetable for further consideration.
Operators’ reporting and withholding obligations remain subject to current federal rules while Trump considers a possible change.