US Senate Republicans block reversal of gambling-loss tax change
Senate Republicans blocked Nevada senator Catherine Cortez Masto's attempt to pass a bill reversing a federal tax change affecting gamblers. From 2026, individuals may deduct only 90% of gambling losses, up to their winnings, rather than 100%; Senator Todd Young objected to the proposed reversal. The provision is estimated to raise more than $1.1bn over eight years.
The blocked bill leaves the reduced deduction for gambling losses set to apply from 2026.