Titus Advocates for FAIR Bet Act at Las Vegas Tax Reform Hearing
Overview of the Las Vegas Tax Hearing
Nevada Representative Dina Titus is set to present her bipartisan FAIR Bet Act at an upcoming hearing held by the House Ways and Means Committee. This field hearing will take place in Las Vegas and aims to discuss the recent tax reforms supported by former President Trump.
Details of the Hearing
The hearing is scheduled for 10 a.m. at YESCO, a company specializing in electric signs located in Las Vegas. Only witnesses who have received prior approval will be permitted to testify during the session. Despite this limitation, the public is invited to submit written comments, which may be included in the official hearing records.
The event will be available for live viewing through the official Ways and Means Committee website and will also be open for public attendance, although space will be limited.
Focus on the Gambling Loss Deduction Cap
While the hearing’s official purpose is to highlight the benefits of the comprehensive tax legislation for working families, Representative Titus plans to address a contentious aspect of the law affecting gamblers. Specifically, the new tax law reduces the allowable deduction for gambling losses from 100% to 90%, risking higher tax liabilities for both professional and recreational gamblers even if their overall losses exceed their winnings.
The FAIR Bet Act and Its Significance
In response to this change, Titus introduced the FAIR Bet Act (H.R. 4303) shortly after the tax law was enacted. Her objective is to eliminate the deduction limit and reinstate the previous standard to support Nevada’s gambling community.
Titus has emphasized the urgency of this fix, warning that the current cap could cause significant harm to the gaming industry if left unaddressed. Although her legislation has not yet been scheduled for a formal hearing, the Las Vegas event offers an important platform for garnering support.
Additional Legislative Efforts and Reactions
Nevada Senator Catherine Cortez Masto has also introduced legislation in the Senate aimed at reversing the gambling loss deduction limit. However, her effort to expedite the bill through unanimous consent was unsuccessful, meaning it must proceed through the standard Senate legislative process.
Titus has noted with some humor on social media that the FAIR Bet Act has attracted attention from prediction markets, indicating growing interest in its potential passage.
Upcoming Related Hearings
The Ways and Means Committee will hold a similar hearing in Simi Valley, California, focusing on the tax bill’s effects on small businesses and farmers, extending the discussion on how the new tax policies impact diverse sectors beyond gambling.