Political Quotes

“the World Series of Poker is currently underway in my hometown of Las Vegas, NV, where tens of thousands of Americans have converged around one of the largest and most prestigious gaming events across the globe. This world-renowned tournament and the visitors who flock to Nevada to witness it help drive my State's economy. Anyone who has ever heard of Las Vegas knows that our gaming industry is a massive contributor to our State's GDP. Unfortunately, tucked into the Republicans' tax bill was a provision that puts the industry at risk not just in Nevada but across the country. Until last week, the law of the land was that gamblers could deduct 100 percent of their losses from their annual taxes. For example, if a gambler won $500,000 and lost $500,000 in a year, that gambler would be able to deduct $500,000 from their taxes and break even. But under the new law that was recently passed by the Republicans and signed into law by the President, gamblers will only be able to deduct 90 percent of their losses on their annual taxes; so that same taxpayer would now have $50,000 in taxable income even though they lost everything they won that year. They would literally be paying taxes on money they don't have. This makes no sense, and it will do irreparable harm to our country's gaming industry if it takes effect, especially in Nevada.”