tax law

Politics

GOP Senators Face Backlash After Voting for Gambling Loss Tax Rule

In the latest development of the “Dude, What Law Did I Just Pass?” saga, Republicans were surprised to discover a provision within Donald Trump’s budget bill that alters gambling loss deductions. The new rule, implemented at the last minute by Senator Mike Crapo, limits gamblers’ ability to deduct losses, requiring them to pay taxes even when breaking even. Several Republican senators, caught off guard by the provision’s inclusion, expressed a lack of awareness regarding its details. Bipartisan efforts are now underway in both the House and Senate to repeal the rule, with concerns that it may drive bettors towards unregulated gambling.

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John Q. Hosedrinker
News

Tax evasion by millionaires and billionaires tops $150 billion a year, says IRS chief

As I sit here and read about the staggering $150 billion a year in tax evasion by millionaires and billionaires, as reported by the IRS chief, I can’t help but feel a mix of anger, frustration, and disappointment. This number is not just a statistic; it represents a massive drain on our economy, on our society, and on the very fabric of our democracy. The fact that this level of tax evasion is happening, while hard-working Americans struggle to make ends meet, is a stark reminder of the gross wealth inequality that plagues our country.

It is no secret that the wealthiest individuals and corporations have the means and resources to exploit legal loopholes, offshore accounts, and complex tax schemes to avoid paying their fair share.… Continue reading

John Q. Hosedrinker

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