You can't deduct losses against regular income. The idea is that if you win $100,000 one day and lose $100,000 the next day you should be taxed 0 since on net you won 0 total. Under the news rules it sounds like you would still be taxed even if you won 0 on net.
I am anti-gambling so I don't really care, but the current system seems fair (assuming its enforced well)
Why are gamblers allowed to deduct their losses in the first place?
You can't deduct losses against regular income. The idea is that if you win $100,000 one day and lose $100,000 the next day you should be taxed 0 since on net you won 0 total. Under the news rules it sounds like you would still be taxed even if you won 0 on net.
I am anti-gambling so I don't really care, but the current system seems fair (assuming its enforced well)