FTP for TV stations of her remarks is available here.
Washington, D.C. – Today, U.S. Senator Cortez Masto (D-Nev.) called out Senate Republicans for refusing to pass her bipartisan fix to the provision in the Republican budget bill that limits the wagering loss deduction. Cortez Masto took to the Senate floor to ask unanimous consent to pass her Facilitating Useful Loss Limitations to Help Our Unique Service Economy (FULL HOUSE) Act, but a Republican senator objected because he was unable to attach his own unrelated amendment.
“It is a shame that we cannot pass this commonsense S.2230 [FULL HOUSE Act] because Republicans want to weigh it down with unrelated measures that they voted to support,” said Senator Cortez Masto. “This is a Republican piece of legislation that is actually causing people to pay taxes on money they lost. It makes no sense. And that’s all this is, is to try to fix it…So I’m disappointed, but I am not done.”
The 2017 Tax Cuts and Jobs Act reformed the way wagering losses are taxed, but allowed taxpayers to deduct 100% of gambling losses from their annual taxes. Republicans’ billionaire giveaway bill that they passed last week changed the tax code to only allow a 90% deduction on gambling losses. As a result, people could be forced to pay taxes on money they don’t have, causing irreparable harm to Nevada’s gaming industry, tourism industry, and overall economy. Cortez Masto’s bill would restore the 100% tax deduction on gambling losses.
Read the full bill here.
Senator Cortez Masto is a champion of Nevada’s tourism and gaming economy. In the American Rescue Plan, Senator Cortez Masto secured $3 billion in funding to assist states with their economic recovery and their vital tourism industries, including Nevada. She also delivered resources to the state’s businesses and secured flexibility for the gaming industry. She has been a Senate leader in passing the seven-year reauthorization of ‘Brand USA’, which is a public-private partnership that enhances tourism and job creation across the country.
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