Senate Republicans on Thursday blocked an effort by Sen. Catherine Cortez Masto (D-Nev.) to revive the 100% tax deduction for playing losses after it was reduce right down to 90 p.c in President Trump’s large tax and spending package deal that turned legislation final week.
Cortez Masto tried to revive the complete deduction through unanimous consent on the ground, arguing that the supply, which many Senate Republicans had been unaware of till all the invoice turned legislation, would hurt her state immensely. Las Vegas is named the “gambling capital of the world.”
“It will do irreparable harm to our nation’s gaming industry if it takes effect — especially in Nevada,” she stated on the ground, including that it’ll “disincentivize” gamblers, pointing to these competing on the World Collection of Poker in Las Vegas this week.
“It will move major events that drive our economy offshore and push wagering into illegal markets, and it could punish tourists who come to Vegas to win big,” she added.
Sen. Todd Younger (R-Ind.) objected to her effort, but additionally sought to amend it earlier than passing it as soon as once more.
Younger famous that he’s truly supportive of Cortez Masto’s invoice to revive the complete deduction, however he stated that he needed a carve-out from the endowment tax for non secular establishments. The availability was initially stricken from the “big, beautiful bill” by the Senate parliamentarian.
Sen. Ron Wyden (D-Ore.) finally objected to the amended proposal.
“The Republican bill is full of special carve-outs for some groups, new taxes on others,” he said. “The fact is when you rush a process like this this way and cram in all of these policies that you haven’t really thought about, you risk some consequences for people back home, and that is what is going on here and this attempt by our colleague to pass this special tax carve-out for just one institution.”
The College of Notre Dame is a part of Indiana, which Younger represents.
“It is a shame we cannot pass this common sense fix because Republicans want to weigh it down with unrelated measures that they voted to support,” Cortez Masto stated, including that she nonetheless hopes to get the revision throughout the end line finally.
