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Recent reporting uncovered a provision of House Republican’s Big Ugly Bill that could kill Kentucky’s horse racing industry.
Snuck into Republican’s tax giveaway for the wealthy is a section that reduces the amount of losses that gamblers are able to deduct from 100% to 90%. That means that even bettors who make no money would be forced to pay taxes on winnings they don’t have. In some cases, it could result in people paying significantly more in taxes than they won in an entire year.
This provision in the Republican bill would significantly harm Kentucky’s billion dollar historic horse betting industry as bettors would face being taxed into oblivion.
DCCC Spokesperson Madison Andrus:
“At every turn this Republican Tax Scam gets worse and worse for Kentuckians. Kentucky’s horse racing industry is a cornerstone of American culture and Republicans are taking a hatchet to it all to pay for billionaire tax cuts. This is yet another example of Republicans’ betrayal of the American people.”
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