Rep. Dina Titus speaks on gambling loss deduction

(PRESS RELEASE) -- Congresswoman Dina Titus released the following statement after the Senate declined to consider a measure to restore the gambling loss deduction to 100% from 90%:

“The failure of the Senate’s unanimous consent measure is not surprising. The Senate got us into this mess and it’s now time for both chambers to unite behind my bipartisan FAIR BET Act to ensure that average and high-stakes gamblers do not pay taxes on money they never won. If we do not do this, more gamblers will move to unregulated and untaxed offshore markets; more gamblers will not report winnings; and revenue and jobs will be lost, not just in Las Vegas, but across the nation. We will all be losers if the FAIR BET Act is not passed by Congress and signed by the President.”