The provision tucked into the “Big Beautiful Bill” limits tax deductions for gambling losses, while still requiring professional bettors to pay income tax on all their winnings, according to published reports. Professional gamblers, like the poker players you see on TV, had been allowed to deduct all of their losses from their declared income.

Congressional Republicans must navigate rescissions bill, government funding and investigations into former President Joe Biden's cognitive state following President Donald Trump's signature legislation.

House passes Trump-backed bill, tightening his grip on the Republican Party despite backlash over debt and cuts to Medicaid.