Unpacking the Gambler's Tax: A Call for Fairness in Poker

🗳️ Democrats' Poll Numbers Plummeting

• A recent Wall Street Journal poll shows the Democratic Party's approval rating at its lowest in 35 years.
• Only 33% of voters view the party favorably, while 63% view it unfavorably.
• Cruz attributes this to the party being overtaken by extreme left-wing voices and unpopular stances on issues like:
  • Open borders
  • Defunding the police
  • Support for controversial protests
  • Gender and youth medical policies
• He warns Republicans not to become complacent despite favorable polling.

💰 Proposal to Save $1 Trillion in Federal Spending

• Cruz proposes ending the Federal Reserve’s practice of paying interest on bank reserves.
• This policy, introduced in 2008, cost taxpayers $168 billion in 2024 alone, with nearly half going to foreign banks.
• Cruz argues that:
  • The Fed operated for nearly a century without paying interest on reserves.
  • Ending this would encourage banks to lend more and support economic growth.
  • It could also help lower interest rates and reduce the deficit.

♠️ Fixing Tax Laws for Professional Poker Players

• A provision in the “One Big Beautiful Bill” changed how gambling losses are deducted.
• Previously, players could deduct 100% of losses from winnings; now only 90% is deductible.
• This results in some players being taxed on income they didn’t actually earn.
• Cruz, along with bipartisan support, is pushing legislation to reverse this change, arguing it's unfair and could drive poker professionals out of the U.S.

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