There should be no taxes on gambling winnings. It takes all the fun out of it. The odds are against you anyway so over the Long Haul the casinos are the only ones who should be paying the taxes on their winnings. If the odds are in your favor then it would make sense 2 tax the winnings of the players. But if you play a million dollars you're pretty much guaranteed go home what's 950000. And so far you don't have to pay taxes on the money you lose, think how much fun that would be. Oh somehow you are allowed to subtract your losing from your winnings. But I don't think you're allowed to just deduct your losing from your taxes in General. In Other words if you lose your house you can't take off several hundred thousand dollars off your income that year. in fact it's doubtful that if you lost your shirt you could take that off either.
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