Dana White Urges Trump to Scrap 90% Gambling Tax Cap as Kalshi Repeal Odds Jump
Updated
Updated · CNBC · May 14
Dana White Urges Trump to Scrap 90% Gambling Tax Cap as Kalshi Repeal Odds Jump
7 articles · Updated · CNBC · May 14
Kalshi traders lifted the chance of a 2026 repeal to 37% from 20% after Dana White’s letter surfaced, before the contract eased back to 29%.
White asked President Donald Trump to reverse a new 90% cap on gambling loss deductions, saying bettors can now owe tax even in losing years and legal wagering becomes irrational.
Under the provision, a gambler with $5,000 in winnings and $5,000 in losses can deduct only $4,500, leaving $500 in taxable winnings that previously would have been fully offset.
The cap was added to help Trump’s tax package meet Senate budget rules, but the American Gambling Association and Nevada politicians backed White’s push, while Sens. Catherine Cortez Masto and Ted Cruz already have a repeal bill.
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