Daniel Negreanu has said he’s going to do everything in his power to try to help change the gambling tax provisions in Donald Trump's One Big Beautiful Bill Act (OBBBA) that was passed by Congress on Thursday.
He said that the issue was "as big as it gets" and would negatively impact a large number of people in poker from 2026.
The 'Big Beautiful Bill,' as it's known, was amended to include a tax provision that would mean gambling losses (and expenses) would be only 90% deductible (and still only up to your total winnings).
As an example, if a poker player recorded $3 million in winnings for a year and $2.8 million in losses, they would earn $200,000 but get taxed on $480,000 in earnings. It would also mean that poker players would be taxed on break-even years, effectively paying tax on income that they haven't earned.
Many players warn it could sound the death knell for countless US poker pros
Negreanu ready to take action
Talking on his daily WSOP vlog on Friday, Negreanu got serious for a minute.
"You know I said I’d got stuff going on?" Negreanu started. "Well, it’s really big stuff, as big as it gets.
"As some of you may have seen in the news, (there's) a new bill that could negatively impact lots of people, and all I can say is this, succinctly. I’m going to do everything I can to help make sure this isn’t a reality or a problem. And when I say everything, I mean everything.
"This law would be, as I understand it… not good at all. I’m going to reach out to people who are smarter than me on this. And then take measures to see if I can help in any way. And hopefully I can."
Tax expert: Vegas will be hurt
PokerOrg spoke with Phil Galfond this week, and he echoed Negreanu’s concerns, saying, "The effect on pros will be much worse than anything that’s happened in poker." He added, "For poker, many pros will no longer be able to make it. But the big winners will remain.”
Russell Fox is a poker player and federally licensed tax professional who routinely hands out advice to poker players.
In a great thread on X, Fox said there’s still a chance it could be reversed before it takes effect in 2026.
"The negative ramifications for this industry are obvious," he said, "and they have high-powered lobbyists. And several casino operators are known supporters of the current administration. I strongly suspect they will be working to reverse this."
However, he said that many bad laws exist and that the chances of a reversal this year were, in his opinion, only 25%.
"If this law stays for 2026, high-stakes gambling will be hurt," he warned. "But so will the average gambler who 'gets lucky.' Vegas was built on the dream, and if that dream is removed (or drastically lessened) by a bad law, Vegas will be hurt."
What can you do? Spread the word — and contact your representative. High-profile players like Negreanu getting involved will help the cause massively.
