President Donald Trump announced on Thursday that his administration is considering eliminating federal taxes on gambling winnings, setting the stage for a significant victory in the betting industry.
The president said he would consider such a proposal, given that his administration has already canceled taxes on tips and overtime pay.
While speaking to reporters on Air Force One, the president was asked whether he would slash taxes on gambling winnings.
“We have no tax on tips, we have no tax on Social Security, and we have no tax on overtime,” he said. “No tax on gambling winnings, I don’t know. I’m gonna have to think about that.”
As Fox Business reported, Trump signed the “One Big Beautiful Bill Act” (OBBA) in the summer, fulfilling his promises to the MAGA base. The legislation cut taxes on tips, overtime pay and social security for Americans.
The White House called the bill “the largest tax cut in history for middle- and working-class Americans.”
Trump’s consideration of eliminating the gambling tax comes as his administration has conceived of removing the federal income tax and rewarding Americans with $2,000 checks as a result of the government’s tariff policy.
While addressing military troops during Thanksgiving week, the president expressed his belief that the income tax would be cut soon because of the tariff revenues generated by his administration’s policies, as Yahoo Finance reported.
“Over the next couple of years, I think we’ll substantially be cutting and maybe cutting out completely, but we’ll be cutting income tax. Could be almost completely cutting it because the money we’re taking in is going to be so large,” Trump said.
Trump’s revelation comes as Americans are at odds over the ongoing affordability crisis. Democrats and some individuals on the right have blasted the president over his economic policies, claiming that he has not done enough to improve the cost of living.
Rep. Marjorie Taylor Greene (R-GA) was notably one of several Republicans who have criticized the president over the cost of living in the U.S.
In an October interview with Tucker Carlson, Greene stated that the economy isn’t what the Trump administration describes it to be.
“ Food prices are high. Rent is high. Home prices are ridiculously high. Cars are high. Auto insurance, home insurance, health insurance is insane. Energy prices are high,” Greene said, before adding, “My own electric bills, they’re much more expensive than they were even a year ago.”
On Tuesday, the White House released a statement touting Trump’s economy, but said the president believes additional work must be done.
“Since taking office, President Donald J. Trump has made substantial progress reversing the inflation and cost-of-living disaster he inherited from the recklessness of the Biden Administration. Inflation has been cut by more than half, gas prices have fallen sharply, real wages are growing again, and key household expenses are finally heading in the right direction,” the White House said in a statement.
“But President Trump is also clear: there is still important work ahead to ensure every American feels the full benefit of lower costs. While Democrats attempt to con Americans into believing they’re the champions of affordability, the reality is that Democrats created the problem — and President Trump is stopping at nothing to fix it,” the statement added.
