SEC 70114 is unconstitutional. • Introduced by @MikeCrapo • Limits deductions to 90% of losses. • Win $100k / lose $100k → IRS taxes $10k you never kept. • The 90% cap violates the Sixteenth Amendment because it taxes something that is not “income.” • Under Eisner v. Macomber (1920) income must be a “gain derived” from capital or labor. • Under Commissioner v. Glenshaw Glass (1955) it must be an “undeniable accession to wealth, clearly realized, over which the taxpayer has complete dominion.” When a gambler’s wins and losses net to zero, there is no accession (increase) to wealth. This phantom "income" tax will go into effect starting tax year 2026. @repdinatitus is working on a bill that would reverse this unfair anti-gaming tax provision. Let's hope common sense prevails and this is quickly reversed before 2026 gets here. #Kill70114 #StopHiddenTax