The provision tucked into the “Big Beautiful Bill” limits tax deductions for gambling losses, while still requiring professional bettors to pay income tax on all their winnings, according to published reports. Professional gamblers, like the poker players you see on TV, had been allowed to deduct all of their losses from their declared income.

As Congress was approving President Trump's "big, beautiful bill" on Thursday, the Social Security Administration touted the legislation by stating that it "eliminates federal income taxes on Social Security benefits for most beneficiaries.