Silver Charm Wrote:
-------------------------------------------------------
> 95% of that is hypothetical. Or your opinion.
>
> The same crew who ran on "No Tax on Tips" which
> took an act of Congress to pass suddenly have the
> random power to say all sport wagering winnings
> are taxable. Specifically horse racing sports
> betting. Thats not true. The Executive Branch does
> NOT have the power to do things like this
> themselves (except during a shut down) and there
> are no proposals to change this anywhere. Again
> these are your opinions.


I don't follow. The OBBBA mandates that the gambling loss deduction is capped at 90% of gross cashes. That is an act of congress mandating this tax on gambling; this is not the executive branch doing it. I wish and pray and hope I am wrong. Would love nothing better than to be wrong. Please please please show me I am wrong.

The IRS doesn't require anything further from Congress to implement the regulations. The Loper Bright case overruling Chevron allows the Supreme Court de novo review of the regulations, but who in their right mind would think that this Supreme Court is going to overturn any regulations by this IRS. You can call this speculation on my part, but any Supreme Court practitioner will say this is one of the easiest calls of all time.

If you think my actual speculation (who wants and why and how they will get) is off base, ask yourself this, why did they enact this law in the first place and why did they refuse all attempts to change it? Somebody wanted something. Congress doesn't just pass random stuff that not a single person wants. Somebody wants it. It is not speculation to say someone wanted this. Where I am speculating is the idea that whoever wanted it, is going to finish the job to make what they got enacted effective. Maybe you can say they are incompetent and will screw it up, but I would say the evidence backs up my argument over the contra.

I would love nothing better than for me to be wrong here. This is not an argument I would like to win. I hope and pray you are right and I am wrong.