The Impact of Another Trump Presidency on U.S. Gaming Industry
In the four years of Donald Trump's presidency, the gambling industry experienced significant changes, primarily in taxation policies.
One of the most notable changes was the enactment of tax law changes that limited the deductibility of gambling losses to 90% of winnings. This policy, part of President Trump's signature One Big Beautiful Bill Act (OBBBA), has been criticised by industry experts as "bad policy" with major unintended consequences. The increased tax burden on gamblers could potentially reduce gambling activity and related state revenues. Legislative efforts led by Rep. Dina Titus and Sen. Catherine Cortez Masto aim to reverse this policy to restore 100% deductibility of losses, which industry advocates support.
Regarding corporate tax cuts, the search results do not specify direct effects of Trump’s presidency or tax law changes on corporate taxes related to the gambling industry beyond the gambling loss deduction issue. However, the OBBBA itself included broader provisions, implying potential tax benefits to corporations overall, but details specific to gambling companies are not provided.
Trump's policies also had an impact on union policies within the gambling industry. During his term, he suspended union elections during the COVID-19 pandemic and appointed more anti-labor officials to the National Labor Relations Board. These actions could have slowed union progress during crucial times for casino workers.
In terms of taxation on tips, no clear data from these sources on changes under Trump’s policies as related to the gambling or hospitality sectors were found.
Elon Musk, a notable figure in the tech industry, endorsed Trump during the election and used his platform to drum up support. Despite this, Musk proposed creating a Department of Government Efficiency (DOGE) during Trump's potential second term, an idea that Silicon Valley executives anticipate could lead to an innovation boom if it becomes a reality.
The election results saw Donald Trump secure the final key swing state of Nevada with 312 electoral votes. He also won over seven battleground states, including Arizona, Michigan, Georgia, North Carolina, and Wisconsin.
Both presidential candidates, Harris and Trump, confirmed they would implement a ban on taxes for tips for casino and sportsbook workers. However, this proposal will first have to pass through Congress to become law.
As for the impact on tipped workers, less than 5% of workers earning less than $25 per hour received tips. In 2023, there were 4 million tipped workers in the US, representing 2.5% of the US workforce. Interestingly, Musk ran a lottery to give away $1m to multiple Trump voters.
In conclusion, while the search results do not provide clear data on corporate tax cuts, tip taxation, or union policies specific to gambling under Trump, the changes to gambling loss deductions have had a significant impact on the US gambling industry. The ongoing attempts to reverse this change highlight the ongoing debate and potential future developments in this area.
