So it hasn't been touched on as much because there were much much worse things coming out of the BBB, but one thing that is probably worth mentioning is the change to the deductibility gambling losses.
Currently if you are a professional gambler, or really anyone who keeps diligent records of your wins and losses you can deduct 100% of your losses from your gambling winnings, so you will only pay taxes on any overall gambling profit that you have. Someone with $250,000 in gambling winnings and $200,000 in gambling losses would therefore report net gambling winnings of $50,000 and only pay taxes on that portion. Someone who breaks or has an overall gambling loss on the year wouldn't have to pay any taxes on the gambling income.
Enter the BBB. Now people will only be allowed to deduct 90% of their losses which is very clearly and obviously an incorrect way to approach that. In the scenario above you would only be able to deduct $180,000 of the losses resulting in paying tax on $70,000 of "winnings" despite only netting $50,000. Or even worse if you have the same $250,000 in winnings with $250,000 in losses, you would only be able to deduct $225,000 and have to pay taxes on "profit" that you did not even end up keeping.
I can't even imagine who is behind this provision. Surely not Vegas interests? Yeah it will make it impossible for professional black jack players to profit, but it will also discourage/eliminate professional poker players. It might not dissuade your average slot machine player or casino casual who is just in town to blow money and keep track of none of it, but it's crippling to the idea that you can win money in gambling which will certainly turn off more than just the professionals. At the very least it will encourage professionals to partake in unregulated games that aren't documented if they intend to continue to make money that way.
There is already a Bill being proposed to fix this issue, but who knows if it will find traction. Mostly I'm just having a really difficult time understanding who this change was for.
I think the people who are designing economic policy for the GOP are like, actually stupid and not just evil