Two House lawmakers aim to keep IRS away from slot machine winnings
It may seem absurd to some to win money from slot machines.
Since slots have such low odds compared with other casino games like blackjack
and baccarat, they have long been dubbed "one-armed bandits."
A bipartisan bill aims to protect more of those winnings from the IRS now
that some players can and do come out ahead on slots. Guy Reschenthaler (R-PA),
a member of the House Republican leadership, and Rep.
Guy Reschenthaler (R-PA) are sponsoring a bill that would raise the tax threshold for slot winnings from $1,200 to $5,000.
More than 30 million visitors visit Dina Titus' Las Vegas district every year, including many avid slots players.
With the Shifting Limits on Thresholds (SLOT) Act, the tax-free threshold would be
raised for the first time since 1977. Over the past 45 years, the exemption would have
risen to $5,000 as estimated by the bill, which indexes slot winnings to inflation.
The 1977 slot jackpot reporting threshold hurts both Pennsylvania's gaming industry
and its patrons, said Reschenthaler, chief deputy whip of the House Republican majority.
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