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Daily Spotlight: Three Signals from Dividend Growth
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Tag: Tax
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Beverly faces nearly $4 million budget shortfall this spring
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BEVERLY — The city is facing a nearly $4 million shortfall in funding the fiscal 2027 operating budget.
That number — $3,921,385, to be exact — was in a report by Beverly’s Financial Forecasting Committee released this month.
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By Caroline Enos | Staff Writer
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Moulton pitches wealth tax in bid for Senate
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BOSTON — Congressman Seth Moulton is calling for a tax on the nation’s top earners as he tries to win over progressive voters in his bid to topple Sen. Ed Markey in next year’s Democratic primary.
Moulton, a Salem Democrat, said he supports a national wealth tax on multimillionaires and closing tax loopholes exploited by corporations and the ultrawealthy.
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By Christian M. Wade | Statehouse Reporter
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Las Vegas Casinos Push for Urgent Gambling Tax Fix
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Casino operators in Las Vegas have voiced their concerns over a looming change in federal tax law that they say will hit gamblers’ wallets, suppress high-end play, and harm Nevada’s whole tourism-based economy. With January 1, 2026, fast approaching, casino leaders, professional gamblers, and state lawmakers are asking Congress to reinstate a long-standing deduction that allows players to write off gambling losses dollar-for-dollar against winnings.
High-Volume Players Are Most Affected
The issue stems from a clause hidden in the so-called “Big Beautiful Bill,” which reduces the deduction from 100% to 90%. At first sight, it may seem like a minor tweak. But on the casino floor, where betting amounts can reach hundreds of thousands of dollars, it means that gamblers may pay tax on money they never actually kept.
Currently, a gambler who loses $100,000 and eventually wins the same amount owes no taxes since the losses cancel out the gains. However, under the new tax code, only $90,000 of the losses can be deducted, leaving $10,000 to be taxed as if it were profit. High-volume gamblers call that a deal-breaker, while casinos worry the measure will scare off big spenders.
The Nevada Resort Association has echoed that sentiment, calling the deduction a basic matter of fairness. Taxing net gains, not gross swings, has been standard federal practice for decades. The organization argues that taxing gambling differently punishes players for the volatility that is inherent to the activity.
This Change Could Lead to Significant Setbacks
Nevada Congresswoman Dina Titus has been one of the rallying forces behind the push to reverse these changes. Earlier in the year, she introduced the FAIR BET Act and has been pushing the House Ways and Means Committee to move quickly. However, the bill has faced some setbacks despite its broad bipartisan support, leaving its future uncertain.
The change unfairly burdens professional gamblers and casual players alike and will inevitably drive players toward offshore and unregulated markets.
Dina Titus, Nevada Congresswoman
Casino executives say the urgency is real. Derek Stevens, who owns Circa and two other downtown properties, warned that the uncertainty has already affected bookings. He noted that high-limit sports bettors are hesitant to commit to future wagers on major 2026 events, unwilling to risk getting tangled in tax complications if the law remains unchanged.
No one wants to pay tax on phantom income. This will impact every casual and leisure slot player who hits a jackpot.
Derek Stevens, Circa Resort & Casino owner
Professional poker players are another outspoken group, claiming that the new tax rules could make it almost impossible for many players to operate legally in the United States. Leading casino operators share these concerns. MGM Resorts International, the largest employer in Nevada, argued that the change would hurt guests, employees, and the broader economy.
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Deyan Dimitrov
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IRS considers plans for major new tax credit for millions
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The Internal Revenue Service (IRS) and Treasury Department are seeking public feedback on how to implement a new federal tax credit scholarship program created under the One Big Beautiful Bill Act (OBBBA), which aims to expand school choice and help students cover education-related costs.
The credit will apply to donations made to scholarship-granting organizations that support elementary and secondary students from low- and middle-income households.
Under the OBBBA, the tax credit scholarship program is designed primarily to help K–12 students pay for private school tuition, though it also covers a range of other educational expenses. States will decide individually whether to participate in the program.
This is a developing story. More to follow.
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