On Monday I’m introducing the FAIR BET Act, the Fair Accounting for Income Realized from Betting Earnings Taxation Act, to permanently restore the 100% loss deduction from gambling winnings.
I welcome all other members to join this common sense fix.
SEC 70114 is unconstitutional.
• Introduced by @MikeCrapo
• Limits deductions to 90% of losses.
• Win $100k / lose $100k → IRS taxes $10k you never kept.
• The 90% cap violates the Sixteenth Amendment because it taxes something that is not “income.”
• Under Eisner v.…
🚨 SEC 70114 buries a 10 % tax on every $ you *win*, even when you break even.
• Tiny “pay-for”: +$1 B over 10 yrs vs $3 T bill (0.03 %).
• Drives handle offshore → states & feds lose more than it raises.
• Hidden tax = bigger deficit, not smaller.
STRIP 70114 or VOTE…
Let’s talk Kalshi...
- Insider trading/trading with private knowledge/Kalshi releasing knowledge of a changing market privately before they release it publicly.
- Changing markets halfway through
- Incorrect markets based on their respective contracts.
Also, this can’t go…
Hey, Kamala. Unlike you, we can actually fill up an arena. You had to cover the top row because you couldn’t fill it. We checked with the venue, and they say your rally got 10,200 people. We just got 16,200 for ours. Same venue, with LESS notice.
And we didn't have to pay to bus…
Hey, Kamala. Unlike you, we can actually fill up an arena. You had to cover the top row because you couldn’t fill it. We checked with the venue, and they say your rally got 10,200 people. We just got 16,200 for ours. Same venue, with LESS notice.
And we didn't have to pay to bus… https://t.co/GNsldblssf
New Model 3 LR now qualifies for the full $7,500 federal tax credit in the US (if eligible)
Starts at $34,990 when also factoring in estimated 5-year gas savings → tesla.com/model3/design#…
Yesterday the former SEC chair said that RoaringKitty manipulated $GME GameStop shares by tweeting memes.
Yet today Senator Tommy Tuberville is trading options on companies he legislates and Pelosi's portfolio hits all time highs.
But silence from the SEC chair.
Warren Buffett on the financial effects if Tesla, $TSLA, were to achieve full self-driving, per Sawyer Merritt: "If accidents get reduced 50%, it's going to be good for society, & it's going to be bad for insurance companies volume. Good for society is what we're looking for."
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