Las Vegas, Casinos, Gamblers Get Huge IRS News (Jackpot)
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A new bill introduced in Congress would make it less likely to have to report your winnings to the IRS. Caesars Entertainment (CZR) and MGM Resorts International (MGM) are two of the biggest casino operators. They have a lot of slot machines. The jackpot for a slot machine player is $1,199,99.
Congressional Gaming Caucus Wants to Raise the IRS Ceiling. The current threshold for reporting slot winnings was set at $1,200 in 1977. If indexed for inflation, the threshold would be around $5,000. The legislation would also benefit the casino industry. It would reduce paperwork and ensure this is accomplished more efficiently. i.e. it would result in less income for the government.
Raising the threshold on jackpots means that no paperwork reporting your wins to the IRS would be generated. Caesars, MGM, and the gaming industry benefit from this. The 1977 slot jackpot reporting threshold hasn't kept up with inflation. It's good for business, because it reduces paperwork and reporting requirements. It also leads to more tax revenue. Slo Act is a necessary modernization of the tax code.
