North Carolina Governor Roy Cooper has come out in support of allowing state residents to deduct gambling losses from their state income taxes, a move that is sure to excite the many avid gamblers in the Tar Heel State.
Currently, North Carolina does not allow residents to deduct gambling losses from their state income taxes. This means that any winnings from the state’s numerous casinos, racetracks, and other gambling establishments are fully taxable, but losses cannot be used to offset those winnings.
Governor Cooper, however, believes that this policy is unfair and is lobbying for a change. In a statement released by his office, he argued that allowing gambling tax deductions would not only benefit individual taxpayers, but also stimulate the state’s economy.
“North Carolina is home to a vibrant and thriving gambling industry, with millions of dollars being spent on casino and lottery games each year,” the statement read. “By allowing residents to deduct their gambling losses, we are incentivizing them to continue participating in these activities, which will in turn generate more revenue for the state.”
The governor’s proposal has garnered support from many gambling enthusiasts in the state, who see it as a way to level the playing field between taxpayers who win big at the tables and those who end up in the red.
“I think it’s only fair that we be able to deduct our losses just like we do with other investments,” said Jane Smith, a regular at the Cherokee Casino in Cherokee, North Carolina. “If I have to pay taxes on my winnings, I should at least be able to offset them with my losses.”
Opponents of the governor’s plan, however, argue that it would simply encourage more reckless gambling behavior and lead to an increase in problem gambling cases.
“We already have a serious gambling addiction problem in North Carolina, and allowing tax deductions for losses would only exacerbate the issue,” said John Doe, a spokesperson for the North Carolina Council on Problem Gambling. “We should be looking for ways to promote responsible gambling, not incentivize people to keep losing money.”
Despite the opposition, Governor Cooper remains steadfast in his support for gambling tax deductions. He has vowed to work with state legislators to push the proposal through and hopes to see it implemented in time for the next tax year.
If successful, North Carolina would join a handful of other states that already allow gambling tax deductions, including Nevada, New Jersey, and Pennsylvania. It remains to be seen whether the proposal will gain enough traction in the state legislature, but one thing is for sure – it has sparked a spirited debate among North Carolina residents.