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As anyone who watches a pro or college sporting event these days knows all too well, America’s massive and growing corporate gambling industry is spreading like a weed.
As with most such voracious industries, however, too much is never enough and so it is that state lawmakers are advancing another bill to help make sure that those who lose money gambling — that is, almost everyone who bets — don’t try to kick their habit.
Under the legislation, gambling losses would be deductible from income when people file their state tax returns.
Supporters say it only makes sense because winnings are taxable.
But of course, gambling losses are not like a loss due to a disaster or a business setback, but much more akin to money spent on entertainment — which is how the gambling industry likes to portray itself. Should people be allowed to deduct money spent on concert tickets?
The bottom line: Making gambling losses deductible serves no social purpose and is ultimately just another public subsidy for a predatory form of entertainment that is already plenty profitable.
For NC Newsline, I’m Rob Schofield.