India, Dec. 12 -- President Donald Trump said this week that he would consider eliminating federal taxes on gambling winnings. However, he offered no concrete plan or timeline.

When asked about taxes on gambling wins by reporters aboard Air Force One, Trump left the possibility open, saying he would "have to think about" ending the current federal tax applied to gambling payouts.

Gambling income, including winnings from lotteries, raffles, horse races, casinos, and sports bets, is currently required to be reported as taxable income on Form 1040, with amounts deducted automatically in many situations.

Under current U.S. tax law, all gambling winnings must be reported on federal tax returns, and amounts exceeding $600 typically trigger a...