This legislative proposal aims to repeal federal excise taxes on wagering by eliminating the relevant sections of the Internal Revenue Code. It specifically targets and repeals Chapter 35 of the Internal Revenue Code of 1986, which currently imposes these taxes on various forms of gambling. The bill stipulates that this repeal will become effective for all taxable years beginning after December 31, 2024 , thereby removing the federal tax burden on wagering activities from that point forward.