According to PricewaterhouseCoopers accounting analysis
covering the effects of Congressman Jim McDermott's online gambling
regulation the revenue for the United States could amount to between $8.7-$42.8 billion over the next ten
years. The Internet Gambling Regulation and Tax Enforcement Act of 2008 is a stronger version of a bill introduced last year, including provisions to ensure proper tax
regulation and collection.
The new online gambling bill would bring the cancellation of
the Unlawful Internet Gambling Enforcement Act of 2006, pushed through by Bill Frist
in the US Congress.
The new proposal would require
online casinos operators to provide gamblers with an end-of-year winnings and losses statements, and establish a 2% licensing fee to be paid by online
gaming sites to offset the competitive edge in overhead costs over land based casinos
in the US.
The law that would tax online gaming and protect consumers, rather than make them criminals, is long overdue.
We all hope that the US government will pass legislation that would be well-received both by those who respect individual liberties and by all
Americans, who would benefit from a potentially untapped source of revenue.
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