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Congressman Bemoans Billions Lost in Online Gambling Taxation |
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Thursday, 22 November 2007 |
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Washington Democrat and Congressman, Jim McDermott, testified this week to the House Committee on the Judiciary and provided evidence that the United States was losing billions of dollars in potential online gambling tax. According to an independent study by an accounting commissioned by McDermott, the United States could be earning as much as $42-billion in the next ten years simply by legalizing the online casino industry.
McDermott has, in recent months, proposed a change to the current Unlawful Internet Gambling Enforcement Act, which essentially bans online gambling in the country. The Congressman’s own Internet Gambling Regulation and Tax Enforcement Act (IGREA) calls for a regulated industry, with online gambling sites having to meet rigorous standards until they could be issued with an operating license. McDermott also proposes that gambling companies pay the government 2% of player deposits under the new law, a percentage that could certainly increase the country’s coffers significantly in the next decade. |
