US Politicians Still Trying to Regulate Online Gambling
June 21, 2011
Despite the controversy that the online poker market has seen over the past two+ months, US politicians are still hammering away at legalizing Internet poker. Washington’s Representative Jim McDermott just presented a new bill that puts forward ideas about taxing online gambling.
The proposed Internet Gambling Regulation and Tax Enforcement Act delineates ways online gambling operators would pay taxes, and while it doesn’t actually legalize online gambling for real money at online casinos, it is a step in the right direction and offers a platform to begin with by outlining the standards that would ultimately regulate the online gambling market in the US. It’s a new approach at an old game.
In addition, McDermott’s bill puts forth the notion that Internet gambling operators would be required to supply a list of all the names and addresses of their players to the federal government, as well as reporting all gross wagers, wins, and losses to the US Treasury Department every day. Players’ deposits, withdrawals, and taxes would also be have to be accounted for.
Another bill drafted by John Campbell and Barney Frank entitled the Internet Gambling Regulation, Consumer Protection and Enforcement Act will accompany McDermott’s bill. Collectively, the two bills will be presented in front of Congress as an effective solution to the regulation of online gambling dilemma in the US. The tax benefits alone are just too much to pass up. With every day that goes by, more and more much needed tax opportunities pass the US government by.
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