Wednesday, February 13, 2008
Legistlation to Legalize US Online Casino Gambling
4:19 AM | 
Posted by
coolvision
After the release of a new study representative McDermott, urged other Congressman to support Internet gambling regulation stated "Before us is a tremendous opportunity to protect consumers and recoup billions of dollars that should be collected by the Internal Revenue Service. These are revenues that are desperately needed, given that we are at war and face difficulty financing the nation's priorities."
The study, carried out by the independent business services group PricewaterhouseCoopers, revealed that the US could gain between $8.7 billion and $42.8 billion in federal tax revenues over the first ten years of a regulation and licensing of US online Casinos and was handed to all members of Congress by Representative Jim McDermott.McDermott introduced the Internet Gambling Regulation and Tax Enforcement Act (H.R. 2607), which seeks to tax regulated Internet gambling.
Altough the Anti Internet Gambling act was introduced a yera ago, millions of American online casino players are still gambling online. In addition, proposed rules by the Treasury Department to implement the current prohibitions have been severely criticised by financial establishments such as the American Bankers Association, Credit Union National Association, Financial Services Roundtable, and other countries with which the US has long trerm trade agreements with.
McDermott's legislation functions as a companion bill to the Internet Gambling Regulation and Enforcement Act (H.R. 2046), legislation introduced by Congressman Barney Frank (D-MA) which would establish a licensing and enforcement framework for regulated Internet gambling in the U.S. The legislation will give States full control over the regulation of Internet gambling, applying additional taxes, protections and limitations.
The study, carried out by the independent business services group PricewaterhouseCoopers, revealed that the US could gain between $8.7 billion and $42.8 billion in federal tax revenues over the first ten years of a regulation and licensing of US online Casinos and was handed to all members of Congress by Representative Jim McDermott.McDermott introduced the Internet Gambling Regulation and Tax Enforcement Act (H.R. 2607), which seeks to tax regulated Internet gambling.
Altough the Anti Internet Gambling act was introduced a yera ago, millions of American online casino players are still gambling online. In addition, proposed rules by the Treasury Department to implement the current prohibitions have been severely criticised by financial establishments such as the American Bankers Association, Credit Union National Association, Financial Services Roundtable, and other countries with which the US has long trerm trade agreements with.
McDermott's legislation functions as a companion bill to the Internet Gambling Regulation and Enforcement Act (H.R. 2046), legislation introduced by Congressman Barney Frank (D-MA) which would establish a licensing and enforcement framework for regulated Internet gambling in the U.S. The legislation will give States full control over the regulation of Internet gambling, applying additional taxes, protections and limitations.
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