Saturday, March 8, 2008
Regulation of Online US Casinos worth Billions
12:43 PM | 
Posted by
coolvision
An accounting analysis held by Price Waterhouse Coopers on the possible effects of online gambling regulation bill in the USA concluded that revenue for the United States could be up to $42.8 billion over a 10 years period. 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 collection. The new bill will supersede unenforceable Unlawful Internet Gambling Enforcement Act of 2006, pushed through by Bill Frist on his way out of Congress.
Rather than prohibiting activities by U.S. online casinos, the new ed law will require American online gaming operators to provide gamers with an end of year winnings and losses statements, and establish a 2% licensing fee to be paid by online gaming websites to offset the competitive advantage in overhead costs over land based gambli9ng operations.
McDermott stated that "To be clear, these are not mostly new taxes: the bulk of the revenues generated would come from taxes required under existing law. This is simply a framework to collect taxes on existing activity that is currently unregulated, unsupervised and underground.
Before us is a tremendous opportunity to protect consumers and recoup billions of dollars that should be collected by the Internal Revenue Service."
Many law makers and industry leaders feel that the law that protects online gamblers and taxes online gambling in the USA , rather than attempting to make it illegal, is long overdue.
Rather than prohibiting activities by U.S. online casinos, the new ed law will require American online gaming operators to provide gamers with an end of year winnings and losses statements, and establish a 2% licensing fee to be paid by online gaming websites to offset the competitive advantage in overhead costs over land based gambli9ng operations.
McDermott stated that "To be clear, these are not mostly new taxes: the bulk of the revenues generated would come from taxes required under existing law. This is simply a framework to collect taxes on existing activity that is currently unregulated, unsupervised and underground.
Before us is a tremendous opportunity to protect consumers and recoup billions of dollars that should be collected by the Internal Revenue Service."
Many law makers and industry leaders feel that the law that protects online gamblers and taxes online gambling in the USA , rather than attempting to make it illegal, is long overdue.
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