US Could Win in Online Casino Game
22nd November, 2007
An American Congressman has stated that US would be having an extra $42 billion from regulating and taxing online casino gambling industry in the next ten years for Federal coffers.
The conclusion came from the detailed tax revenue analysis that were carried out by the independent accounting firm. Additionally to this, the Washington Democrat, Jim McDermott, detailed the policy refinements to his legislative proposal, that would allow online casino gambling in the country but enforce huge taxes on the industry, that would make the market less appealing to online casino operators.
McDermott said that getting rid of the online casino gambling altogether is ignorant of the fact that America needs the cash form taxes, as the situation in the country is not most favourable economy –wise. “Even under the most conservative estimates, licensing and regulating Internet gambling and collecting the taxes will provide much-needed revenue to the US Treasury,” he explains.
From $3.1 to $15.2 billion could be gained in revenues in five years and from $8.7 to $42.8 billion in ten years according to McDermott. The politician feels that the online casino gambling ban does not restrict people from gambling online, as there are still ways to get around the law, instead the law just neglects US in terms of potential taxes that could be gained from the industry. 'This is money we are currently losing to other jurisdictions because some of my colleagues' think we can actually stop people from gambling online,” he said.
'Most of the revenues generated would come from taxes required under existing law that we currently lose because of a misguided belief that we can actually stop Internet gambling,' McDermott explains.
