New Congressional Report Adds Fuel To Online Gambling Row
Posted by Carl Barnett on 04 Jan 2010 at 15:01
A Congressional report has come to the conclusion that legalising online gambling for American citizens could free up over $41 billion dollars in revenue.
The joint committee on taxation published the report, which made it clear that this large amount could be released by the taxes the US government could levy on online gaming communities.
This could be utilised by the government for plans that need such large sums to boost operations, such as healthcare reform and education reform.
Republican Barney Frank has recently raised legislation to legalise and regulate online gaming, and one of his colleagues is closely linked with the new report.
Republican Jim McDermott is a co-sponsor of proposed Frank's legislation, and he has stated that he feels it will not be long before the legislative powers in the United States realise that there is a lot of taxable income out there, and that it could be used for good.
The Unlawful Internet Gambling Enforcement Act is about to come into force, making banks responsible for blocking assets form online gambling.
Frank's new bill is an attempt to block this bill, or at least stall it for another year. This latest report will potentially boost such efforts.
