A hearing on the taxation of Internet gambling was held today. Regulations proposed by Rep. Jim McDermott (D-Wash), some of which include possible deposit taxes, were considered. The proposal also outlines a .25 percent tax on each wager, along with a .2 percent tax on a deposit. Witnesses and members of the committee weigh the pros and cons of the proposal.
WASHINGTON – Prohibition didn’t work with alcohol and it’s not working with Internet gambling now, say lawmakers pushing Congress to approve long-shot legislation that would legalize and tax online wagering.
Rep. Jim McDermott, D-Wash., told his colleagues during a congressional hearing Wednesday that millions of Americans gamble on the Internet each day, despite laws to prevent it. Citing industry analysts, McDermott said they wager nearly $100 billion annually, generating an estimated $5 billion for offshore operators.
He said the money would be put to better use in the U.S. and would create thousands of jobs for people who (more…)
Experts in the fields of online security and consumer safety testified today before the House Committee on Financial Services to address legislation introduced by Chairman Barney Frank (D-MA) that would regulate Internet gambling in the United States. Witness testimonies provided further evidence to Committee members that a regulatory framework for Internet gambling would protect consumers and ensure the integrity of Internet gambling financial transactions. Chairman Frank has previously indicated interest in having the House Financial Services Committee vote on his legislation, the Internet Gambling Regulation, Consumer Protection and Enforcement Act of 2009 (H.R. 2267) as the next step in getting the bill enacted into law during this Congress.
As Congress considers how to pay for health care reform and other critical programs, a Joint Committee on Taxation analysis released today by Rep. Jim McDermott (D-WA) found that regulating Internet gambling, as proposed in pending legislation introduced by Representatives Barney Frank (D-MA) and Jim McDermott (D-WA), would generate nearly $42 billion over 10 years. The analysis is based on the provision of a federal license for operators that would allow them to offer online gambling throughout the United States, while maintaining existing federal prohibitions on any form of sports betting.
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