Gambling Regs Could Fill Gov't Coffers
10/29/09 - National Journal - View Source
By Andrew Noyes
Rep. Jim McDermott, D-Wash., on Thursday released an analysis by the Joint Committee on Taxation on the opportunity to generate up to $41 billion in new government revenue over the next decade through the regulation and taxation of Internet gambling. McDermott and Financial Services Chairman Barney Frank introduced companion bills earlier this year to regulate Web gaming rather than banning it entirely. The activity is currently prohibited in the United States under a 2006 law.
"I suspect that many of my colleagues, especially those on the fence, will take more interest in this issue once they see $41 billion available that they can match up with any number of worthy programs," McDermott said in a press release. "I would suspect it's only a matter of time before Congress appropriately moves to regulate the industry in order to protect consumers and reverse the flow of billions of dollars currently lost offshore as Americans gamble billions online despite attempts to prohibit the activity."
"Given the many critical government programs currently going under-funded or not funded at all, Internet gambling regulation should be given fair and immediate consideration, " McDermott said. "Prohibition in various guises has failed before and is failing once again. There is a better way." Read the Joint Committee on Taxation document here (PDF).