Mar 4th 2008
A recent tax revenue study made known by Representative Jim McDermott approximates that regulating online gambling would spawn between $8.7 billion to $42.8 billion in federal revenues over its first ten years. The results of the study prepared by PricewaterhouseCoopers, were given to all Members of Congress by McDermott earlier this week.

"Before us is a fabulous prospect to protect consumers and earn billions of dollars that should be taken by the Internal Revenue Service," "These are revenues that are dreadfully needed, given that we are at war and face difficulty backing the nation's priorities." said Representative McDermott.

Representative Jim McDermott released the Internet Gambling Regulation and Tax Enforcement Act (H.R. 2607), which would tax legalized forms of online gambling.

"To be clear, these are not generally new taxes – most of the revenues spawned would come from taxes required under existing law," "This is merely a framework to save taxes on existing activity that is currently unregulated, unverified, and subversive." added McDermott.

The present advance, banning online gambling through the UIGEA, has proved to be a disappointment. In spite of the UIGEA prohibition, millions of US citizens are still able to gamble online. As well, future rules of the Treasury Department to put into practice the current bans have been harshly criticized by many parties, including the American Bankers Association, Credit Union National Association, Financial Services Roundtable, and other leading financial services companies and groups.

"As an alternative of this unsuccessful effort to prevent adults from gambling online, we need a more reasonable approach to protect consumers and make sure that revenue that now flow offshore stay here in the U.S. and are therefore subject to taxation," completed its comments McDermott.

McDermott's legislation is more a companion to Representative Barney Frank's IGREA bill. The purpose of the IGREA bill is to set up a licensing and enforcement framework for regulated Internet gambling in the U.S. According to the bill, States will be able to retain full control over the regulation of online gambling within their borders, applying additional taxes, protections and limitations as determined necessary and appropriate.
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