Missing Billions11/26/2007 |
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What would you do with $42.8billion? That’s the amount that a recent tax revenue study estimates that the US government is missing out over a ten year period by not regulating internet gambling. That’s a huge amount of money which could be used for important government programs. The report was announced by Jim McDermott a democratic senator and was based on a detailed analysis by an independent accounting firm. The data was provided in testimony submitted to the House Committee on the Judiciary where McDermott also detailed policy refinements to his legislation, the Internet Gambling Regulation and Tax Enforcement Act.
McDermott went on to say "This is money we are currently losing to other jurisdictions, for no other reason than some of my colleagues' think we can actually stop people from gambling online. It is money we will continue to lose if we ignore the fact that if grown adults in America want to gamble online, they can and they will." These revenues would be generated from taxes which already exist under the current laws. There seems to be a growing sentiment in Congress that it is foolhardy to believe that internet gambling will simply go away and it would be much better if the industry was regulated and much needed tax revenues would become available. "By prohibiting a popular, recreational activity that many millions enjoy in the comfort of their own homes, the U.S. is forfeiting billions of dollars in revenue needed for critical government programs," said Jeffrey Sandman, spokesman for the Safe and Secure Internet Gambling Initiative. "It is time for Congress to regulate and tax Internet gambling to ensure security controls are in place to protect consumers and capture billions in revenue. Moreover, regulating Internet gambling could resolve a dispute around Internet gambling in the World Trade Organization that could force the U.S. to pay billions in trade compensation." Isn’t it time that the US government adopts a sensible and adult approach to internet gambling and accepts that millions of people see it as part of their leisure and entertainment time? For all those beleagured online gambling operators who have seen their stock plummet over the last few months, there may be light at the end of the tunnel. Back to Latest Casino News |
