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 Post subject: New US Internet Gambling Legislation..............
PostPosted: Thu Mar 06, 2008 7:25 am 
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New US Internet Gambling Legislation Proposes 2% Licensing Levy
06 March 2008
GIG
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Congressman Jim McDermott yesterday introduced the Internet Gambling Regulation and Tax Enforcement Act of 2008, an amendment to his previously proposed legislation that would ensure that taxes are collected on regulated Internet gambling activities in the United States.


According to a recent tax revenue analysis prepared by PricewaterhouseCoopers, these revenues are estimated at between $8.7 billion and $42.8 billion over ten years.



The legislation strengthens provisions in an earlier version of the bill introduced last year, and includes an enhanced reporting mechanism under which licensed gambling operators are required to provide each customer an annual statement of winnings and losses. It also establishes a 2% licensing fee that is to be paid by online gaming operators.



The licensing fee is said to be designed to equalize the costs of operation in providing gambling services online, as opposed to brick-and-mortar casinos providing gambling services in-person, and would only be applied to online operators.



"Before us is a tremendous opportunity to protect consumers and recoup billions of dollars that should be collected by the Internal Revenue Service," said McDermott. "These are revenues that are desperately needed, given that we are at war and face difficulty financing the nation's priorities."



McDermott's legislation functions as a companion bill to the Internet Gambling Regulation and Enforcement Act (H.R. 2046), legislation introduced by Representative Barney Frank that would regulate Internet gambling in the US.



Under the Frank legislation, each Internet gambling operator would be licensed by the Financial Crimes Enforcement Network (FinCEN) and be required to ensure that the individual placing the bet or wager is physically located in a jurisdiction that permits a particular form of Internet gambling.



The legislation would also reinforce the rights of States to control what, if any, level of Internet gambling is permissible within their borders, including the ability to apply additional taxes, and to ensure that appropriate consumer protections and limitations were in place.



"By not regulating and taxing Internet gambling, the United States 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 address this issue and put in place security controls to protect the millions of Americans that continue to gamble online despite the prohibition."


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 Post subject: Reality has finally set in
PostPosted: Thu Mar 06, 2008 8:31 am 
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The last paragraph says it all......PEOPLE IN THE USA CONTINUE TO ENGAGE IN ONLINE GAMBLING DESPITE THE BILL PROHIBITING IT.

The people have spoken and somebody is finally listening to the fact that the USA is cutting off its nose to spite its face financially trying to play Big Brother.

I am building a shrine to Barney Frank next to my mailbox for the world to see. lol


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 Post subject: Re: New US Internet Gambling Legislation..............
PostPosted: Sat Apr 10, 2010 2:06 pm 
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hehehe that may be the only shrine to Barney Frank that you will ever find! :D


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 Post subject: Re: New US Internet Gambling Legislation..............
PostPosted: Sat Apr 10, 2010 2:56 pm 
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Considering that my post is two years old already, and absolutely NOTHING has been done to reverse this ridiculous 'law', and Barney Frank has turned into an idiot, I withdraw my shrine building and am considering erecting it instead for something/someone more worthy....like our troops who seem to be the ONLY ones in the entire Government who actually understands what the USA stands for and has stood for since day one.


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