US Online Poker Tax Hearing: A Summary
Written by Matt W | Sunday, May 23rd, 2010
After the much anticipated hearing this week by the House Ways and Means Committee on tax proposals relating to the online poker and gambling industry, one thing is clear – support for the legalization of this industry is strong but there is still a long way to go before it comes a reality.
Panels in Wednesday’s hearings comprised Barney Frank and Congressman Jim McDermott, both who have introduced legislation that pushes towards the legalization and regulation of internet poker and gambling. Another panel was made up of the IRS and Treasury. Oddly missing were representatives from the US banking industry.
The hearing was held to discuss McDermott’s Internet Gambling Regulation and Tax Enforcement Act which calls for taxation on internet gambling deposits. According to HR 4976, the United States stands to make over $70 million over the time period of a decade if this becomes a reality.
The hearing also discussed the many jobs that could be created if internet gambling was legalized in the US, with numbers being put at over 30,000.
All in all, the hearing heard that legalizing the industry would clearly have a positive effect on the country at large, especially its social systems, and especially since most of the money was leaving the country anyway to offshore poker and casino sites.
“Today’s witnesses clearly articulated why Congress should give fair consideration to regulating online gambling activity as a way to protect Americans, stimulate the economy by creating tens of thousands of new jobs, and profit from the collection of tens of billions of otherwise lost revenue,” said Safe and Secure Gambling Initiative rep Michael Waxman.
All in all, the House Ways and Means Committee hearing spread over nearly 3 hours, where interesting debates and opinions were heard.
It remains to be seen what – if anything – results from the hearing.
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· Written by Matt W · Filed Under Poker Gossip · Comments Off
