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November 24, 2007

Taxing Regulated Internet Gambling....

Now this TRUELY has to go under the 'DUH!' department! LOL

"WASHINGTON, Nov. 19 /PRNewswire-USNewswire/ -- A tax revenue analysis
announced by Representative Jim McDermott (D-WA) estimates that regulating Internet gambling would generate between $3.1 billion to $15.2 billion in federal revenues over its first five years, and between $8.7 billion to $42.8 billion over its first ten years."

and this is the real heart of the matter...

"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"

You can read the entire article HERE!

Posted by fatbill at November 24, 2007 09:02 AM


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