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Internet Gambling tax?
Old 04-26-2010, 03:06 PM   #1
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Internet Gambling tax?

Barney Frank and Jim McDermott.are proposing to repeal the Unlawful Internet Gambling Enforcement Act, which is set to go into effect June 1. Instead they would legalize and tax online gambling. Six percent would go to state and tribal governments and two percent to the feds. They are estimating $30B to the states and $42B to the feds over ten years (although those proportions don't seem to fit the percentages). This would pay for some cop cars and a few medicaid recipients. Good or bad?


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Old 04-26-2010, 03:09 PM   #2
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Expect a lot of things to be legalized in the years to come as the desperation for more tax revenues continues unabated.

I would think that the $72B they say it will raise over ten years will be (at least partially) negated by an increased need for social services. I also think it can be a very regressive "tax" on the desperate dreams of the poor (see also the lottery).

Not saying I'm against it, but there are certainly some concerns I have with it.
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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