U.S. could reap billions taxing Web gambling: study

[Mousey]

U.S. could reap billions taxing Web gambling: study
Thu Feb 26, 2009 2:58pm GMT By Doug Palmer

WASHINGTON (Reuters) - The United States could raise nearly $52 billion in revenue over the next decade by lifting a three-year-old ban on Internet gambling and taxing the activity instead, according to a study.

Gambling supporters hope the new analysis prepared by accounting firm PricewaterhouseCoopers will help propel efforts in Congress this year to repeal the 2006 Unlawful Internet Gambling Enforcement Act.

"There is a dramatic need to have a regulated system that protects American consumers. Right now, it's the Wild West," Jeffrey Sandman, a spokesman for the Safe and Secure Internet Gambling Initiative, told Reuters on Wednesday.

That group includes the London-based Remote Gambling Association, which represents European online companies that lost billions in market value after Congress passed the 2006 law and they withdrew from the U.S. market.

The legislation attempted to squash online gambling ...

[GGW Laurie]

U.S. could reap billions taxing Web gambling: study
Thu Feb 26, 2009 2:58pm GMT By Doug Palmer

WASHINGTON (Reuters) - The United States could raise nearly $52 billion in revenue over the next decade by lifting a three-year-old ban on Internet gambling and taxing the activity instead, according to a study.

Gambling supporters hope the new analysis prepared by accounting firm PricewaterhouseCoopers will help propel efforts in Congress this year to repeal the 2006 Unlawful Internet Gambling Enforcement Act.

"There is a dramatic need to have a regulated system that protects American consumers. Right now, it's the Wild West," Jeffrey Sandman, a spokesman for the Safe and Secure Internet Gambling Initiative, told Reuters on Wednesday.

That group includes the London-based Remote Gambling Association, which represents European online companies that lost billions in market value after Congress passed the 2006 law and they withdrew from the U.S. market.

The legislation attempted to squash online gambling ...

I would love to know just how much revenue the U.S is missing out on, i think it would be much higher imo than 52 billion over a 10 year span, but 52 billion. isnt nothing to sneeze at either.............laurie

[lots0]

If you think 52 Billion is a lot...

The studies show that legalizing and regulating Marijuana in the US would save the tax payers 600 Billion a year just in the cost of Police, jails and the Courts.

and then you add the money generated from the regulation and fees it would be in the Trillions...

The cloth made from hemp lasts about 20 times longer than cotton. It is also softer.

Hemp Seed oil is a low cost green fuel that was the main fuel source for the USA in the 19th Century.

Last but not least.... Nearly all petroleum-based products, including plastics, could be made as hemp-based products with far less impact on the environment than the current oil based products have.

Legalization would also stop the war going on at our southern border that is destroying Mexico from the inside out.

[GaryWatson]

The UIGEA was a calculated gamble. Ironic when it was against gambling. They will weaken the opposition and take over. It doesnt make it a good thing with their track record

[brucefinaldi]

$52Billion, online gambling will one day return there is no doubt in my mind, the US is losing out on a lot of tax revenue every single day that there is still an online gambling ban.

[classymom]

The UIGEA was a calculated gamble. Ironic when it was against gambling. They will weaken the opposition and take over. It doesnt make it a good thing with their track record

Nice test Gary - I was really prepared to see just how good I thought I was and you shot me down.

[Marcie Mac]

Lotso, they have put the Pot proposal up (again) on the table in Ca. and when it makes it to ballot again, I will vote for it (again). Honestly, this is a state where medical mj is legal - you can get a RX for it if you have an ingrown toenail or a hangnail. And is it taxed?? Noooo

I am starting to think that the government approach to anything is "If it makes sense, it must not be a good thing and therefore we need to squash it"

If this were the bible belt, I maybe could see the refusal to legalize on line gambling and pot, but this is Ca for gawd sakes.

Lets see, how angry are people going to get if I tax their winnings from on line gambling vrs how angry are people going to get if I put a 10% tax on golf, increase their car registration triple, increase the sales tax to 10%, increase each gallon of gas with a 12cent tax increase, have a 20% pet tax at the vet, put toll fees on the freeways, and oh, btw, its going to cost more than a few mill to overhaul the lottery system this year.

I'm gonna stop cause I feel myself gettin on a roll

MM

[GGW Laurie]

Lotso, they have put the Pot proposal up (again) on the table in Ca. and when it makes it to ballot again, I will vote for it (again). Honestly, this is a state where medical mj is legal - you can get a RX for it if you have an ingrown toenail or a hangnail. And is it taxed?? Noooo

I am starting to think that the government approach to anything is "If it makes sense, it must not be a good thing and therefore we need to squash it"

If this were the bible belt, I maybe could see the refusal to legalize on line gambling and pot, but this is Ca for gawd sakes.

Lets see, how angry are people going to get if I tax their winnings from on line gambling vrs how angry are people going to get if I put a 10% tax on golf, increase their car registration triple, increase the sales tax to 10%, increase each gallon of gas with a 12cent tax increase, have a 20% pet tax at the vet, put toll fees on the freeways, and oh, btw, its going to cost more than a few mill to overhaul the lottery system this year.

I'm gonna stop cause I feel myself gettin on a roll

MM

Im smack dab in the middle of the bible belt and i would vote yes to legalize online gambling and pot as they would bring in much needed revenue, people are gonna buy weed anyways and they are gonna gamble from home, to me as a right wing conservative republican, the goverment is pissing away to much money on frivilous issues while not seeing what could be bringing in millions in tax dollars, guess i just have a different veiw than most folks.........laurie

[yameater]

If you think 52 Billion is a lot...

The studies show that legalizing and regulating Marijuana in the US would save the tax payers 600 Billion a year just in the cost of Police, jails and the Courts.

and then you add the money generated from the regulation and fees it would be in the Trillions...

The cloth made from hemp lasts about 20 times longer than cotton. It is also softer.

Hemp Seed oil is a low cost green fuel that was the main fuel source for the USA in the 19th Century.

Last but not least.... Nearly all petroleum-based products, including plastics, could be made as hemp-based products with far less impact on the environment than the current oil based products have.

Legalization would also stop the war going on at our southern border that is destroying Mexico from the inside out.

Okay, you've got my vote as our new U.S. Surgeon General, or HHS secretary!
Well made points!

[casinopotato]

With the current economic crisis and all, I think the U.S. will get desperate pretty soon and legalize online gambling, weed, coke, and prostitution.