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

[Mousey]

You do not have permission to view link Log in or register now.

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 ...

 

[LaurieJim]

You do not have permission to view link Log in or register now.

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

 

[LaurieJim]

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.

 

[vegetagirl2008]

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.

These things I don't think will be legalized

Weed-If you make it legal everyone would lose their right minds and the government will spend more money hospitalizing them for mental conditions. People cannot function normally if they are stoned out of their skulls.

Coke or Cocaine- Same as the above but only thing is a sure death is certain. Government will spend more money on burial costs.

Prostitution-Yes spend more government money on death and disease let alone drug abuse.

Online Gambling-Can't say for sure..maybe..

 

[footdr]

I personally dont want online gambling legalized

We are better off the way it is. Once the Government gets involved with anything it makes matters worse.

The way I see it, Casinos should be doing ACH transfers or atleast, for instance RTG's that do echecks should do withdrawals via ach. ACH transactions are definately not as regulated as wiretransfers and credit/debit.

Although, visa/mc have no intention of questioning charges tagged as other than gambling. They are making too much money. As long as the transaction is not coded as online gambling they believe they are safe from any "fall-out" and basically they are. The fed just doesn't have enough staff or time to check things out.

just my thoughts from researching things. Plus bankersonline.com is an excellent site for checking out what is going on.

 

[footdr]

copy of post from bankersonline re: regGG(UIGEA)compliance

below I am posting the answer to a bankers question regarding monitoring compliance under Regulation GG.

"Yes, i believe it's just at account opening, except for credit and debit card transactions, which you can rely on mastercard or visa to do."

As you can see, the moderator said that mc/visa transaction are monitored by mc/visa corp. so they really are not looking so much at individual transactions. Basically, the banks are monitoring new accounts to be certain the companies setting up the accounts aren't processing online gambling transactions. But they also say that it is difficult to monitor if the Company lies about their business.

This is why Regulation GG is basically never going to be effective

 

[universal4]

Over the last few years there have been many discussions and recommendations on how the US (and other governments) could raise a lot of revenue by taxing online gambling, but I have never seen many examples of how that would be instituted.

Would the US Govt tax offshore companies that run the casinos?
Would they tax the payment processors?
Would they only be able to tax the US Comapnies thet would surely open gaming properties in the US?
Would they tax the affiliates (in addition to income tax)?

I have never really read very deeply into many of the proposals, but question where the figures come from, IE what has been proposed.

Rick

 

[MJackson]

I think that Barney Frank had proposed at one point to set up a licensing system whereby any web casino seeking to offer service to the US would need to be licensed by the federal licensing agency. Any fees and taxes would then be required to maintain the license.

I am not aware of how the mechanics of such an arrangement would fall into place, but the current enviornment has succeeded in driving away the most reputable companies so I would assume that a legalized industry with assurances of immunity from any sort of legal action would entice the same operators back into the market. It's a good question to what extent you would have casinos that skirted the licensing framework to avoid the fees and taxes.

Weed-If you make it legal everyone would lose their right minds and the government will spend more money hospitalizing them for mental conditions. People cannot function normally if they are stoned out of their skulls.

Controversial claim, not substantiated by known evidence, no citation of sources.

Coke or Cocaine- Same as the above but only thing is a sure death is certain. Government will spend more money on burial costs.

Controversial claim, not substantiated by known evidence, no citation of sources.

Prostitution-Yes spend more government money on death and disease let alone drug abuse.

Controversial claim, not substantiated by known evidence, no citation of sources.

Please cite sources when introducing ideas which are not accepted as scientific fact.

 

[vegetagirl2008]

I think that Barney Frank had proposed at one point to set up a licensing system whereby any web casino seeking to offer service to the US would need to be licensed by the federal licensing agency. Any fees and taxes would then be required to maintain the license.

I am not aware of how the mechanics of such an arrangement would fall into place, but the current enviornment has succeeded in driving away the most reputable companies so I would assume that a legalized industry with assurances of immunity from any sort of legal action would entice the same operators back into the market. It's a good question to what extent you would have casinos that skirted the licensing framework to avoid the fees and taxes.




Controversial claim, not substantiated by known evidence, no citation of sources.



Controversial claim, not substantiated by known evidence, no citation of sources.




Controversial claim, not substantiated by known evidence, no citation of sources.

Please cite sources when introducing ideas which are not accepted as scientific fact.

Not stating scientific fact or otherwise. I know because I see it all around me. It might not be the case for some but for others its a known fact. I seen people die from drug usage, or AIDS related deaths. Its all runs full circle. In any event if people wish to legalize the above by all means do so, but I know what the dire consequences will be. I think we are going off the subject here I'm just mostly stating my opinion and nothing more.