NEWSBRIEF
BY MARKANDERSON
New Tax Bill Includes Online Poker Regulation
February 24, 2022

A new bill created to simplify the US tax code, The Bipartisan Tax Fairness and Simplification Act of 2010 (S 3018), was introduced Tuesday to members of Congress, and hidden within is legislation to legalize and tax online gambling.

The bill, introduced by Democratic Senator Ron Wyden and Republican Senator Judd Gregg, is an attempt to find compromise in this one arena in an increasing divided Congress. 

S 3018 attempts to change the tax code and address the large number of tax breaks, with a much easier system that would put every American in one of three tax brackets (15%, 25% and 35%).  The bill would also eliminate the Alternative minimum tax, as well as make significant changes to the capital gains tax.

On Oregon Senator Wyden's webpage (www.wyden.senate.gov), there is a two page summary of this new proposed legislation, with no mention of internet gambling, however upon examination of the legislation itself- also available on that site- the subject of online gambling eventually does take center stage (around page 126), as both a means to generate revenue and to protect American citizens interested in engaging in these types of activities.

This section, "Subtitle C--Internet Gambling, Taxation and Regulation, proposes a system where legal sites would pay a monthly licensing fee equal to 2% of total deposits made on that site the previous month.  To justify this type of  regulation, the bill notes numerous Congressional findings on Internet Gambling.

"Despite the increasing use of the Internet for gambling by persons in the United States, there is no Federal or State regulatory regime in place to  protect United States citizens who choose to engage in this interstate activity, or to oversee operators to establish and enforce standards of integrity and fairness."

"Internet gambling in the United States should be controlled by a strict Federal licensing and regulatory framework to protect underage and otherwise vulnerable individuals, to ensure the games are fair, to address the concerns of law enforcement, and to enforce any limitations on the activity established by the States and Indian tribes. "

Past reputable studies have shown, that regulating internet gambling could generate over $40 billion for the US government over the next ten years.


Story by Mark Anderson

COMMENTS
No comments.