That is until last week when a huge step in the right direction gave players hope for online casino action in the near future. A bill was introduced last week as the Internet Gambling Regulation and Tax Enforcement Act of 2011. This bill would regulate taxing on online casinos. Barney Frank, D-Mass has been instrumental in bringing reform and lifting the UIGEA that was set forth in 2006.
This bill would impose taxes on any wins and would put the responsibility on the casino operator to report it. Up until now there have been no regulations on taxes and many gamblers never reported it. The US Government wants to ensure their slice of the pie and reap the profits in an industry that is a billion dollar market. Most of the revenue comes from the US player that makes up for the majority of online gamblers. It would be ludicrous for congress to pass up an opportunity that would bring in revenue and ease the deficit.
For many Americans paying taxes is a small price to pay to regain their freedom and rights. This gambling news comes just in time as the online casinos and players have grown increasingly weary.
There is a spark of silver poking through the dark dismal clouds instilling hope for legalization. Above very fitting quote comes to mind through the shadows.
“This is one small step for mankind; one giant leap for mankind” as Americans chant let freedom ring.
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