New US Online Gambling Taxation Bill

New US Online Gambling Taxation Bill
Representative Jim McDermott, D-Wash., has reintroduced an online gambling taxation bill that acts as a companion bill for the anti-UIGEA (Unlawful Internet Gambling Enforcement Act) bill that was reintroduced in March 2011 by Rep. Barney Frank and Rep. John Campbell. The online gambling taxation bill will not stand by itself as a piece of legislation, but it is connected to the Barney Frank online gambling bill, and provides useful legislation for if/when the online gambling bill becomes law. The new companion bill is now known as HR 2230. It has been changed slightly from its original form to include some features that will help the authorities keep an eye out for those who may be developing online gambling addictions or may be playing under the legal age. These changes will simply make it easier for lawmakers to accept the bill from Barney Frank because these were some of the issues that had been controversial about the original online gambling bill that he had introduced. Although Barney Frank is no longer chair of the House Financial Services Committee, it is expected that the online gambling bill will move its way up in the law process as it had begun to do before the US mid-term elections. Not all who have seen the taxation bill are very pleased with it. There are those who feel that the taxation level is too high, and will therefore affect the players in the long term. Others feel that although the taxation levels are fairly high, players need not be affected by it. Online gambling operators would be expected to keep hold of the portion of a players winnings that is meant to be paid to the authorities as a tax, since players are taxed on their winnings as if they are earnings. The future of these two online gambling bills is still unclear, but they are certainly stronger as a pair than as one standalone online gambling bill. Related Posts Online Gaming Standards from GLI and TST The Flash Slot Release from Cryptologic Intercasino DC Comics Slots Promotion Great Bonuses at Club World Casino this Weekend The Bank Job Tourney at Fortune Lounge Casinos   Share on Facebook, Twitter, MySpace…

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