Internet gambling ban costing US billions in tax dollars

One of the biggest things that the United States congress likes to do is analyze, analyze, and analyze again. So when the tax dollar revenue analysis was released, it was found that if the country regulated internet gambling, it would generate between $3.1 billion to $15.2 billion in federal revenues over its first five years, and between $8.7 billion to $42.8 billion over its first ten years.

The data, based on a detailed analysis provided by an independent accounting firm, was provided in testimony submitted to the House Committee on the Judiciary where it also detailed policy refinements to the legislation of the Internet Gambling Regulation and Tax Enforcement Act.

Based on a provision in Barney Frank's legislation that permits individual states and sports leagues to prohibit any Internet gambling, the lower figure of projected revenue from regulating Internet gambling reflects a situation in which sports leagues and most states opted-out of the system. An additional estimate of $6.3 billion over five years and $17.6 billion in revenue over ten years is based on an assumption that the sports leagues opt-out entirely and the states that permit gambling activities in brick and mortar casinos world permit the same activities online.

Hmmm...think this will change minds???

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