Online Casino Tax Revenue Earmarked by McDermott Bill
In another attempt to force fellow lawmakers to see the truth, Representative Jim McDermott introduced legislation earmarking income from regulating online gambling to job training for those working in declining industries, and to schooling for kids in foster care. The bill, referred to as the Investing in Human Resources Act, would raise as much as $40 billion over the next ten years.
The sticking point for McDermott's legislation is that it determines how to spend some of the lavish wealth regulating online casinos could raise, but first regulation itself must be approved. McDermott stated, "IHRA would utilize a funding stream that would become available should Congress decide to legalize and regulate internet gambling, which would protect consumers and collect tax revenue that is currently offshore.”
The bill should serve to pressure Congressmen on the fence, as their constituents realize the potential benefits of regulating and taxing internet gambling and online casinos.
Two leading Democrats have signed on as co-sponsors; George Miller of California and John Larson of Connecticut both strongly endorsed McDermott's proposal.
A spokesman from the National Council on Problem Gambling indicated his group supported the bill, noting provisions that called for regulators to deal with compulsive wagering, attempted access by minors, and observation of corporate practices to ensure honest and fair play.
The $40 billion figure is from a recent study by PricewaterhouseCoopers, which estimated possible revenue from regulating the online casino industry.
McDermott's bill follows the recent series of studies and expert testimonies that regulation is the best possible prevention of the problems inherent in uncontrolled online gambling.
