New Online Gambling Legislation Introduced in 2010

A new bill dubbed the Tax Fairness and Simplification Act of 2010 is pushing for the regulation and legalization of online gaming in the United States. The bill, which was introduced by Senators Ron Wyden and Judd Gregg, focuses on a much wider subject of tax reform. However, the bill also contains revisions of the current Internet gambling law.

The Tax Fairness and Simplification Act of 2010 is primarily a bill designed to reduce the cost and effort of filing tax returns each year. The bill, if passed, could save up to $200 billion. The bill also hopes to reduce the taxes on United States citizens that earn less than $200,000 each year. How does it plan to make up for the money lost in this tax cut? With online poker and online casino gambling! The bill proposes a regulation of the online poker and casino industry, as well as a tax on online gambling sites. A recent study showed that if an anti-UIGEA bill backed by Congressman Barney Frank is passed then the government could earn approximately $42 billion in tax revenues from online casino and poker gaming. However, in order for this to occur, online gambling must be regulated and legalized.

Barney Frank’s bill was introduced last year in the House of Representatives. This new Tax Fairness and Simplification Act was introduced in the Senate. Each of these bills has gained bipartisan support, with both Democrats and Republicans supporting this legislation. However, it is yet to be seen whether this new online gambling legislation will be passed.

We should see a resolution to the matter more quickly now that there are bills on the floor in both the House and the Senate. Legislators are hoping to vote in favor of these bills by June 1, 2010 as this is that date that UIGEA rules are set to go into effect.

New Online Gambling Legislation Introduced in 2010

Related Articles