A Joint Committee on Taxation study released today by Rep. Jim McDermott (D-WA) discovered that regulating Internet gambling, as proposed in pending legislation introduced by Representatives Barney Frank (D-MA) and Jim McDermott (D-WA), would generate nearly $42 billion over 10 years.
The research is based on the provision of a federal license for operators that would allow them to offer online gambling throughout the United States, while maintaining existing federal prohibitions on any form of sports betting.
"This analysis further reinforces the fact that a regulated environment will generate billions in new revenue to offset the costs of health care reform or other vital government programs," said Michael Waxman, spokesperson for the Safe and Secure Internet Gambling Initiative. "It's only a matter of time before Congress acts and begins allocating the billions in new revenue sitting on the table to one program or another."
The once-in-a-lifetime chance to generate billions in new revenue is important because of a congressional rule that any piece of legislation must either be budget neutral or offset with identified savings.
"We believe this tax revenue analysis will encourage immediate discussions and consideration of pending legislation to regulate Internet gambling," added Waxman. "With everyone acknowledging that attempts to prohibit the activity have failed, this provides even more incentive for Congress to act."
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