Congress Considers Legalizing and Taxing Internet Gambling
On July 28, the
House Financial Services Committee approved a
bill (H.R. 2267) that would legalize some forms of Internet gambling. A companion bill would allow the IRS to tax such activity. This comes just four years after enactment of a federal law prohibiting the use of credit and debit cards to pay for online gambling. According to
The New York Times, these measures, which banks and credit unions support, could provide as much as $42 billion in revenue for the government over 10 years.
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