Billions in Online Casino Tax Neglected by America

Online gaming could generate up to $42 billion over the next decade for Federal coffers, in America, Representative Jim McDermott testified.

This total having been based on a very detailed tax revenue analysis that was conducted by an independent accounting firm, and was provided in testimony to the House Committee on the Judiciary, by Representative Jim McDermott. It was presented to the House Committee on the Judiciary.

Along with the data presented, McDermott also submitted detailed policy changes to his legislative proposal, the Internet Gambling Regulation and Tax Enforcement Act (IGREA), saying "Even under the most conservative estimates, licensing and regulating Internet gambling and collecting the taxes will provide much-needed revenue to the US Treasury,"

$3.1 to $15.2 billion in revenue over the first five years, could very well be generated by taxing online gaming, and $8.7 to $42.8 billion over the first decade, states McDermott.

"This is money we are currently losing to other jurisdictions because some of my colleagues' think we can actually stop people from gambling online," said McDermott.

McDermott has stated, "Most of the revenues generated would come from taxes required under existing law that we currently lose because of a misguided belief that we can actually stop Internet gambling,"