Online Gambling Should Be Regulated

May 6, 2008

Jim McDermott has put together a report on how the United States can benefit from regulating online gambling. His report shows that literally billions of dollars could be brought into the country if the government would simply regulate the industry instead of trying to make it illegal. Not only that, but he has a lot of support behind the bill as well, as many think that it makes sense.

McDermott says that there is a “tremendous opportunity” for the country to regulate online gambling as it would not only help them, but they would be able to protect their citizens as well. He says that th revenues that would be coming in are “desperately needed” in their time of war.

He says that they don’t need to pass new laws, and that the country’s economy would get a much needed boost from the influx of revenue. He says that it isn’t new taxes as they would come under laws that they already have. He says that they would simply be restructuring an “existing activity that is currently unregulated, unsupervised and underground.”

The act is called the Internet Gambling Regulation and Tax Enforcement Act. The IGRTEA would regulate online gambling that is going on anyway, and use it to their benefit. He says that instead of pretending that online gambling has gone away, they simply embrace it and tax it, thus bringing in billions for the country. They would also save the money that was being wasted by trying to enforce a law that no one is following anyway.




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