New Tax Reform Bill Includes Legalized Online Gambling

A new tax bill that has been designed to simplify the tax codes in the US
contains a provision to regulate online gambling on a federal level. The
Bipartisan Tax Fairness and Simplification Act of 2010 would tax online
gambling operators in much the same way as Barney Frank’s gambling bill.

This new bill was introduced by Republican Senator Judd Gregg and Democratic
Senator Ron Wyden and it simplifies the process of filing taxes each year.
Most Americans would be able to file their tax return on a single page. Also,
it greatly reduces the taxes owed by Americans making less than $200,000
and it gives corporations a huge break by offering a flat corporate tax.

The reduction in tax revenue brought in through this new tax bill would
be recovered through the taxing of untaxed sources such as online gambling
operators and other companies that pay less taxes due to tax loopholes.

“With so much media focus on the differences between Democrats and
Republicans in Congress, this bipartisan initiative highlights the growing
support on both ends of Capitol Hill for replacing the failed prohibition
on Internet gambling with a system to regulate the industry, protect
consumers and generate billions in new revenue,” said Michael Waxman,
spokesperson for the Safe and Secure Internet Gambling Initiative.