Online Casino Tax Revenue

A new bill that is sitting in Congress should stir things up a bit in the battle for the legalization of online casinos and gambling. Representative Jim McDermott has introduced legislation that would take the money from the regulation of online casinos and earmark it for job training for those working in jobs that are being eliminated – as well as schooling those children in foster care.

McDermott is showing those in Congress that online casinos are not just about putting money down and hoping to win. He wants them to see that there is a billion dollar industry out there, and if we regulate it we will be able to do a lot of good for a lot of people.

The bill is called the Investing in Human Resources Act, or IHRA, and it has the possibility of raising more than $40 billion in the next ten years alone. The bill shows the benefits of regulating and taxing online casinos and putting that money to good use.

McDermott says that the money is being spent at the online casinos anyway – and it is simply tax revenue that is currently offshore. Many feel that the bill will tip those currently on the fence to the side of legalizing online casinos and gambling. From the talk of the town already, it seems that it might be doing its job as two leading Democrats have already signed on as co-sponsors.