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May 15, 2009 Online Casino News:
Online Casinos Curious About
McDermott
The idea that the online casino industry
could soon be legal again is enough to
make anyone who plays absolutely
thrilled. This week there were big
strides made when Reps. Barney Frank and
Jim McDermott announced their bills to
regulate online casinos and use the
revenue as part of their tax plan. The
bills that were released have measures
included in them that tax online casinos
two percent of gross revenues and make
sure that all winnings are taxed as
income.
However, some are concerned about the
amount of taxes that might come out of
the bill. They are worried that they
might set a tax structure that is so
high that no one wants to come back even
though they now can. In the UK
originally people were thrilled with the
idea that decided to regulate and tax
the online casino industry, but then the
tax was set so high that operators just
would not apply for licensing.
Many of the online casinos were hoping
that the tax would be placed on their
profits rather than their total intake –
which are significantly different
numbers. Online casino players are
wondering how this is going to affect
their personal taxes as they would now
be recording all of what they actually
make. Make no mistake, online casino
winnings were to be reported already,
but the rate at which they are taxed
could change.
They are also worried about how this is
going to affect pay outs from the online
casinos. Right now pay outs are rather
high and much of that has to do with the
fact that they are not paying out large
taxes and overhead like their land based
contemporaries are. This could mean that
in order to make up for the taxes that
they are now required to pay, they will
reduce the amount that they are paying
back to their online casino customers.
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