In seeking additional revenues for the Federal government, Congress has taken the first step to lift the ban on internet gambling when the House Financial Services Committee approved a bill that would effectively legalize online poker and other non-sports betting, according to The New York Times.
The plan would effectively repeal the 2006 Federal ban on online gambling. The proposed measure will authorize the Treasury Department to license and regulate online gambling operations and activities.
The measure has a companion bill, which is pending before another House committee, which directs the Internal Revenue Service to tax such businesses. Online winnings by individuals will also be taxed just like they are now. It is estimated that measure will earn $42 billion for the Federal government for ten years.
The measure was passed by the committee via a 41 to 22 vote, with seven Republicans joining the majority of Democrats on the panel who supported it. Republicans have been furious about the sudden turnaround on online gambling, but it clearly notes that Congress is open to the idea.
Image by johnseb
Social Media