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What Does His Bill Mean?

Representative Jim McDermott announced just recently a bill designed to accompany Barney Frank’s Internet Gambling Regulation and Enforcement Act (IGREA). IGREA was launched as a counter to the controversial UIGEA and essentially neutralizes the impact of the UIGEA and instead promotes the legalization and regulation of online casino gambling. McDermott’s new bill, HR 6501, is a piece of legislation that specifically deals with the taxation structure of a legalized internet gambling industry. His bill has garnered a lot of heated debate and pushed the online casino gambling issue right back into the spotlight this week, but some are still unclear as to what McDermott’s bill will do for the industry and if it is a positive or negative for the pro-online gambling movement.

McDermott’s bill in a nutshell looks to tax the online casino gambling industry (once legalized and regulated through Frank’s IGREA) and allow state governments to use the tax revenue to boost foster home funding as well as funneling money into programs for those individuals in some of the declining sectors of the industry. So what are the specific details might you ask? Well, basically McDermott’s bill is an amendment to the Social Security Act and would essentially form a trust fund of sorts for the taxed online casino revenues. That trust fund could then be accessed to support those in or previously in the U.S. foster care system.

The only strong opposition to McDermott’s bill comes from those who assert that the foster system funding should already be covered as a part of the state and federal budgets. The argument is weak though and the fact remains that the foster system in the U.S. is grossly underfunded and the taxation on online casino gambling provides a unique opportunity to bring needed funds to this area.