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Reducing Taxes in New Regs

The new bipartisan gambling related bill up in Congress right now has the online casino gambling industry pretty excited by the possibilities and the potential for a full reversal on the UIGEA. This new bill though is quite different from previous bills that have been aimed at legalizing the foreign online casinos for access to the US market. Barney Frank has the most prominent of the secondary bills regarding internet gambling, and his proposal is much more focused on the process of regulating and licensing the online casinos than it is the tax side of the equation. Where this bill really exceeds is in the fact that it talks money and figures –and that’s where the strength really lies for internet gambling industry, in highlighting the fact that the licensing of the gambling industry is a great way to offset budget costs and fund other federal programs.

Interestingly though, in the first days of release of the new Bipartisan Tax Fairness and Simplification Act of 2010 act, developed by both a Republican and Democrat, the act was pretty misunderstood in the international media as a way a direct way to tax and legislate the online casinos. The bill though is really a lot more than that and the weight of the bill is actually in the tax reform that it proposes to the tax filing process that millions of Americans undergo every single year. The reforms are designed to simplify the tax process for US individuals filing their individual taxes so that they can file with as easily as a single form. Then, the online casino gambling situation is added into the mix as a way to pay for these needed tax reforms.

The tax filing process in the United States is incredibly complicated and the proposed changes to the tax filing process is designed to eliminate $200 billion annually in filing costs for Americans making less than $200,000 each year. These reforms have been a long time coming in the US but the lack of budgetary funding right now is astonishing and so the online casino gambling industry is being propped up as a valid way to pay for many of these needed changes.