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Rep. McDermott launches HR2230
June 18 2011 :COMPANION TAX MEASURE FOR ONLINE GAMBLING LEGALISATION BILL
Sense of deja vu as Rep. McDermott launches HR2230
A sense of deja vu was perhaps inevitable this week as Congressman Jim McDermott launched HR2230, the Internet Gambling Regulation and Tax Enforcement Act, in the House Financial Services Committee, supported by Representative John Campbell and the committee's ranking Democrat member Barney Frank.
Deja vu, because McDermott was the man behind previous online gambling tax proposals launched to back up Frank's earlier federal attempts to regulate and licence online gambling in the United States.
The objective apparently remains the same with McDermott's latest offering; Frank and Campbell spearhead a renewed bipartisan attempt at legalisation due in the current session of Congress, and this will need a supporting tax bill.
McDermott's latest sally requires online gambling establishments to withhold taxes from net online winnings, and provide detailed information about gamblers to the government to ensure the collection of the appropriate taxes. It would also impose a two percent federal tax on Internet gambling providers, and give individual states the option of taxing these companies at a rate of six percent, according to the newspaper The Hill.
McDermott staffers have been quick to point out that his new bill does not specifically seek to legalise online gambling, but is intended as a companion bill to offer a tax structure for online gambling assuming that it becomes legal via other measures (read: the new Frank-Campbell bill).
Assuming online gambling is so legalised, McDermott's bill would require companies to subject net online winnings to a withholding tax, now 28 percent, in line with current withholding taxes for other gambling winnings.
Operators would be required to provide the names, addresses and tax identification numbers of all players to the government. They would also have to provide information on gross winnings, gross wagers and gross losses on each person for every calendar year, and the amount of tax withheld on these winnings, in addition telling the government how much has been deposited and withdrawn during the calendar year.
The bill would also require online gambling operators to obtain a licence, and would tax these companies an amount equal to two percent of the deposits they receive each month. The bill stresses that this tax cannot be deducted from the amounts that players deposit in their account, and must be paid for by the company.
It would also give states the option of taxing operators at a rate of six percent.
In similar fashion to his previous tax proposals, McDermott's bill would send 25 percent of the federal taxes collected to programs that care for foster or disadvantaged children, and most of the rest would go to the general treasury.
Betradar Launches US Sports Betting Solutions -
With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.
Final 12 For MPNPT Morocco -
Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).
MPNPT Morocco Updates -
Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.
MPN Poker Tour Morocco Day 1A -
The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.
2018 MPN Poker Classic -
The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.
PDC and Sportradar Renew Deal -
Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data
Poker Yaar Joins MPN -
Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.
New MPN Poker Rooms Tower Torneos -
Impressed with Microgaming, having already integrated with the Quickfire platform to gain access to some of the industry’s best gaming content, Tower Torneos has extended the relationship with poker.<
NY Rangers vs. Devils on 12/21 -
When the Devils and Rangers hit the ice on Thursday (7 PM ET on MSG), so too will two of the league’s top netminders. After a slow start to the season, Henrik Lundqvist has returned to his form of old. Through 29 games, he’s posted a 2.59 goals against average, and a .920 save percentage.
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