BREAKING NEWS: New Tax Bill Would Legalize Internet Gambling

#1 23rd February 2010, 10:05 PM

We’re thrilled that politicians on Capitol Hill were finally able to put aside some of their differences and create a new bipartisan measure to reform the tax code, which includes a provision to legalize and regulate Internet gambling.

The Bipartisan Tax Fairness and Simplification Act of 2010, introduced today by Senators Ron Wyden (D-OR) and Judd Gregg (R-NH), is the latest example of growing consensus among Democrats and Republicans over the need to replace the failed attempt at prohibition under UIGEA.

If you’d like more information on the legislation, please visit our web site.

Thanks,

Michael Waxman
Safe and Secure Internet Gambling Initiative
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#2 23rd February 2010, 10:08 PM

This sounds like good news! (potentially anyway)

#3 23rd February 2010, 10:11 PM

I'm keeping my fingers crossed.

#4 23rd February 2010, 10:12 PM

Wow, this could be big!

#5 23rd February 2010, 10:13 PM

hope this works out! fingers crossed as well!!

#6 23rd February 2010, 10:15 PM

Thanks for the update and best of luck.

#7 23rd February 2010, 10:17 PM

Where else can you get more info on this? Hope it goes though.

#8 23rd February 2010, 10:24 PM

Quote:

Originally Posted by kybcat

Where else can you get more info on this? Hope it goes though.

Try clicking the links in the OP. ...

#9 23rd February 2010, 11:38 PM

Wow, great news. Can u imagine the boatloads of new fish that will bring? Yee-Haaa!!!!

#10 24th February 2010, 12:38 AM

Quote:

Originally Posted by Makwa

Wow, great news. Can u imagine the boatloads of new fish that will bring? Yee-Haaa!!!!

I have to agree with this. Lets hope this works out lol. America has had a bad time with that UIGEA thingy.

#11 24th February 2010, 12:49 AM

I'm glad that this may work out...but government intervention may be a nightmare!

#12 24th February 2010, 3:51 AM

Quote:

Originally Posted by Maid Marian

I'm glad that this may work out...but government intervention may be a nightmare!

^^ I was scared when I read the name of the legislation >> the Bipartisan Tax Fairness and Simplification Act of 2010...um, any time there's an IRS Tax Code Reform it is a nightmare (but it does ensure continuing employment into perpetuity for those who have to work with the Code ). BTW, I'm referring to the overall legislation ^^ not the portion specific to legalize & regulate internet gambling; we all knew the latter was gonna happen, the Feds have to fund Health Care Reform somehow.

#13 24th February 2010, 4:59 AM

True, legalizing internet gambling will bring in a TON of new players, which gives experienced players a lot more opportunity for easy money, but I have to agree with Maid Marian that government intervention might be bad. Plus, there will continue to be rake and then I assume a tax on winnings, which could be something like 10-35%. Having a positive ROI will really become difficult. I don't know about this, still on the fence.

#14 24th February 2010, 5:02 AM

There is rake now and those of us who abide by the law already pay our taxes.

#15 24th February 2010, 9:37 PM

I think I am not holding my breath. It would be interesting to see what "pork" gets attached.

All's good in good old DC!

#16 24th February 2010, 10:27 PM

I don't see it going well. I see new tax form W2-G(I) and people who live off poker online and playing high stakes being audited for owing back taxes. I'm sure it'll be ok for people like me. I'm also sure for people who are much better than I am it won't be ok. Anyway, nothing we can do but see what happens.

#17 25th February 2010, 1:57 AM

Quote:

Originally Posted by WVHillbilly

There is rake now and those of us who abide by the law already pay our taxes.

what are these tax thingys u speak of??

#18 25th February 2010, 2:20 AM

With so many of these bills floating around on Capital Hill, hopefully one of them can get passed this year.

#19 25th February 2010, 2:46 AM

Wow please please please pass. I will cry if i can once again deposit on party poker.

#20 25th February 2010, 3:26 AM

Yessss. Maybe in the next few years I will be able to play on some of the awesome websites like Titan and PKR which US players are currently banned from.

#21 25th February 2010, 5:04 AM

Self-Employment taxes are what some of us are claiming on the tax returns to begin with? If they want to add a bonus tax on top of that they might be off their rocker. This will cause pro online clickers to go to a real casino. Then there's a choice to be made: Being raped by outrageous socialist taxes, or by real, new, and old-school pro players who have real talent. The best will survive/remain = good for poker.

#22 25th February 2010, 5:38 AM

Hmmmmmm

I think it would be amazing if it were legalized and not over-regulated, but seems too good to be true.

Loooooong way to go.

#23 25th February 2010, 6:07 AM

nice to see its coming along. still not gonna get excited until it finally gets passed into law.

#24 25th February 2010, 8:35 AM

Great News indeed! TY for sharing!

#25 25th February 2010, 8:59 AM

Quote:

Originally Posted by Deadly Silent

Yessss. Maybe in the next few years I will be able to play on some of the awesome websites like Titan and PKR which US players are currently banned from.

Then again... maybe none of them will exist for you and you'll be playing solely on "Eagle Gaming". I'd be concerned about it w/o the details. Personally I like it just the way it is here in God's Country.

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