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Bill to Tax Online Poker & Online Gambling Announced by Jim McDermottFri, Jun 8th, 2007 @ 12:00am Rep. Jim McDermott (D-Wash.) introduced the Internet Gambling Regulation and Taxation Enforcement Act (IGRTEA), just hours after Rep. Robert Wexler (D-Fla.) announced The Skill Game Protection Act to make skill games (including poker, mah-jongg, bridge, and chess) exempt from the 1961 Wire Act and the Unlawful Internet Gambling Enforcement Act (UIGEA) passed last October. The UIGEA made it illegal for financial institutions (like banks and credit card companies) to handle transactions between US residents and online gambling sites. The Wire Act made it illegal for sports bets to be placed over telephone lines. Congressman McDermott's legislation functions as a companion bill for Rep. Barney Frank's (D-Mass.) bill HR 2046, the Internet Gambling Regulation and Enforcement Act (IGREA), and could possibly be discussed along with other U.S. Internet gambling legislation during today's House Financial Services Committee hearing at 10 a.m. EST (click here for article on Frank's bill introduction). HR 2046 seeks to establish a licensing and enforcement framework for regulated Internet gambling in the USA. McDermott's bill is meant to serve as the taxing mechanism. McDermott's measure would create a tax regime for U.S. online gambling companies expected to generate $6-$25 billion in U.S. tax revenues in its first five years of enactment, according to the representative's press office. THE 2 PERCENT RULE Under the licensing legislation, each Internet gambling operator licensed by the Financial Crimes Enforcement Network (FinCEN) would be required to pay a fee of 2 percent of all funds deposited by any person placing a bet. The license fee would be paid solely by the Internet gambling operator and would not be deducted from the deposit of the person placing a bet. Licensed operators would also be required to ensure the collection of applicable federal and state taxes from licensees and from individual gamblers. Just to keep the ever-growing online gambling related legislation straight, there is one other legislation, introduced this spring by Rep. Shelley Berkley (D-Nev.), that calls for a one-year study of the feasibility of technology to regulate online gambling in the U.S., and the effects online gambling would have on the U.S. market (click here for related article). Read Related Articles:
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Keikoan Captures Harvey's Lake Tahoe WSOPC Championship This week marked the finale of the biggest annual tournament series in Northern Nevada, the WSOP Circuit championship at Harvey's Lake Tahoe. While the Main Event saw only a modest turnout, it did boast of a tough final table, and a WSOP bracelet owner as the eventual champion.
WSOP Main Event Champ Joe Cada to Appear on Letterman The poker world will receive some late night attention tonight as "The Kid" Joe Cada, the youngest champion in the four decade history of the World Series of Poker Main Event, takes a seat next to embattled talk show host David Letterman.
First Korean Champ of Asia Pacific Poker Tour Crowned in Cebu Another stop on the Asia Pacific Poker Tour is in the books, this time it's the APPT Cebu in the Philippines, and for the very first time a Korean player has come out on top.
Pollack Done as Commish of World Series of Poker Just three days after crowning Joe Cada as the 2009 Main Event champion, officially closing the special 40th anniversary run of the World Series of Poker, Jeffrey Pollack has resigned his post as Commissioner of the WSOP.
Durrrr Signs as Team Full Tilt's Youngest Member Tom "durrrr" Dwan is the newest member of Team Full Tilt, the online site's highest level of affiliation. At 23, Dwan is the youngest of the now 14-person team. The high stakes cash phenomenon was nominated for induction this year into the Poker Hall of Fame until the Hall of Fame Governing Council decided he was too young to meet the "has stood the test of time" qualification.
Joe Cada Becomes Youngest World Series of Poker Main Event Champ History was made early Tuesday morning in Las Vegas as 21-year-old Joe Cada outlasted Darvin Moon in heads-up play to claim the 2009 World Series of Poker Main Event bracelet and more than $8.5 million.
Moon and Cada Heads-Up, Ivey 7th at WSOP Main Event Final Table After a marathon session at the most esteemed table in the poker world, a 21-year-old and a logger are set to go one-on-one for the World Series of Poker Main Event bracelet.
PokerStars Launches New UK and Ireland Poker Tour PokerStars.com has announced the start of a new poker tour with stops throughout the United Kingdom and Ireland. The UK and Ireland Poker Tour (UKIPT) will kick off in Galway, Ireland in mid-December, and the first event in the UK will be held in Manchester in February.
Peerless Media Agrees to Purchase World Poker Tour Enterprises According to a Monday press release, WPT Enterprises Inc., mothership of the World Poker Tour, is now the rightful property of Peerless Media, Ltd., subsidiary of online giant PartyGaming.
Tiffany Michelle and Maria Ho Hit the Amazing Race Rail After surviving six legs of the Amazing Race by the skin of their teeth, poker pros Tiffany Michelle and Maria Ho were finally eliminated in the CBS reality show's most recently aired episode. Michelle and Ho, the last women standing in the 2008 and 2007 World Series of Poker Main Events, gave reality television fans another chance to watch poker personalities compete away from the felt. Annie Duke garnered quite a following earlier in the year on another reality show competition, NBC's Celebrity Apprentice. |
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