Online Gambling Tax May Be Jackpot for Congress, Lawmaker Says

When U.S. Representative Jim McDermott went looking for revenue to improve foster care for kids, he said he stumbled on what may turn out to be a jackpot: a tax on Internet gambling.

McDermott is seeking to impose taxes on online poker and other Internet gambling that could bring the federal government as much as $42 billion over 10 years, according to a congressional analysis. States may collect as much as $30 billion, McDermott’s office estimates.

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BAILOUT WOULD REQUIRE BANKS TO TRACK PERSONAL CHECKING ACCOUNTS TO FEDS

Subtitle G of the Dodd discussion draft bill requires that records be maintained and reported “for each branch, automated teller machine at which deposits are accepted, and other deposit taking service facility with respect to any financial institution, the financial institution shall maintain a record of the number and dollar amounts of deposit accounts of customers.”
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