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One selling point for the controversial draft bill that would legalize online poker Senate Majority Leader Harry Reid is currently circulating among his colleagues, it would generate between $10 billion to $40 billion in taxes over the next 10 years.
Those numbers are hardly inflated. This industry itself took in over $1 billion from US citizens this past year alone even with prohibition in place and only a handful of online poker rooms accepting “real cash” play from Americans.
Reid is looking to attach his legislation to the massive tax cut bill that is widely expected to be approved by Congress despite protests from many Democrats.
The idea that legalized online poker could generate such tax revenue adds some credence that it could be added to the tax cut bill.
From Michael Isikoff of MSNBC.com:
For that reason, and others, Rep. Barney Frank, chairman of the House Financial Services Committee, has long been a proponent of Internet gambling and the idea recently picked up key support from a member of President Obama’s Deficit Reduction Commission — Andrew Stern, former president of Service Employees International Union. The SEIU is another big backer of Reid, and contributed $400,000 to Patriot Majority PAC.
- Aaron Goldstein, Gambling911.com
