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Representative Jim McDermott Labels UIGEA a Failure and Calls for Regulation

1/31/2008 7:06:28 AM

A new tax revenue analysis announced by Representative Jim McDermott (D-WA) estimates that regulating Internet gambling would generate between $8.7 billion to $42.8 billion in federal revenues over its first ten years. McDermott characterized UIGEA as a failure, stating, "Instead of this ineffective attempt to prevent adults from gambling over the Internet, we need a more sensible approach to protect consumers and ensure that revenues that now flow offshore stay here in the U.S. and are therefore subject to taxation," added McDermott. "A new, safer, more sensible approach is needed to regulate Internet gambling and protect consumers." Click on McDermott initiative to tax and regulate online gambling for the full report.

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