{"id":106,"date":"2009-05-06T14:36:52","date_gmt":"2009-05-06T18:36:52","guid":{"rendered":"http:\/\/www.peoplevstate.com\/?p=106"},"modified":"2009-05-08T03:07:58","modified_gmt":"2009-05-08T07:07:58","slug":"careful-what-you-wish-for-the-downside-of-legalizing-what-you-love","status":"publish","type":"post","link":"https:\/\/www.peoplevstate.com\/?p=106","title":{"rendered":"Careful what you wish for: The Downside of Legalizing What You Love (Updated)"},"content":{"rendered":"<p>Updated: the other shoe drops &#8230; <a href=\"http:\/\/www.pokernewsdaily.com\/jim-mcdermott-introduces-internet-gambling-tax-act-2350\/\">POKER<\/a>:<\/p>\n<blockquote><p>The companion legislation to [Barney] Frank\u2019s bill will allow the United States Government to extract tax revenue from the internet gambling industry. The bill\u2019s text notes, \u201cEach licensee\u2026 shall be required to pay an internet gambling license fee by the end of each calendar month in an amount equal to <strong>two percent of all funds deposited<\/strong> by customers during the preceding month.\u201d In terms of how the costs can be passed onto the end consumer, HR 2268 states that the 2% fee \u201cmay not be deducted from the amounts available as deposits by the person placing a bet.\u201d Individuals are expected to pay income tax <!--more-->on any internet gambling winnings.<\/p>\n<p>Unauthorized bets or wagers are taxed at a hefty 50% and all money is sent to the United States Treasury. Full disclosure of the names and addresses of licensees, the gross wins and losses by each person wagering, the total of \u201cnet internet gambling winnings,\u201d the amount of tax paid, and account balances are required once per year.<\/p><\/blockquote>\n<p><a href=\"http:\/\/www.pokernewsdaily.com\/barney-frank-introduces-comprehensive-internet-gambling-legislation-2319\/\" target=\"_self\">POKER<\/a><\/p>\n<p><a href=\"http:\/\/www.takimag.com\/site\/article\/reefer_madness1\/#When:12:16:35Z\" target=\"_self\">MARIJUANA<\/a><\/p>\n<p><a href=\"http:\/\/lewrockwell.com\/snyder\/snyder18.html\" target=\"_self\">GUNS<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Updated: the other shoe drops &#8230; POKER: The companion legislation to [Barney] Frank\u2019s bill will allow the United States Government to extract tax revenue from the internet gambling industry. The bill\u2019s text notes, \u201cEach licensee\u2026 shall be required to pay an internet gambling license fee by the end of each calendar month in an amount [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-106","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.peoplevstate.com\/index.php?rest_route=\/wp\/v2\/posts\/106","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.peoplevstate.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.peoplevstate.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.peoplevstate.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.peoplevstate.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=106"}],"version-history":[{"count":4,"href":"https:\/\/www.peoplevstate.com\/index.php?rest_route=\/wp\/v2\/posts\/106\/revisions"}],"predecessor-version":[{"id":112,"href":"https:\/\/www.peoplevstate.com\/index.php?rest_route=\/wp\/v2\/posts\/106\/revisions\/112"}],"wp:attachment":[{"href":"https:\/\/www.peoplevstate.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=106"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.peoplevstate.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=106"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.peoplevstate.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=106"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}