New American Poker Laws May Cut Taxes for Low Income

Written by Alex N. on 2011-12-05 at 19:39
American gambling laws - GamingZion
The gaming industry media is filled with rumors about Senator Harry Reid from Nevada preparing a new online poker bill that will finally change American gambling laws and introduce legal online poker in the country.

Some sources report on Reid working closely with Senator Jon Kyl on the legalization initiative set to be introduced before the Congress. However, latest rumors suggest there may be a completely unexpected turn of events in the works.

In a recent interview Senator Kent Conrad noted that Sen. Reid is preparing a tax cutting bill, where tax cuts will be covered by other revenue generating streams. This interview created widespread speculations that these revenue streams are in fact taxes from future regulated online poker sites in United States.

Senate Budget Committee chairman Conrad said: “Majority Leader Reid called me yesterday and said he will propose tomorrow a compromise plan to extend the payroll tax cut. He will offer it at that point. I don’t think it’s probably in my purview to announce his plan, but he indicated to me it will be paid for. It will be paid for in a serious way.”

Another Senator, Tom Coburn, stated that he is strongly opposed to financing a one-year tax cut "through measures that would span the next decade." This phrase is regarded as a reference to the projected billions, which are expected from the legalization of online poker.

Republican Tom Coburn told United States gambling news: “The principle that you would in fact create a tax cut and then say you’re going to pay for it over 10 years is exactly why we’re bankrupt as a nation.”

Reid's office has not yet commented the latest developments.

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