Ron Wyden and Judd Gregg Introduce Internet Gambling Legislation | IXGAMES

In breaking news from Capitol Hill, Senators Ron Wyden (D-OR) and Judd Gregg (R-NH) introduced S 3018, the Bipartisan Tax Fairness and Simplification Act. Among other topics, the bill establishes a framework to tax and regulate internet gambling in the United States. One of the first entities to report that major legislation had emerged in the Senate was the Safe and Secure Internet Gambling Initiative. The organization’s spokesman, Michael Waxman, commented in a press release, “With so much media focus on the differences between Democrats and Republicans in Congress, this bipartisan initiative highlights the growing support on both ends of Capitol Hill for replacing the failed prohibition on internet gambling with a system to regulate the industry, protect consumers, and generate billions in new revenue. We applaud Senators Wyden and Gregg for taking the initiative to address and drive this issue.” The bill is focused primarily on mainstream tax breaks, including eliminating the Alternative Minimum Tax and reducing the number of individual income tax brackets from six to three: 15%, 25%, and 35%. Under the bill, the standard tax deduction would triple. Text found on Gregg’s Senate website notes, “These simplifications alone will make it possible for most taxpayers to file a simple one-page 1040 form and in an effort to make paying taxes even simpler, individuals and families can request that the IRS prepare a tax return for them to review and sign.” About Safe and Secure Internet Gambling Initiative: The Safe and Secure Internet Gambling Initiative promotes the freedom of individuals to gamble online with the proper safeguards to protect consumers and ensure the integrity of financial transactions. For more information on the Initiative, please visit www.safeandsecureig.org. The Web site provides a means by which individuals can register support for regulated Internet gambling with their elected representatives.