Jim McDermott Introduces New Internet Gambling Legislation

The online poker world was buzzing on Wednesday with the news that Congressman Jim McDermott (D-WA) had introduced legislation that would allocate up to $40 billion over the next decade to provide educational and job training assistance to current and former foster care participants as well as people in declining job sectors. How does this affect online poker, you ask? Great question! The $40 billion in revenue won’t come from existing taxes or even increasing the federal deficit. Instead, the new relief will come from federal taxation of internet gambling, if and when the industry is allowed back into the United States.

The bill, HR 6501, known as the Investing in our Human Resources Act of 2008, was formally introduced by Congressman McDermott on Wednesday. It gives new and important opportunities to two critically underserved populations – those in foster care and those in what a letter from McDermott describes as “old-economy jobs.” Up to $40 billion will be allocated for these groups from internet gambling. The letter continues: “Revenues generated by internet wagers that are legal and regulated would be deposited into a newly-created Transitional Assistance Trust Fund. Money from this trust fund would be made available to states and territories based on population.”

~ by jewelleryshopping4u on August 25, 2008.