U.S. Government Could Generate $41 Billion by Legalizing Internet Gambling, Study Finds

A new study released by? Rep. Jim McDermott, a Democrat from Washington state, estimates the U.S. government would generate more than $41 billion over the next decade by taxing online poker.

That sure would help our deficit.

The study was performed by the Joint Committee on Taxation and McDermott said the revenue could go to critical social and economic recovery programs.

“I suspect that many of my colleagues, especially those on the fence, will take more interest in this issue once they see $41 billion available that they can match up with any number of worthy programs,” said McDermott.

“I suspect it’s only a matter of time before Congress appropriately moves to regulate the industry in order to protect consumers and reverse the flow of billions of dollars currently lost offshore as Americans gamble billions online despite attempts to prohibit the activity.”

Both McDermott and Massachusetts Rep. Barney Frank have introduced bills that would legalize online poker.

Frank’s bill currently has 62 co-signers.

So, what do you think? Let me know.

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