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US Congress Considering Revoking Betting Taxes

US Congress Considering Revoking Betting Taxes
United States Congress is considering revoking 0.25% of tax on betting.
by Academia   |   comments 0

A new bill, at the federal level, is being studied by the Congress of the United States, where it is contemplated to revoke 0.25% of taxes on sports betting. This percentage has already been charged through a national tax for decades, and it would be quite an impact for the betting industry. Since the 50's, taxes are charged in this market, except for horse races or bets that are administered by lotteries in the state.

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This project is by Nevada congresswoman Dina Titus. There are other important names allied to the tax repeal project, such as Mark Amodei and Steven Horsford, also from Nevada, in addition to Guy Reschenthaler, who represents Pennsylvania. Incidentally, taxes in the betting segment are not a new agenda on the part of Dina Tutus, because last year the policy had already tried to score in the committee, but without success.

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The handle tax punishes legal gaming operators and encourages consumers to place bets illegally, as more states recognize the benefits of legalizing and regulating sports betting, repealing the handle tax will create jobs in Southern Nevada and across the country.At a time when Las Vegas is experiencing the second highest unemployment rate of any large metro area in the country, forcing sportsbooks to pay an additional tax on each employee makes it harder to bring about economic recovery.” - stressed Dina Titus.
 
Guy Reschenthaler, a supporter of the project, was also emphatic about taxation: “Unfortunately, the industry is hindered by an outdated tax code and burdensome regulations that penalize legal, regulated operators while providing illegal operations with an unfair advantage. The legislation will ensure that the gaming industry hit hard by COVID-19 mandated closures and cancellation of sporting events, is able to support good-paying jobs and economic growth in southwestern Pennsylvania and across the country.”
 
The debate that encompasses sports betting has been recurring in recent months in the United States. Whether it is about the repeal of taxes, or about the legalization and regulation of the sector in some states, the issue has caused controversy and many discussions, without consensus.
 
However, the trend is that this year there will be greater flexibility for the American states that currently do not consider the bets to be legal, or, at least, for a good part of them. It is thought that 12 new American states will legalize the market within their territories, many of which will hit the hammer later this year.
 
There is a big objective behind this: to correct the budget deficit that is putting many American states in trouble. Most of these territories are pessimistic with the possibility of being able to comply with the proposed budgets and will have to go for solutions that were never considered before. The pandemic has brought economic upheaval even to world powers, such as the United States, and markets such as betting, which were previously rejected when it came to gaining permission to operate in several states, are now gaining strength in the face of the need to generate revenue.
 
As it is a new subject for many of these states, there are several doubts and issues to be debated, such as, for example, the taxation to be applied in this market. New York even proposed a 50% tax, while other states are raising the possibility of applying 20%, confirming that it will be a path still full of uncertainties, due to the abysmal differences in projects and ideas.
 
One thing is certain: there is a hurry in all of this, because as stated earlier, there is an urgent need to collect revenue to supply deficit budgets. Even states that have always been opposed to any gambling industry, like Texas, are examining the possibilities of legalizing the betting market. Thus, the importance that the subject is generating in the United States is not surprising, either in the legalization of the activity or in the revocation of taxes, as suggested by the congresswoman from Nevada.

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