It's not just about tax money... gambling hurts the economy... Because NO/NONE/ZERO productive work is done by the casino industry... It's a giant leech on the rest of the economy. Vegas is the Bugsy Seigel/Meyer Lansky social model. Nevada is a giant parasite on the other 49 states. It's the US goverment's responsibility... To promote better social models for America. FACT 1000s of engineering/math/computer students have quit school to play online poker... And, of course, we all know here at ET that only 5% of players prosper in a Zero Sum Game... While the other 95% will be licking the sidewalk. That's 1000s of very smart people that will NOT be doing any productive work... While their China counterparts are building the next Superpower... And their Iranian counterparts are building a 12th century kingdom in the desert... (Before they get bombed back to the Stone Age by the adult countries). If you wanna side with Bugsy Seigal... why should I debate you?
Being relatively new here, my first hope is that this is a joke. In fact, it almost has to be, right? And to the topic of taxation, the industry could be regulated and taxed tomorrow (and the land-based casino's are all for it because they have the brand recognition and ties to B&M play and betting that would make this a perfect extension of their product line). But, this is almost entirely driven by pandering to the religious right. George Will had a good column about this in newsweek recently.
Wow, a 1000 students play a game online and then spiral down into depravity? Perhaps those same 1000 would end up as financial casualties regardless of their career choices if they're that easily wooed. And then China has a better fininacial structure than U.S. capitalism, doesn't allow free enterprise, and then is going to be a big(er) threat to us? ?? And Iran, ?? "Somebody" will blow them up, ok. Then dragging up Bugsy Siegel who, in his own weird way spawned an oasis in the desert. And, I have never bought in to the "you're either with us or you're againxt us" - a bit closed minded, but I think I've heard it before some place. c
Regulation is fine, taxing is fine, and yes I'm sure the casino's would jump on board as well....when are we going to learn that we can't legislate human transgressions....?? Don (and, BTW, we own Bugsy Siegels 1933 Packard limousine, not sure if that's relevant, but since his name was brought up, LOL)..
I said 1000s... ** plural **... it makes a big difference. Also... no one addressed my point: Only ** productive work ** can contribute to economic growth = prosperity for all. Goverments do not build extremely expensive universities for "religious reasons"... They do it to produce productive citizens. In the 80s... I used to live in Vegas and be a professional sports bettor... And Meyer Lansky was the first to "get" Bugsy's idea: "We trap them in the desert... and then take their money?". Yes... and nothing has changed since that day... except the number of zeros on the take.
If governments built the "expensive universities" and $$billions were collected in taxes from gaming sites, then would it not be the gaming sites who produced productive citizens, in a round about way. ? I do research at a bank, and am not really a gambler, but am a fan of free enterprise. Who are we to restrict freedom of choice or freedom of trade, especially in a capitalist democracy. I think all cigarette smoiking should be banned personally, and think that would help keep our citizens alive longer, but unfortunately it's still legal Those same productive citizens, beneficiaries of those ivy league educations, have bilked our populus out of billions via mutual fund frauds and hedge fund disasters from Long Term CM to Ameranth recently. A bit hypocritical in my opinion to side with those kind of people. c
Prohibition doesn't work plain and simple. Alcohol was/is a perfect example. They criminalized it, the mob took it over and violent thugs were selling alcohol to Joe Schmoe. They just need to regulate online gaming and tax it, then everyone will be happier. I am sure some net genius is figuring a loop hole as we speak to the current quagmire. While we are talking about prohibition let's talk about marijuana. What a waste of time and money to put people in jail for it. The war of drugs has been a failure plain and simple. It really pisses me off that some pot dealer can get a mandatory minimum for dealing while the sex offender can get out in less time because of good behavior and prison over crowding. And no I don't deal pot or smoke it wise guys. The religious right, some of them really scare me. Anyone that's says it's bad to drink, but wants to own 10 guns scares me. It's a symptom of a much larger problem extremism. Just my 2 cents. Have a good weekend.
Like I said before, I have a very hard time believing this is a serious post. If it is, then where do you draw the line? Is every dollar consumed for entertainment purposes a waste? Big chunks of our economy fall into the non-productive category as you describe it. And every element of the "productive" economy reaps benefits. In fact, I still don't believe this is a serious post.