Question

At a time when US government is desperate to generate revenues, would it make sense for policy makers to license , regulate, and tax internet gambling ? Do the result of 2012 presedential election and the recent economic crisis create the conditions for tapping this new revenue source?Or, should concerns about the erosion of social values dominate the discussion of internet gambling ? If possible , pls give 1000 words .

Answer 1

During the time of economic crisis,it is always a measure taken by the government to impose various direct and indirect taxes as a major source of revenue. As the US government is desperate to generate revenues, it should tax certain activities in order to generate revenues. But as the internet activity takes place world wide, it doesnt make any sense for the policy makers to license, regulate and tax internet gambling. There is no cebtralized body or authorized body who can govern and monitor the transactions taking place over the internet. Internet is followed in all the countries of the world and by all the people, so it would be taken negatively to regulate and tax internet gambling.

Reults of Presidential election and economic crisis have no role to play in regulating and taxing the internet gambling as the major reason of economic crisis is subprime lending where the home loans were offered to the common public without any proper screening of the documents and later it resulted in Non-Performing assets and crashed the US financial market.

The major reason to take the initiative of licensing and regulating the Internet gambling is that the gambling leadsto erosion of social values. It is considered as a criminal activities and led to depletion of the social values amongst the common public. People get indulged in numerous malpractices due to internet gambling. Gambling in any sense causes harm to the societyand when it comes to internet gambling , it leads todestruction of the society as the people would have higher scope and accessibility to indulge in malpractices.