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Most Recent Online Casino News

Bill Would Prohibit Tax Cuts to Casinos

Under pressure to prevent a big tax increase next year for millions of middle-income families, the Republican-controlled House passed a bill Wednesday that would block an increase in the alternative minimum tax for one year at a cost of $30 billion.

The measure, approved 414-4, would prevent a tax increase for 2006 that would have affected about 15 million families nationwide.

But while the vote was almost unanimous, the bill’s prospects remained entangled in a broader battle in Congress over extending President Bush’s tax cuts. If House Republicans push through their entire agenda, those cuts could total more than $90 billion over five years.

In addition to voting on the alternative minimum tax, the House approved $7.1 billion in tax cuts for Gulf Coast areas damaged by Hurricane Katrina. But in a split with the Senate, the House bill would prohibit any of those tax cuts from going to casinos, racetracks and country clubs.

Today, House leaders hope to win approval for their top priority this week: a $56-billion tax cut that would extend Bush’s tax cuts for stock dividends.

Read the entire article at: The Daily Review 

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