Missouri sports betting ballot measure highlights national debate about tax rates
The ads promoting a November ballot measure to legalize sports betting in Missouri tout the potential for millions of new tax dollars devoted to schools. If voters approve the measure, it’s a good bet they will see even more ads offering special promotions for bettors.
The Missouri ballot measure highlights an emerging debate among policymakers over how to tax the rapidly growing industry, which has spread from one state — Nevada — to 38 states and Washington, D.C., since the U.S. Supreme Court opened the door to legalized sports wagering in 2018. Since authorizing sports betting, Illinois, Ohio, Tennessee and Washington, D.C., all have already raised or restructured their tax rates. And Colorado and Virginia have pared back the tax deductions they originally allowed.
About half the states allow tax deductions for promotional costs. It’s a common way of enticing people to start — or continue — making bets. But in the short-term, it also can decrease the tax revenue available for governments and schools.
پاکستان تازہ ترین خبریں, پاکستان عنوانات
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