Thursday, October 19, 2006

Game Over, Congressional GOP Majority

Congressional stupidity gets worse:

US Congress steps into cyberspace

The Joint Economic Committee (JEC) of the US Congress has announced it is investigating the amount of commerce taking place in virtual game worlds.
...snip...
Although an economic value can be put on this trade because in-game currencies do have an equivalent real world value, committee chairman Jim Saxton said its investigation was not being carried out with a view to slapping taxes on this trade.

"There is a concern that the IRS (Internal Revenue Service) might step forward with regulations that start taxing transactions that occur within virtual economies," said Mr Saxton. "This, I believe, would be a mistake."

Instead, he said, the investigation wanted to get a better understanding of where the line falls between taxable and non-taxable trade. Studies of game activity suggest the time and effort put into these online worlds has an economic impact equivalent to the GDP of Namibia.
First they came for poker players, but I was not a poker player...

0 Comments:

Post a Comment

<< Home