News > Congress Ready To Tax Virtual Goods
June 26, 2007
Virtual monies, good, and services are traded in the online community every day, and every day is one step closer to governmental intrusion upon the virtual economy. Now, those steps are coming more rapidly, as the U.S. Congress is gearing up to issue a report on the taxation of virtual goods.
Senior economist Dan Miller of the Congress' Joint Economic Committee anticipates the delivery of the committee's report o the matter sometime during next month's Congressional recess. There has been no word on the general direction the Congress is leaning, but something tells me it will more likely be toward taxation than away.
Back in December, Miller had this to say:
"Given growth rates of 10 to 15 percent a month, the question is when, not if, Congress and IRS start paying attention to these issues, so it is incumbent on us to set the terms and the debate so we have a shaped tax policy toward virtual worlds and virtual economies in a favorable way."
There is still time until any decision is made, so the gaming community will just have to wait to see the outcome of all this.
*Eddie R Inzauto - Senior Editor, GameWad.com
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