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Katrina Does Well On Capitol Hill.
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2005-11-16
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Katrina has made its way to Capitol Hill in the form of budget struggles over casinos. Members of Congress, aided by lobbyists, are over what needs to be cut and how federal spending needs to be settled for the victims of the hurricane. The Bush administration's plan is to offer tax breaks to Mississippi's 13 profitable off-shore casinos.
The tax breaks are part of the administrations Gulf Opportunity Zone. This would create tax incentives, grants, and regulatory relief for working-class homeowners and small businesses. Anti- gambling activists are unhappy about this all. Traditionally, federal tax incentive plans have excluded casinos, along with tanning salons, massage parlors, and country clubs, now things have changed. This change is bizarre to them, and they are not happy with it, hurricane e or no. Money should be spent for other things and not casinos.
The American Gaming Association, reports that they loose $500,000 in revenue each day, since there are no longer these Gulf casinos. Both gaming proponents and those state lawmakers agree that casino tax revenue is important for state and local treasury. Mississippi brought in $334 million last year from its 12% tax on gambling, and now this drop is a drop in the economy.
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(By Andrea)
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