"“Let's bet on America - not against it,” he said. “I'm proposing a 10% fee on prediction markets and online gambling to fund an American Innovation Fund - investing in AI, quantum computing, fusion energy, life sciences, and national security tech.”"
"“Let's fund cures, build new energy resources, lead in defense technologies and quantum tech,” he said. “Stop falling further behind, start investing in winning again. That's the American way.”"
"Emmanuel estimates a federal tax could bring in as much as $50 billion for the fund. He told Bloomberg the tax could help fund research into AI, fusion energy, national security technology, and quantum computing."
"Emanuel's tax proposal comes at a time when state governments across the country have pushed to raise taxes on sports betting and online gaming operators over the last few years. Maryland recently raised the rate from 15% to 20%. Illinois raised the tax on the sports betting industry in 2024, with a progressive rate as high as 40%."
A 10% federal fee is proposed on revenue from prediction markets and online gambling. The revenue would be used to create an American Innovation Fund aimed at investing in AI, quantum computing, fusion energy, life sciences, and national security technology. The proposal is framed as a way to improve U.S. competitiveness with China in technology. The plan cites funding cuts to the National Institutes of Health and the National Science Foundation as motivation for new investment. The estimated revenue for the fund could reach $50 billion. Congress would need to approve the tax if implemented. Several states have already increased taxes on iGaming and sports betting, including Maryland, Illinois, and Chicago.
#federal-taxation #online-gambling #prediction-markets #tech-innovation-funding #ai-and-quantum-computing
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