Lobbyist Warns of 'taxfest' on Casinos - 2004-01-12
The recent "taxfest" on casinos will prove counterproductive, the casino industry's top lobbyist cautioned lawmakers from gaming states on Friday.
Frank Fahrenkopf, head of the Washington, D.C.-based American Gaming Association, cited Illinois, which raised its top marginal tax rate to 70 percent, and prospective racino states like Maryland
and Pennsylvania, where lawmakers toyed with tax rates nearing 60 percent.
Those states, Fahrenkopf said, are key examples of the mistaken belief that casino gaming revenues are an inexhaustible resource for depleted state treasuries.
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