Two North Jersey casino licenses could soon be issued, however the gambling operators in receipt that are prepared to tap in to the region’s nearly 3.5 million residents and New York City’s 8.5 million inhabitants throughout the Hudson might faint if they also receive their tax bill.

During a unique general public hearing on Monday, State Assemblyman Ralph Caputo (D-District 28) responded to the concern of possible tax rates that casinos in the northern counties might face by revealing, ‘As a guess, it will be 40 to 60 percent,’ he said.

That is a far cry from the 9.25 percent rate gambling enterprises now spend in Atlantic City.

New Jersey lawmakers are looking at an amendment to the state’s constitution that will allow two gambling facilities become built in North Jersey. Should it pass, it would end the gambling that is longstanding held by Atlantic City since 1976.

Competition from neighboring states has established an economic catastrophe in the former gambling mecca for the East Coast, and lawmakers in Trenton are scrambling to find new means to recoup the dissipating tax revenue.

Icahn Can’t Believe It

The main topic of gambling expansion will always have its opponents, but in the Garden State, there exists a rather powerful mole. As Casino.org reported last week, billionaire Carl Icahn delivered a $100 million ultimatum by saying he’dn’t spend those funds in his Atlantic City Trump Taj Mahal resort should North Jersey gambling enterprises be authorized.

Yesterday, lots of the 17 backers of their state constitutional amendment responded.

‘This is a game-changing proposal. We’d modernize our gaming industry and provide relief that is significant older persons and disabled residents,’ Caputo declared.

‘For circumstances sorely in need of brand new profits for vital needs such as programs and property income tax relief for senior residents and residents that are disabled this may be a win-win,’ Assemblyman Gary Schaer (D-District 36) said. ‘This proposal would help bring a brighter future that is economic our state.’

The resolution now moves to the floor in the state capital, where it will need three-fifths approval in the Assembly and Senate after being approved by the state’s Assembly Judiciary Committee. Should the chambers pass the motion to improve the state constitution, voters would have the final say and would require a big part approval.

Taxing Rates

Taxing North Jersey casinos at levels as sky high as 60 % on net winnings might thin the bidding industry considerably. But, a scan around nearby locales that are gambling such exuberant prices aren’t exactly out of the ordinary for neighboring states, at least.

Connecticut, for example, is a fairly included 18 percent, and Delaware a bit higher at 29.4 per cent for table games, at the least. But the cake is taken by then New York with a 60 to 69 % take on profits, and Pennsylvania isn’t much better with a 55 percent rate.

Nevada, unsurprisingly, wins hands down with a modest 6.75 percent income tax rate, although the number that is sheer of in the Silver State obviously make that quantity more bodacious than it might appear.

Too Much of a thing that is good

While 40-60 percent appears to fall adequately in line, especially taking into consideration the market in concern, nj-new Jersey State Senate President Stephen Sweeney (D-District 3) said he finds the rate excessive.

Atlantic City Assemblyman Chris Brown (R-District 2) also questioned exactly how introducing new casinos to an already oversaturated market would help the constituents he represents.

‘Is it planning to pave the roads so that individuals who are unemployed can escape town?’ Brown asked.