Sunday, October 22, 2006

Virtual Taxes

I reported earlier that the government is looking into taxing virtual economies.

While this is true, the source article makes it sound like this is something that Congress is pursuing, however it appears that isn't quite the case.

“There is a concern that the IRS might step forward with regulations that start taxing transactions that occur within virtual economies. This, I believe, would be a mistake,” Chairman Jim Saxton said today.

So the IRS may be looking into virtual taxes, but the Joint Economic Committee is recommending against it.

HatTip: TaxProf

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