Emanuel Floats Online Gambling Tax While Mulling White House Run
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Rahm Emanuel Photo by Andrew Harnik /Photographer: Andrew Harnik/GettArticle content(Bloomberg) — Former Chicago Mayor Rahm Emanuel, a possible 2028 Democratic presidential candidate, is proposing a new tax on online gambling and prediction markets to fund research in fields where the US is competing with China.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentThe former Illinois congressman, ambassador to Japan and White House chief of staff has been contemplating a run for the Democratic presidential nomination and rolling out policy proposals to bolster his chances in what is expected to be a large field of candidates.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentArticle contentHis latest proposal, which was reviewed by Bloomberg, would put a 10% federal transaction tax on wagers in licensed online sportsbooks, digital casino platforms, prediction market apps and exchanges.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. 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Browse here.Article contentEmanuel estimates the levy would generate $30 billion to $50 billion in revenue, which would fund research on artificial intelligence, quantum computing, fusion energy, life sciences and national security-related technology.Article contentHis proposal would require legislation to go into effect.Article contentEmanuel said he has not yet decided about a potential White House run. “I’m thinking about it,” he said in an interview.Article contentAsked whether the policy rollout was intended to get ahead of Democratic competitors, he demurred. “While that may be a side benefit, I’m more interested in the American people getting ahead and America staying ahead.”Article contentThe tax proposal follows an earlier call by Emanuel to ban federal employees at all levels from participating in prediction markets.Article contentIf elected, Emanuel said he would restore research money that Republican President Donald Trump has cut. The proposed new innovation fund would be used to supplement existing funding for research and development programs.Article contentArticle content“It doesn’t replace what you spend today. It builds,” he said. “It’s new money, not replacing old money.”Article contentThere could be widespread opposition to his proposal within what he estimated to be the $400 billion online betting and prediction market industry, as well as from Americans who use the platforms.Article contentEmanuel said the investments would help the US compete with China, which he said has taken advantage of Trump’s cuts in research and his onslaught against American universities.Article content“I’m talking about a specific innovation fund that keeps America beating China rather than going to second place against China. And that’s how you sell this,” he said.Article contentHe likened his proposal to other “vice” taxes on products such as alcohol and tobacco and said he assumed other Democrats would support the accompanying increase in research dollars. “I’m laying out a specific plan. They’ll have their obligation to do theirs.”Article contentTrending Trump isolation deepens on world stage as allies rebuff, condemn PMN Business The Great Correction: not even Wayne Gretzky's hometown could escape the crash of the 'exurbs' Real Estate Posthaste: What Mark Carney's gas tax cut could mean for the Bank of Canada News Forcing people to pay a moral tax if they leave the country won't inspire them to stay Personal Finance What is Anthropic's Mythos AI model and why does it have the financial world in a panic? 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