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Addiction Markets

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384 points toomuchtodo | 1 comments | 31 Oct 25 17:42 UTC | HN request time: 0.326s | source
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Humorist2290 ◴[31 Oct 25 23:50 UTC] No.45777973[source]▶

  But if you want to outlaw this harmful activity [licensed gambling], you have to find a way to replace 6.4% of Maryland’s budget, which is slightly less than the entire amount the state brings in from corporate taxes.
A fraction of the proceeds of losing bets from a fraction of Maryland's citizens contributes almost the same to state services -- EMS, education, road maintenance, etc -- than the total corporate taxes levied on all businesses.

Do I misunderstand, or is this just actually incredible?

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only-one1701 ◴[31 Oct 25 23:52 UTC] No.45777987[source]▶
Incredibly damning, yes
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edot ◴[01 Nov 25 01:54 UTC] No.45778641[source]▶
Damning which way, though? Are gambling taxes too high, or are corporate taxes too low? And since corporate income is surely higher than gambling income, I’m inclined to think that gambling taxes are too high AND corporate taxes are too low, creating this odd fact.

Edit: and I know it sounds weird to say that gambling taxes are too high, when one could argue that high taxes are meant to disincentivize a thing - but if that thing is highly addictive, and if no other state action is taken to disincentivize that thing, then it’s actually a really sticky income source for the government who now doesn’t want to get rid of their cash cow. Tobacco ads are outlawed, which did more than taxing tobacco. Gambling ads are absurdly common.

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1. fragmede ◴[01 Nov 25 08:14 UTC] No.45780022[source]▶
Damning in that pretend I told you my household income was supported by Vinny the bank robber who gives me cash and I launder it for him, and that pays for 6% of my household income. If I told you you can't make bank robbery illegal because I need that money, would you take me seriously at all?