Tag Archive for Casinos

CPEG Report: We don’t need another Casino, We need to Tax the One We Have!

Chicago already has one of the biggest “rich person” casinos in the world but it is hardly taxed at all. A new CPEG report explores the massive gap between taxation of largely lower and middle-class riverboat gamblers, and the upper-class who do their gambling in the heart of Chicago’s financial district.

In fact, assuming that both rich and poor person casinos in Illinois pass tax costs on to their customers, “traders” at Illinois’ rich-person casinos: Chicago Mercantile Exchange (CME), the Chicago Board of Trade (CBOT) owned by the CME, and the Chicago Board of Options Exchange (CBOE) pay state taxes that are at most equal to 0.000014% of the nominal value traded, more than 200,000 times lower than the 3.2% state tax per dollar wagered by “gamblers” at Illinois’ 10 poor-person riverboat casinos.

Read the full CPEG report (PDF)