U.S. Congressional Committee
The virtual economy is growing so fiercely that it has drawn attention of economists all over the world. US govt is also one of them who is trying to entrap the virtual economy in the chains of taxation. A U.S. congressional committee has started to find the alternatives to tax the virtual assets and incomes.
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I would like to tell you about the mind blowing figures relating to virtual economy in Second Life, the virtual user-to-user transaction per day is US$500,000 that contributes about 10-15% to a month economy-growth.
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However, Jim Saxton chairman of the Joint Economic Committee confirmed that there is no relevance between tax-imposition on the virtual world and real world because all the transactions are performed virtually not really. He said that to tax the virtual world would be a big mistake.
Jim Saxton's statement seems little deceptive because if the virtual economy contributes a lot in fluctuating the GDP and there is a heavy transaction of real exchange (not virtual) then the provisition is quite appropriate.
Via: boingboing
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