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Johnston: A Gamble Down on the Boardwalk

Reuters:  A Gamble Down on the Boardwalk, by David Cay Johnston:

Americans who think more legalized gambling can ease their state and
local tax burdens should take a close look at the travails of this
struggling New Jersey seaside resort.

Because betting is now legal in neighboring states, gambling here is
way down. The casino hotels have slashed their workforces, cut real
wages and, citing falling property values, received huge property tax
refunds — with more refunds likely. …

All these facts should prompt taxpayers to think carefully about embracing more gambling as a way to ease their tax burdens. The liberties of the people, and all private wealth, depend on stable
government that defines and protects rights and property alike. So why
would we roll the dice on financing the foundation of our society?


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