The word is out this week that congress is set to re-visit taxing virtual goods, a concept they shelved a while back in order to consider the matter more fully. That's given the Congress' Joint Economic Committee time to come to a decision about what exactly the value of virtual goods means for players and game-makers. This means that the freaks who live in SecondLife and World of Warcraft, transacting millions of dollars in virtual goods and services every day, who then cash out their Linden Dollars and Gold thingies, might be stuck with a whopping great tax bill at the end of the year - Virtual or otherwise! Nothings been decided yet, but it's clear that something will happen. Given growth rates of 10 to 15 percent a month amongst people who have decided for various reasons they'd rather live inside their computer, the question is when, not if, Congress and the IRS start paying attention to these issues. Maybe it's time for them to return to their FirstLife!
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There's no such a thing as virtual taxes!
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