In 2007, gambling activities generated gross revenues (the difference between the total amounts wagered minus the funds or winnings returned to the players) of $92.27 billion in the United States. Commercial casinos provided 354,000 jobs, and state and local tax revenues of $5.2 billion as of 2006.
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BREAKING DOWN 'Cash Value Accumulation Test (CVAT)'. Being able to pass the cash value accumulation test (CVAT) is incredibly important to a policyholder as well as the insurer. If an insurance product fails to pass it is no longer considered an insurance product, and is thus taxed like an investment.