Back on April 1, Congress held its first hearing on virtual worlds, and no, it wasn't an April Fools prank. Warning: If the politicians can hold a hearing on it, then they can probably tax it too.
Indeed, the minority staff of Congress' Joint Economic Committee has a study underway, and academics are already churning out papers on the proper tax treatment of pretend online worlds with their own economies and commerce. You can buy weapons to use in battle in "World of Warcraft," or sexy outfits to go out dancing in "Second Life," or furniture to decorate your igloo in "Club Penguin."