Frank Supports Taxing Online Casinos
Barney Frank, his name is now synonymous with the online casino gambling
industry in the minds of a lot of the US public. Frank is the champion of the US
internet gambling industry and he has aggressively and consistently supported
legislation that would legalize online casino in the United States while
repealing and neutralizing the current US policy that bans financial
transactions between US financial institutions and internet gambling companies.
Frank’s bill has more support than ever before and there is a lot of excitement
that perhaps in the this session of Congress Frank’s bill will finally reach the
floor for discussion.
Frank has consistently pushed the same bill for a long time now, but there might
possibly be some changes in the works now that Frank has taken a liking to
Wyden’s withdrawn bill that would have funded the Democrat-supported healthcare
reform through taxing the online casinos. Wyden was asked to withdraw his bill
that linked the two industries because of the highly controversial nature of
each. And though Wyden immediately chose to withdraw the bill, Frank is pretty
keen on the plan and has noted that he doesn’t plan to let this issue rest. The
healthcare reform is likely going to go to the floor of Congress before the
online casino gambling bill, and as such, should the healthcare reform bill
pass, then Frank would be open to adding the tax bill into his plan.
Frank elaborated on his support for taxing revenues from the online casino
gambling industry. If the US is generating all of this gambling revenue why not
reap some of the benefits of taxation and funnel that money into a needed areas
of the federal budget? Although Wyden’s bill is off the table right now there is
a strong chance that this will crop up in a new form sometime in the near
future. |