Barney Frank – Finding Revenue in Vice – Taxing Questions Arise Over Online Gambling

Barney Frank - Legalize Online Gaming then Tax Them! - photo casinoauthority.com

The Free Lance Star Fredericksburg, Virginia, article regarding Barney Frank and his penchant for online gaming puts a new spin on an otherwise moral issue – one of taxes. Currently, on-line gaming sites such as sports betting and casinos are held “off-shore” but readily available to consumers in the U.S. Franks bill which makes it legal for the U.S. gaming industry to jump on board the internet gravy train appears to make sense, as far as fair play is concerned – why not let the U.S. based companies take a piece of the pie? Taxes – the other Bill on the Congressmans desk - would then tax them back off shore. The article speaks to the societal problems associated with legalized gaming but not before blaming Frank for bringing vice to the nation

REP. BARNEY FRANK, D-Mass., says that "some adults will spend their money foolishly, but it's not the purpose of the federal government to prevent them from legally doing it." Especially when the government can tax that foolishness.
Before Congress left on its summer break, the House Financial Services Committee, which Mr. Frank chairs, passed a bill that would legalize online gambling, including poker and sports betting. All that remains to slap a smile on Mr. Frank's face is for a companion bill--the one that would establish the taxes--to make its way through committee.
Proponents are betting that legalizing online gambling and letting the IRS take a cut could put as much as $42 billion in Uncle Sam's coffers over a decade--easily enough to stimulate the prey impulse in revenue-hungry congressmen.”

Understanding that Congressman Frank, who faces multiple challengers for reelection this year, has been working with the gaming industries and their lobby for quite some time to achieve this particular source of revenue for the Federal Government, what one finds somewhat interesting, is the high road taken by the Free Lance Star. Specifically, their speaking to the moral aspect and the dangers of online gaming brought on by Mr. Frank’s bill, a danger that already exists. Online gaming sites, from casino’s to sports-betting to betting on the outcome of political races are all available –Frank, in backing the Casino’s cause to take it online was only leveling the playing field - and increasing Federal Revenue: (Note: McDemotts (D-WA) bill Barney’s desk is estimated to bring in 42 billion in taxes from online gaming.)

Frank, who, according the FEC, is a recipient of generous donations by U.S. based gaming companies ( here ) who must at this point, understand that nothing is more certain in this great nation, especially now and into the future, than “taxes”. One has to wonder if the gaming industry is aware of the legislation to tax them back to the Stone Age mentioned in the Free Lance Star?

Google Frank and online gaming (add in cigar and it gets really interesting) and the number of articles in support of the 4th Massachusetts own son, is stunning. All coming from cigar and gaming publications or, as the Star pointed out – less moral areas all of which possibly lead to an increase in broken homes.

One has to hand it to Frank, rather than criticize him in this instance – politics that the Democrats have put into place, specifically the lending industry (home mortgages come to mind and a certain quasi government entity or pair of entities, Freddie and Fannie) have put our nation into penury and will, with the new interest rates revealed on the government only student loan industry Student Loans.gov (more information on how that bill is going to affect the nation here here )at three times the rate of private lenders (who are no longer eligible to lend money for student loans period) will serve to eradicate that debt, but who will pay? Our children and grandchildren are now in the unenviable position of paying in spades for every piece of legislation this Congress and administration in concert has conceived in a under two years –a yoke around the necks of the middle class that should last for decades.

Along comes Congressman Frank, who finds an industry and a way to tax it. Perhaps if that income were to go to reducing the federal deficit, that would be ideal, but with Democrat in charge of Congress (with every intention of continuing despite predictions to the contrary), then one can expect more tax burden as well as real debt (see student loans) to be piled on the backs of our future(i.e. our children and grandchildren whose lifestyle, instead of being better than the previous generation, will, unfortunately, be considerably more expensive, allowing for less options, higher education being one of them. The President in taking over the student loan industry, with interest rates only rising as new applicants receive their approvals, did not reverse an earlier federal law that prohibits student loans to be included in a bankruptcy). Barney Frank might suggest that students now take to gaming in order to hopefully hit it big to pay off the interest Obama plans on collecting off student loans (which note: cannot be purchased anywhere but the federal government.)

One cannot therefore, blame Barney for doing his job, finding an industry that was seemingly being kept from competing with offshore companies, and then taking them in order to fund something that will come down the pike. Additionally, Hades may have frozen over, as this blog does not normally agree and or support Congressman Frank’s actions – as they are contrary to conservative ideology – but this time, one has to admit, Frank is guilty of Fair play.







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