is barney frank jeopardizing his own online gambling bill?

[TheEngineer]

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I see the state position thus. You are asking us to cannibalize our 'gambling' monopoly tax revenue to let people gamble for a federal one. I don't think governors are going to see this as a budget positive and vote positive. Maybe if Frank asserted some other kind of power of the purse arm twisting. This is so easy to establish the commerce clause with. I can see it passing and still having to play at FT or Stars.

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We'll have a lot of work to do at the state level. That work will be much easier with IGREA or some other legislation in place than it will be without. There is a carrot in that states with gambling have the infrastructure to offer Internet gaming internationally fairly quickly.

[Coy_Roy]

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It is a VERY good move to add in funding for low income housing. People who don't give a flying fishstick about poker will vote for a housing bill giving poor people a chance to put a roof over their heads. This is VERY, VERY good news folks and will make it MUCH easier to pass.

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This is exactly the opinion that needs to parroted......loudly.....over and over again.

Good post.

[PokeReader]

Wait and see folks. People don't care about poker, they care about the revenue stream. People do not care about low income housing, otherwise we would have European low-income housing. This is the House. Most House districts don't need low income housing. More to the point, this again was without the permission of leadership, who can kill the bill.

[TheEngineer]

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Wait and see folks. People don't care about poker, they care about the revenue stream. People do not care about low income housing, otherwise we would have European low-income housing. This is the House. Most House districts don't need low income housing. More to the point, this again was without the permission of leadership, who can kill the bill.

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I guess with pay-go, these big spending politicians will need revenue sources. IGREA provides this on a silver platter. Leadership may encourage Rep. Frank to make some changes, but will they throw out the revenue altogether over this? I don't know; I agree that we'll have to wait and see. Hopefully the fact that that bill will inevitably create some tax revenue will help it along.

[Archon_Wing]

Ah, I don't know. But it does sound more threatening to some.

If you oppose online poker, you are a heartless bastard that wants the poor to sleep under bridges. Then the first part gets forgotten about
[img]/images/graemlins/smile.gif[/img]

[img]/images/graemlins/heart.gif[/img] politics, let's hope UIEGA will be swept out just like how it got swept in.

[PokeReader]

That is my point, the revenue is the whole and only reason leadership was OK with the bill, although they were unhappy he hadn't talked to them first. Then he put this on it, and spent a big chunk of the intial revunue. They want to use if for the AMT, now they think it is just going to get loaded with pork, and they won't actually get much out of it. Leadership is certainly not onboard with the housing bill. That is why he took what was an independent bill, and combined it. They had said, no way, not a priority, and no money. So he stuck it on. That's why they're so mad, they had said defintely not this year, and he's trying to go around, I predict it will be killed out of spite if he doesn't pull the housing.

[Kurn, son of Mogh]

Lesson #1: Don't trust politicians.

Downside of UIGEA - harder to get money into your account, fewer US fish(i don't think this is as significant as some think, but that's a discussion for another day)

Upside of UIGEA (yes, there is one): Politicians may think they've accomplished their goal, pat themselves on the back, and move on to screwing us other ways.

Upside of the Frank bill: Easier access to accounts, more US fish.

Downide of Frank bill. Direct IRS access to your accounts.

IMO, that last point is the worst aspect of this entire discussion.

[Thremp]

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Lesson #1: Don't trust politicians.

Downside of UIGEA - harder to get money into your account, fewer US fish(i don't think this is as significant as some think, but that's a discussion for another day)

Upside of UIGEA (yes, there is one): Politicians may think they've accomplished their goal, pat themselves on the back, and move on to screwing us other ways.

Upside of the Frank bill: Easier access to accounts, more US fish.

Downide of Frank bill. Direct IRS access to your accounts.

IMO, that last point is the worst aspect of this entire discussion.

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Why? Pay your taxes. All is well.

[1p0kerboy]

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Downide of Frank bill. Direct IRS access to your accounts.

IMO, that last point is the worst aspect of this entire discussion.

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Why is not being able to cheat on your taxes so horrible?

[Kurn, son of Mogh]

[ QUOTE ]
[ QUOTE ]
Lesson #1: Don't trust politicians.

Downside of UIGEA - harder to get money into your account, fewer US fish(i don't think this is as significant as some think, but that's a discussion for another day)

Upside of UIGEA (yes, there is one): Politicians may think they've accomplished their goal, pat themselves on the back, and move on to screwing us other ways.

Upside of the Frank bill: Easier access to accounts, more US fish.

Downide of Frank bill. Direct IRS access to your accounts.

IMO, that last point is the worst aspect of this entire discussion.

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Why? Pay your taxes. All is well.

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Naive reply. You miss the point.

Ask any waiter or bartender how they'd feel if the govt came up with a way for the IRS to track 100% of their tip income rather than using 8.5% of gross sales. Ask any of them if they report 100% of their tips. Anyone who says they do is either lying or an idiot.

2nd point. Look at how the IRS treats gambling income and ask if it isn't punitive? If you don't own property and thus do not itemize deductions, you end up over-reporting your profit by at least $6,500.

Do some research and see how, while taxpayers with W-2 income can use Schedule C to report profit and losses from any little home business , but if you try to do that with gambling income the IRS denies you that option.

Google "Alternative Minimum Tax" and get a grasp on the potential impact this has on the part-time player.

The tax implications alone of legalized, regulated online gambling will drive way more casual players out of the game than the little speed-bump that is the UIGEA.

Most casual players don't understand that they can't just subtract wins from losses and report that figure. Many losing players (primarily young people, college students, etc.) will end up owing some hefty tax bills despite the fact that they might be break-even or losing players.