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Developing News - US Congressman Barney Frank (D-MA), chairman of the House Financial Services Committee, introduced a bill today that proposes online gambling be legalized and regulated. The bill proposes safeguards against underage gambling, identity theft, and fraud. The legislation would also repeal 2006’s UIGEA which prevents banks and credit card companies from processing online gambling transactions.

Representative Jim McDermott (D-WA) also introduced a bill today that would ensure individual and corporate taxes are collected on internet gambling activities. Americans wager more than $100 billion dollars annually in spite of the UIGEA and recent analysis suggests that the US could generate ~$50-60 Billion in tax revenue over the next decade.



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Posted by Jacob on 05/06 at 01:15 PM
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