"Full Committee Hearing: Tax Proposals Related to Legislation to Legalize Internet Gambling" - May 19, 2010

Reps. Barney Frank (D-MA) and Jim McDermott (D-WA) testified before the House Committee on Ways and Means to address effectively regulating online gambling while protecting consumers, collecting tens of billions in new government revenue and creating tens of thousands of new U.S. jobs. 

While the primary focus of the hearing was legislation introduced by Rep. McDermott that would collect taxes on regulated gambling activity, Chairman Frank discussed his own Internet gambling bill that would establish a regulatory and enforcement framework for licensed gambling operators to accept bets and wagers from individuals in the U.S. while mandating substantial consumer protections.  

Presented testimony:

• Rep. Barney Frank (D-MA)
• Rep. Jim McDermott (D-WA)
• Rep. Bob Goodlatte (R-VA)
• Christopher Wagner, Internal Revenue Service, U.S. Department of the Treasury
• Charles M. Steele, Financial Crimes Enforcement Network, U.S. Department of the Treasury

Additional links:

• Congressional hearing web page, link to web cast
• Press Release: Testimony Highlights Billions in New Revenue and Tens of Thousands of New Jobs from Internet Gambling Regulation
• Rep. McDermott's New Internet Gambling Legislation Would Increase Projected Revenue to Up To $72 Billion Over Ten Years
• Rep. McDermott's Press Release on New Internet Gambling Legislation
• Joint Committee on Taxation Analysis
• Rep. McDermott's Press Release on Joint Committee on Taxation Analysis
• Frequently Asked Questions
• Bill Text