Political Quotes

“I rise to urge passage of my FAIR BET Act. The Republican's Triple B overturned a half-century tax provision that allowed gamblers to deduct 100 percent of their losses from their winnings. Accordingly, because that has been eliminated, gamblers now will be required to pay taxes on money they haven't earned. My FAIR BET Act would undo the Senate mistake by keeping the 100 percent loss policy in place. This will ensure that gamblers don't have to pay taxes on phantom income and are not lured to offshore and unregulated markets. My legislation has bipartisan support because Members on both sides understand that this is not ideological. It is just fair, good tax policy. Mr. Speaker, I urge everyone to bet on the come, and pass the FAIR BET Act.”