State and Federal Govts sure make a killing at the lottery

[BlackRider]

A local won 162 MILLION dollars from the lottery... after state and federal taxes she got 67 million! Imagine that... 95 million dollars in taxes from one person! On top of that there's also the revenue from ticket sales that doesn't go into the jackpot.<br><br>I wish I was on the recieving end of that enterprise. <!--EZCODE EMOTICON START :) --><img src=http://www.ezboard.com/images/emoticons/smile.gif ALT=":)"><!--EZCODE EMOTICON END--> <br><br>Lottery - a tax on people who don't know numbers. <p><!--EZCODE FONT START--><span style="color:red;font-size:large;">C</span><!--EZCODE FONT END--><!--EZCODE FONT START--><span style="color:orange;font-size:large;">O</span><!--EZCODE FONT END--><!--EZCODE FONT START--><span style="color:green;font-size:large;">L</span><!--EZCODE FONT END--><!--EZCODE FONT START--><span style="color:blue;font-size:large;">O</span><!--EZCODE FONT END--><!--EZCODE FONT START--><span style="color:indigo;font-size:large;">R</span><!--EZCODE FONT END--><!--EZCODE FONT START--><span style="color:violet;font-size:large;">S</span><!--EZCODE FONT END--><!--EZCODE FONT START--><span style="color:pink;font-size:xx-large;">!</span><!--EZCODE FONT END--></p><i></i>

[XMEN Ashaman DTM]

Not quite. For that 95 million, most of it was probably federal tax (it's a tax on gambling earnings).<br><br>If her state has a state income tax, then she'd pay that too.<br><br>But for the federal stuff, it's about half of your winnings. Washington has no state income tax, but lottery winners have federal tax applied to their winnings, so half of it automagically goes to the federal government.<br><br>For money itself, that comes from the lottery money generated from selling tickets. At least in Washington State, the big lottery (lotto) has changed a couple of times because the state was losing money on it. Not enough people were buying tickets. <p></p><i></i>

[Spinning Hat]

We play Powerball in MN, along with a lot of other staes, so the jackpots get really big sometimes, but they're not being funded by just Minnesotans, so they're not losing any money on it. but the state funded games are all pretty small. <br><br>BUT- I wouldn't care if I had to give half or so to uncle Sam if I were to win that much. I'm basically getting a ton of cash for free, and after I pay my taxes on it, it's all mine. <p><!--EZCODE HR START--><hr /><!--EZCODE HR END--><!--EZCODE CENTER START--><div style="text-align:center"><br><!--EZCODE FONT START--><span style="color:red;font-family:Arial;font-size:medium;"><!--EZCODE ITALIC START--><em>"Never, Never, Never Quit"</em><!--EZCODE ITALIC END--> -Winston Churchill</span><!--EZCODE FONT END--></div><!--EZCODE CENTER END--></p><i></i>

[BlackRider]

minus sales tax on everything you buy and income tax for others if you share w/ family and all sorts of other taxes...<br><br>on a side note, I don't even know why I play the lottery... I know it would totally ruin my life and I'd lose everything I got with that money... you'd be surprised how quickly 100 million could go <!--EZCODE EMOTICON START :) --><img src=http://www.ezboard.com/images/emoticons/smile.gif ALT=":)"><!--EZCODE EMOTICON END--> <p><!--EZCODE FONT START--><span style="color:red;font-size:large;">C</span><!--EZCODE FONT END--><!--EZCODE FONT START--><span style="color:orange;font-size:large;">O</span><!--EZCODE FONT END--><!--EZCODE FONT START--><span style="color:green;font-size:large;">L</span><!--EZCODE FONT END--><!--EZCODE FONT START--><span style="color:blue;font-size:large;">O</span><!--EZCODE FONT END--><!--EZCODE FONT START--><span style="color:indigo;font-size:large;">R</span><!--EZCODE FONT END--><!--EZCODE FONT START--><span style="color:violet;font-size:large;">S</span><!--EZCODE FONT END--><!--EZCODE FONT START--><span style="color:pink;font-size:xx-large;">!</span><!--EZCODE FONT END--></p><i></i>

[XMEN Gambit]

The trick is to NOT spend your winnings. At all. Invest them, and spend only the gains.<br><br>You could easily live quite comfortably off even a lousy, guaranteed 5% return from 100 mil. And if you're careful you could make returns much greater than that for very little risk. <p></p><i></i>

[Spinning Hat]

BR, I don't know how you've become so cynical and jaded about everything in life... Besides, if I were to share with the family, it'd be cash probably, or simply buy what they needed or wanted, and yeah, sales tax sucks, but it's only 6.5% here, so it's no big deal. <p><!--EZCODE HR START--><hr /><!--EZCODE HR END--><!--EZCODE CENTER START--><div style="text-align:center"><br><!--EZCODE FONT START--><span style="color:red;font-family:Arial;font-size:medium;"><!--EZCODE ITALIC START--><em>"Never, Never, Never Quit"</em><!--EZCODE ITALIC END--> -Winston Churchill</span><!--EZCODE FONT END--></div><!--EZCODE CENTER END--></p><i></i>