... on winning the Lottery / PowerBall

L

limitdown

musings on winning the Lottery....


...) have you ever noticed they always pick some hick, way off in west-end no-where?

....) have you ever noticed they soak all the suckers in all the major cities, who play the Lottery with their bottom dollars, even, their kid's milk money?

...) a little known fact isthe tax on Lottery winnings starts at 50%

....) a little known fact is Lotteries take in $2 for every $0.75 - $1 they pay out

...) the recent $350 million dollar Lottery won by two people living in WestEnd NoWhere, brought in roughly $700 million in receipts
 
I agree that most playing don't have the disposable income to be pissing money way on lottery tickets
I never heard of a specific tax on lottery winnings. I'm fairly sure it goes into the other income category and just jacks you into the higher brackets in the 30's for the Feds and whatever your top state rate would be.
 
I occasionally buy ONE ticket. The odds are absurd but sooner or later someone does win, and you can't win if you don't play.
But I agree the states don't run these lotteries because they're nice guys or because they're thinking of the participants.
 
Quote from killthesunshine:

i imagine this way you trade too :p
More...

Such a profound and prophetic statement. Does anyone other than you know WTF it means?
 
I came up with a great idea, called "Taxlotto."

Basically, anyone who pays tax goes in a draw for a seriously stupid amount of cash-tax free, in this instance, obviously.

Would encourage people to do tax returns, instead of facing the wrath of tax collectors, and every financial year, someone gets crazy rich.

It's a win win, but the idea fell on deaf ears.
 
Quote from acronym:

I came up with a great idea, called "Taxlotto."

Basically, anyone who pays tax goes in a draw for a seriously stupid amount of cash-tax free, in this instance, obviously.

Would encourage people to do tax returns, instead of facing the wrath of tax collectors, and every financial year, someone gets crazy rich.

It's a win win, but the idea fell on deaf ears.
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What 'cha say?, Sonny?
 
tax lotto, good idea.

This idea is taking place already but not for the reasons you mention.

"If" you do not have a tax liability, you need to file to get your refund. Well, not technically a refund of any taxes you paid in but to collect on income credits you deserve for not working or being part of the earned income pool of tax paying citizens (ah I use that word loosely).

An american baby/minor of an illegal immigrant mother probably is due a refund, we've got to get people started early recognizing the importance of filing a tax return.

Last I heard you can sell the ss number of children to claim as dependents on legitimate return because the biological parent isn't able to "claim" the dependent. Nice scam.
 
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