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Supreme Being
Group: Forum Members
Last Login: 6/27/2008 5:53:22 PM
Posts: 86,
Visits: 294
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| Some of my countrymen think that the government is the winning gambler when the jackpot price reaches over a hundred million. How about in your country do you have the same speculations as my countrymen do?
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Supreme Being
Group: Forum Members
Last Login: 6/15/2008 2:36:40 AM
Posts: 125,
Visits: 55
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| There is no denying the fact that a large portion of any jackpot winning goes right back to the IRS in taxes, but since there is still plenty left to gain interest on if put away intelligently I don't think it would be a problem unless you spent it willy nilly. Then the portion put to taxes could make a big difference.
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Forum Member
Group: Forum Members
Last Login: 4/15/2008 7:38:51 PM
Posts: 39,
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| In our state it's a win - win situation for the state and federal government. If you win a large jackpot, the state gives you the option of a lump sum distribution that's less than the actual jackpot. They keep the rest, plus you pay tax on the proceeds. If you take the option of payments spread out over a number of years, the state makes money on the interest that could have been yours and you still pay federal tax each year on the winnings you're paid yearly.
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Supreme Being
Group: Forum Members
Last Login: 12/21/2008 7:24:19 PM
Posts: 206,
Visits: 111
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| I do not remember the numbers for it, but the state takes tons of taxes out and that does kind of suck but I guess thats what happens when its a statewide thing?
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Supreme Being
Group: Forum Members
Last Login: 6/15/2008 12:45:43 AM
Posts: 127,
Visits: 161
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| Up here we're lucky in that the government doesn't take any taxes off the winnings, but our jackpots never hit 100 million. The highest ones have been about 40 million. Not that I'd be complaining at that though.
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Supreme Being
Group: Forum Members
Last Login: 8/29/2008 1:08:05 AM
Posts: 125,
Visits: 159
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| Government run lotteries pay the government big time. Not just in taxes off who ever happens to win but the fact remains that they don't pay out all the money they take in either. Unless the money is going toward some specific purpose the government is winning on both sides of the game.
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Supreme Being
Group: Forum Members
Last Login: 1/2/2009 4:58:24 AM
Posts: 288,
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| I don't see what the worry is-the government wins in taxes either way. If ten people win just $10 million won't the IRS ultimately get about the same as if one person wins $100 million? I don't see the difference here.
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Supreme Being
Group: Forum Members
Last Login: 6/27/2008 5:53:22 PM
Posts: 86,
Visits: 294
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| Here in our country I think winnings from lottery are non taxable. Every time somebody wins the jackpot, names are broad casted but when the jackpot is big one gambler will hit it and named it as anonymous. That situation gave them the idea that the winning gambler is the government itself.
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