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Re: Why are lottery winnings taxed
01-17-2007, 11:05 AM
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#21
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,708
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Re: Why are lottery winnings taxed
They're taxed because they can be, and nobody will feel at all sympathetic to someone who won $200M and had to pay a lot of taxes.
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Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
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Re: Why are lottery winnings taxed
01-17-2007, 11:31 AM
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#22
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,855
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Re: Why are lottery winnings taxed
Quote:
Originally Posted by Cute 'n Fuzzy Bunny
They're taxed because they can be, and nobody will feel at all sympathetic to someone who won $200M and had to pay a lot of taxes.
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Quote:
Originally Posted by Ed_The_Gypsy
The Canadians do not tax their lottery winnings. But, if I win, I still have to pay in the US.
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Ed, would our American patriotism really survive winning $113M?
I'd seriously consider dropping my passport in the return mail on my way to the nearest Thai massage parlor...
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Re: Why are lottery winnings taxed
01-17-2007, 09:31 PM
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#24
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2004
Location: the City of Subdued Excitement
Posts: 5,588
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Re: Why are lottery winnings taxed
Quote:
I'd seriously consider dropping my passport in the return mail on my way to the nearest Thai massage parlor...
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No joy, Nords. Even if one renounces one's US citizenship, one owes taxes to Uncle for the next ten years. Ask Mark Mobius.
Pay and sleep well.
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I have outlived most of the people I don't like and I am working on the rest.
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Re: Why are lottery winnings taxed
01-17-2007, 10:05 PM
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#25
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2005
Posts: 17,194
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Re: Why are lottery winnings taxed
Quote:
Originally Posted by macdaddy
Couldn't you make the argument that US lottery winnings should be taxed as a capital gain?
Also if I can write off gambling losses... if I win 300m in the powerball and owe 100m in tax... couldn't I just go put 100m on red in vegas, and if I lose, write it off, coming out even?
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No... it is not a capital asset...
No... you can write off the $100m from the$300m and pay taxes on the remaining $200m... the write off is not a credit..
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Re: Why are lottery winnings taxed
01-19-2007, 12:09 AM
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#26
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Full time employment: Posting here.
Join Date: May 2006
Posts: 696
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Re: Why are lottery winnings taxed
Because the dummies who buy lotto tickets don't vote. They are too busy smoking, drinking and eating trans fat??
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Oh, you hate your job? Why didn't you say so? There's a support group for that. It's called EVERYBODY, and they meet at the bar.--Drew Carey
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Re: Why are lottery winnings taxed
01-20-2007, 06:04 AM
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#27
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Thinks s/he gets paid by the post
Join Date: Jul 2004
Posts: 1,427
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Re: Why are lottery winnings taxed
Why? That is simple. The purchase of the ticket is a tax. The winnings are a tax refund which is income.
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