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I think the term "stupid tax" comes from Dave Ramsey.
I heard the expression when Dave Ramsey was still in high school. I think the first time I heard it was in the early 70s from a Canadian commentator on the radio. He called it "A tax on stupidity", which is more apt. "Stupid tax" implies that the concept of the tax is stupid (like annual car license plate renewal is a stupid tax), not the people who pay it.
spending a $100 a month is much different than buying a megamillions ticket once a week, thats $4 a month. you cant even do a trade on scottrade for under $7, $10 if smallcaps like your talking about.
I maximized my 401k and IRA contributions, and put a few dollars a week into the lottery. My wife won $3000 the first time she played, but overall we expect we won't win anything. It's pure speculation and entertainment - with a very small chance of winning something significant. Granted, it's usually wasted money especially if you're not putting significant amounts into some sort of savings and investment. However, I look at it like buying a beer with dinner out - unnecessary but enjoyable.
$5 a week for me is $260 a year, that's not much for me, funny thing is I just started doing this a few months ago, I've got all my tickets and I've spent around $60 but only "made" $3 lol. But I still do it IDK it's my money, and $5 doesn't break my bank at all :P
Only thing is I wish they'd take debit cards! I have to go get cash, the place by my house used to but changed it to cash only now... I'm like but debit is cash! So I pull out $20 a month to have for 4 weeks lol.
People who play the lottery very often think often they can get "easy money" with little or no effort. Of course, they often ignore their own odds of "hitting it big."
Powerball (122mm) and Mega Millions(344mm) are both rolling into high jackpots this week! So who has $3 to spare and is in for 466mm?
Just a bit of rationale.....cash the ticket in 2014 and you don't have to pay the whole tax bill until April 2015 though the lottery does take out 25% before they cut you loose! So you can keep tens of millions of the IRS's money and profit off the interest for once!
Dominican immigrant and New Jersey bodega owner Pedro Quezada played the lottery, and against 1-in-175 million odds, he won. The 44-year-old became the sole winner of the fourth largest jackpot in Powerball history, claiming $338 million - estimated at $152 million after taxes. Quezada, who shared his grocery store business with his longtime partner of ten years - a Mexico native by the name of Ines Sanchez, has changed significantly since the win.
Now, the two former love birds, who have a small child, stand on opposite sides of courtrooms, fighting over money owed. The couple pooled their cash when they purchased the ticket, though Quezada has taken full claim over it. He rejects the implication that he owes Sanchez anything because the two are not married. And, though the two have been together for 10 years, they don't live in a state that acknowledges common law marriage, so Sanchez, indeed, would not share the benefits that a wife would.
Eight months ago, Quezada's son claimed that the family would "do something good with the money." After all, the winnings seemed like welcomed news, as the two suffered a burglary two years ago, where everything of value was stolen; and then last year, their bodega, Apple Deli Grocery, was nearly burned to the ground. But, Quezada has used the money in extravagant and supposed benevolent ways. He apparently sent $57 million to his native Dominican Republic; gave away $5 million - which includes funds given to neighbors for rent; and he spent $300,000 on a new home; and more than $20 million cannot be located
Sanchez also indicated that Quezada has become physically abusive, which forced her to move out of their new home. The outcome for the two former lovers has yet to be decided by the New Jersey judge who is presiding over their case. Quezada, the father of five, also owes delinquent child support from as far back as 2009, and is expected is facing lawsuits for those claims.
I go into casinos because I like all you can eat crab legs and don't mind spending 10-20 bucks playing video keno.
However I realize that the odds are stacked against you and you'll probably lose money. Even if you don't, and manage to win a nice chunk of cash, you have to pay taxes on top of it, which I think is just crazy, taxes on gambling winnings.
I suppose the people who spend 'big bucks' are smart enough to track their losses so they can write them off on their taxes though like you'd write off a stock you sold at a loss. In theory you should be able to write off every dollar you lose, making it not so bad if you have a nice income.
People gamble because they are not smart enough to invest in the stock market... and because the way the casino games make the noises, flash the lights, the whole atmosphere of a casino is designed to lure people in, get them to lose track of time, and to dish out their hard earned cash. I don't fall for it. I spend my 10 bucks on keno, 20 bucks on crab legs, and am on my way.
I honestly don't think people realize how low the odds are of winning something like a powerball jackpot are. You are more likely to die getting struck by lightning, killed in a car crash, plane crash, just about anything bad that could happen to you. I am a spiritual type though and do have the belief that if you win, it might have been 'meant to be' in which case you only need to buy that one ticket.... nevertheless I haven't spent more than about $50 on powerball tickets in my life.
I threw $5 into the stupid tax today....I was getting gas (pump #5) and a long time employee totaled one of my trucks while I was there pumping gas......Nothing was going right today so I hope for a 344 million dollar change in my life tomorrow night!
If I win I don't have to worry about a new work truck.......I will trade all of them in for a nice car and forget about work forever! BTW 344mm pays just over 111mm in cash, up front. Spend/give away 11mm and you still have 100 million to invest and live on!
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IDK it's my money, and $5 doesn't break my bank at all :P
