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Old 03-30-2012, 08:55 PM
Status: "The Mysterious Q" (set 14 days ago)
 
Location: DFW - Coppell / Las Colinas
34,088 posts, read 38,067,335 times
Reputation: 40844

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You've just won $650 Million dollars in the Mega Millions lottery. Depending on what state you're in you will pay up to maybe 50% taxes.

These lotteries are run by the state, is this a fair amount or just a way to scam everyone who bought tickets into paying additional taxes to the Federal and State Govts ?

What should be the Fair Tax on the money you've just won ?
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Old 03-30-2012, 09:05 PM
 
Location: Land of debt and Corruption
7,522 posts, read 7,343,443 times
Reputation: 2846
According to the liberals here, nothing short of 99.999999% would be "fair".
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Old 03-30-2012, 09:06 PM
 
Location: Da Region
1,906 posts, read 1,377,107 times
Reputation: 24828
Fair? I don't know. I can't even comprehend half a billion dollars.

Anything I win is more than what I have now. At over half a billion dollars, I don't think I'll miss any taxes.
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Old 03-30-2012, 09:12 PM
 
Location: Sarasota FL
6,864 posts, read 9,621,464 times
Reputation: 6595
The 640 mil is based on a 20 year pay out. Take all at once is about half of that. Then, the winners don't get to voluntarily write a check on April 15th. The governments [fed/state] automatically withhold their cut. Just about half.
The winners will get to see right up front what it's like to be a 1% tax payer.
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Old 03-30-2012, 09:15 PM
 
Location: New Jersey
11,630 posts, read 6,833,241 times
Reputation: 11131
Zero. The government is already making a ton of money off the lottery. They make money when they sell the tickets, then they just take back some of the winnings in taxes. People should be able to make a private lottery.
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Old 03-30-2012, 09:17 PM
Status: "We care alot" (set 8 days ago)
 
32,006 posts, read 17,393,931 times
Reputation: 14794
Zilch for the leach known as government.
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Old 03-30-2012, 09:37 PM
 
3,201 posts, read 3,402,300 times
Reputation: 1025
To hell with the US government.

They just hand over tax money to Jamie Dimon at JP Morgan Chase so they won't go out of business.
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Old 03-30-2012, 09:38 PM
Status: "We care alot" (set 8 days ago)
 
32,006 posts, read 17,393,931 times
Reputation: 14794
Quote:
Originally Posted by joebaldknobber View Post
To hell with the US government.

They just hand over tax money to Jamie Dimon at JP Morgan Chase so they won't go out of business.
Without the government they would go out of business.
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Old 03-30-2012, 09:41 PM
 
8,434 posts, read 10,052,152 times
Reputation: 10809
Quote:
Originally Posted by MJJersey View Post
Zero. The government is already making a ton of money off the lottery. They make money when they sell the tickets, then they just take back some of the winnings in taxes. People should be able to make a private lottery.
Agreed. 0. They already got their cut from the lottery proceeds itself. Then they go and take a chunk of the winnings too? Oh and when you spend the money they want a cut. And make interest off it they want a cut. Oh and gift some to a family member, they want a cut, when you die, they want a cut. Hell just save the effort and just hand it all over to the Lord Thine God, the govt.
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Old 03-30-2012, 09:41 PM
 
13,180 posts, read 13,295,542 times
Reputation: 4534
I'd say in total Federal/State/Local about 55%. And I'm a huge liberal.

Also, these tax rates are known before you buy the ticket.

So let's not pretend the big, bad government is springing anything on you.
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