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They should count that as income, at least any interest he makes off the money. They should also count that as assetts in determining if he's over the threshold limit for getting assistance.
I play the PA lottery, its my big vice. I may be wrong but I believe that they would withhold 28% for federal taxes and the state wouldn't take a dime of the rest. It may be the same in his state. 50% seems awfully high and the guy sounds like a BS artist.
But there is rampant foodstamp fraud, welfare fraud, social security fraud, disability fraud, tax fraud, unemployment fraud, pension fraud. Fraud is all over and goes across all income levels and social classes and races.
I don't understand why this household would be eligible for Food Stamps.
It's been a long time since I was doing a lot of Food Stamp litigation but I just did a quick check and the regs are the same. Not only is there an income test, there is also a resource test, and this household's liquid and total resources are above the federal resource limit.
I really can't see how they're eligible and the article didn't explain. It could be something as simple as the household continues to be eligible for the month in which the lump sum was received, but in the next month, when they report the lottery proceeds as a resource, they will no longer be eligible.
Sam Walton won't be paying any more taxes because he is dead. His estate was taxed before his heirs ever got a penny of it. The lottery winner was taxed at....what?.....50% between fed and state taxes? What you are saying is that an estate as big as Sam Walton's should have been taxed at at rate of 90%? Is that right?
Sounds like a combination of Planks #2 and 3 of the Communist Manifesto.
Like I said in my post. The nutty Left, who NEVER thinks things all the way through, ONLY hate rich Capitalists. If you are a rich Communist, Progressive, Socialist, Islamic Imam, etc. that put their money over seas so it won't get taxed you are perfectly ok in their book.
Sam Walton won't be paying any more taxes because he is dead. His estate was taxed before his heirs ever got a penny of it. The lottery winner was taxed at....what?.....50% between fed and state taxes? What you are saying is that an estate as big as Sam Walton's should have been taxed at at rate of 90%? Is that right?
Sounds like a combination of Planks #2 and 3 of the Communist Manifesto.
No what I said was that I would be willing to pay 90% to have gotten the billions. His heirs actually only paid 35%. I would like to see it back to where it was during Eisenhower around 50%....just as the same as the normal lottery.
I have no problem with hard-working entrepreneurs who become successful keeping much of what they have earned. It's not like they stole it although many on the Left don't see it that way. Nor do I support the inheritance tax no matter how big the estate. All of that money has already been taxed. And never will I see birth as a sort of "lottery" that some win and some lose. Capitalism encourages and rewards ingenuity and hard work. Socialism encourages and rewards mediocrity and laziness.
I have no problem with hard-working entrepreneurs who become successful keeping much of what they have earned. It's not like they stole it although many on the Left don't see it that way. Nor do I support the inheritance tax no matter how big the estate. All of that money has already been taxed. And never will I see birth as a sort of "lottery" that some win and some lose. Capitalism encourages and rewards ingenuity and hard work. Socialism encourages and rewards mediocrity and laziness.
Interesting analogy. Someone wins 2 million the lottery. I believe the original tax on the payout is near 50%. So they get 1 million.
Someone wins a different type of lottery. They happen to be the son of a wealthy person that dies and they inherit 5 million. They win the birth lottery with out even buying a ticket and they don't pay a dime in taxes. They get the full 5 million. WHat a crock of sh***T.
That seems a little bit more unfair if you ask me.
Your disconnect is that money was earned at some point in time while the lottery was not. Also, the people (family) that earned their money aren't likely to still be on food stamps considering that money was considered income.
Welfare-Willy comes at the perfect time...
Good luck still trying to label the welfare queens nonexistent.
He's right. He shouldn't feel bad because it's not his fault. It's the fault of the system that still permits someone with his assets to use food stamps. They're the ones who make and enforce the regulations that let this happen. People should be upset at the system and demand that it be changed, not at this man.
What this news crew SHOULD be doing, is interviewing the Michigan DHS and running an exclusive report on how they facilitate abuse of a system that was created to support families in poverty, not millionaires.
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