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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 ?
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.
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.
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.
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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