Obama Admin. working on 90% tax on lottery?

Reply #21

RJOh — Wed, 01 Jul 2009 18:55:56 GMT

No doubt about it, the desire to win a large jackpot drives lottery ticket buying frenzies that make money for the states but there are some folks out there who think it just wrong for some poor slob to instantly have that much money because he bought a lottery ticket.

In the nineties when Ohio had the best state lottery around with jackpots of $50M+ which attracted players from neighboring states, Ohio lawmakers added a rule that limited the winnings of a single lottery ticket to $20M regard... [ More ]

Reply #20

Stack47 — Wed, 01 Jul 2009 15:45:36 GMT

Almost every state lottery that has a decline in profits blames it in part because of lower than expected Powerball or Mega Millions sales due to the jackpots being hit before they reach ticket buying frenzies. A 90% Federal tax on winnings over $250,000 would virtually ruin all the multi-million dollar games.

The headlines in the News forum will be On Thursday a Farmer from Southern Illinois claimed the $113 million Mega Millions jackpot and Farmer Brown took the $70 million cash value .

Reply #19

TheGameGrl — Wed, 01 Jul 2009 01:32:57 GMT

ONE WORD SPECULATION .

Reply #18

Coin Toss — Tue, 30 Jun 2009 22:24:05 GMT

Hopefully it won't go to 90% but right after the election I made a comment in a thread here that if you're destined to win a jackpot in your lifetime hope that you do it before this guy takes office.

This would make a good skit for SNL or some show, .....show jackpot winners at press conferences and photoshop Obama, Reid, Pelosi, or Hillary showing up at the conference with their hand out

Reply #17

Stack47 — Tue, 30 Jun 2009 22:12:52 GMT

People are already complaining about state lotteries' advertised jackpot value when the actual cash value is much less and now you're suggesting Congress is going to deduct 90% in Federal taxes. There are discussions about the effect of the high jackpot games like Powerball and Mega Millions on individual state lottos when the players made the decision to play for the higher jackpots.

After your alleged 90% tax takes affect, a $50 million jackpot would make the cash value about $2.5 million a... [ More ]

Reply #16

Kaptainess — Tue, 30 Jun 2009 10:46:04 GMT

I know that our elected officials are dumb, but it would really be a real dumb-dumb for them to put 90% tax rate on wins. No one would play the jackpots. Why would they? I sure as ..... wouldn't.

But I do believe there will be more taxes on the horizon. Bummer

Reply #15

KY Floyd — Tue, 30 Jun 2009 06:56:43 GMT

If this is true, we are heading towards communism.

We've already got communism. We just don't do it as thoroughly, or in the same manner as the countries you think are communist.

I don't have the facts on this, nor any documentation, but we all heardthat he was going to tax the middle class, through rumors.

Everyone but the very poor is already taxed. Perhaps you're referring to the outright lies that were used leading up to the election claiming that Obama would raise your taxes? Ve... [ More ]

Reply #14

Chuckstergrmi — Tue, 30 Jun 2009 03:04:27 GMT

I hope so

Reply #13

SpanaUnlimited — Tue, 30 Jun 2009 02:10:12 GMT

There will never be a 90% tax. People forget This nation was created over 200 yrs ago when the British tried to overtax us. It caused a revolution and USA was born.

I don't want to make this thread politicial.....but if we ever had a 90% tax. I wouldn't pay it and I am sure there would be a revolution that would make the current situation in Iran/Honduras seem like a day in the park

Reply #12

RJOh — Tue, 30 Jun 2009 01:30:12 GMT

I'm still trying to digest the fact that you asked why I would make a post without any facts

I assume your thread in the pick5 forum:

3 out of 5 this is the third hit i've made this week cash 5 tex

https://www.lotterypost.com/thread/196055

was just to getting some conversation going.

Reply #11

xandercage — Tue, 30 Jun 2009 00:37:35 GMT

Alot of the times, there always may not be facts about a topic. Hearsay is hearsay, but there is usually always some truth to whatever is being said. I'm still trying to digest the fact that you asked why I would make a post without any facts, in a discussion forum. I am in the lottery discussion forum aren't I? Besides I wouldn't put anything past Obama. If you don't watch out they'll be giving you a curfew time for lottery post.

Reply #10

xandercage — Tue, 30 Jun 2009 00:31:55 GMT

Why did I say this? Well let's start by acknowledging that I said I had no facts on this; therefore clearly this was meant to be a discussion as to get the answer to it. This forum in and of itself is based on opinionated information, is it not? A forum is just that; a place for discussion. Do you post any predictions on this site? Do you read and take into account the predictions and opinionated systems-beliefs on this site? You're here aren't you

Reply #9

BobP — Mon, 29 Jun 2009 23:49:31 GMT

They who say, are the little jackasses who live in some people's heads. BobP

Reply #8

SmoothJuice — Mon, 29 Jun 2009 23:44:51 GMT

If the USA were communist, then the governmetn would take out 99.99%.

Reply #7

joker17 — Mon, 29 Jun 2009 23:41:43 GMT

Your first sentence.....lol

Poor matchmaker.....

Reply #6

RJOh — Mon, 29 Jun 2009 22:39:33 GMT

Facts just get in the way of a good discussion. Didn't you see the thread in this forum about the pick3/4 system that wins 95% of the time? The poster went so far as to post a bunch of numbers and congratulate himself for a big win even though no one knows where his numbers hit. Over 25 pages of BS was generated using rumors, many of them made up on the fly as needed.

Reply #5

Stack47 — Mon, 29 Jun 2009 22:05:20 GMT

What's the point of discussing rumors without any facts or documentation

Reply #4

Todd — Mon, 29 Jun 2009 22:02:03 GMT

I think this is right, the 90% penalty is just on the poor slobs who took their income as a bonus at AIG instead of getting a regular salary.

Reply #3

Redsquash — Mon, 29 Jun 2009 21:57:02 GMT

I haven't heard that.

About the 90% tax, what I have heard was that - Obama administration was considering 90% tax on the bonuses paid to the executives of the companies who received federal bail-out money. The reason behind was those companies (like AIG, Citi) received billions of dollars from the tax payers money, and used that money to pay millions to their top executive. Obama administration was outrageous on that, and asked the executives to return the bonuses. Most did return, some did... [ More ]

Reply #2

chouquounette — Mon, 29 Jun 2009 21:53:47 GMT

I can tell this is going to be an interesting conversation

Reply #1

xandercage — Mon, 29 Jun 2009 21:49:22 GMT

I don't have the facts on this, nor any documentation, but we all heard that he was going to tax the middle class, through rumors. Now we see that he is trying to do just that. What's next

Obama Admin. working on 90% tax on lottery?

xandercage — Mon, 29 Jun 2009 21:46:33 GMT

It's been rumored that Obama and his team are working on a bill that would put a 90% cap on anything over $250,000. This includes one who may win the lottery, meaning they would take 90% of anything won over $250,000.00. If this is true, we are heading towards communism.