Tax-Free and Anonymity

Reply #7

MillionsWanted — Thu, 09 Jul 2009 16:00:11 GMT

Norway is also tax free and gives winners anonymity. As far as I know, the lottery company doesn't pay any takes neither, since it is run as a trust which gives money to culture, sports and other charities.

Reply #6

MaddMike51 — Thu, 09 Jul 2009 13:10:19 GMT

Thats my point,exactly.If the state charged a tax on the sale of lottery tickets (state federal tax),they would get their taxes up front and wouldn't need to get it from the winner.They get their taxes this way from the sale of gasoline and federal excise taxes on tires,why can't they do the same with the lottery

Reply #5

savagegoose — Thu, 09 Jul 2009 12:43:54 GMT

its not tax free here in oz, its paid at ticket purchase time. 11% straight form the wallet of every buyer. the jackpot is tax free but the buyers all pay their tax up front, on the dream. your way it actually gets less tax than this way. but we dont care. its only 11c on the dollar , if you dont think you are basically throwing away a buck every time you buy a ticket , keep your buck.

Reply #4

MaddMike51 — Tue, 07 Jul 2009 21:53:00 GMT

Does Australia charge a sales tax on lottery tickets?If everyone is taxed when they purchase a lottery ticket the government still rakes in the cash and the winner gets to keep the entire jackpot.I don't know if this would work in America,though.People already call lotterys a tax on the poor.

Reply #3

Stack47 — Tue, 07 Jul 2009 21:20:06 GMT

Taxes on gambling winnings were on the books before the lotteries so I don't know how IRS could justify taxing a $1300 trifecta winner at a race track and not tax a multi-million dollar lottery winner. I agree it would be nice if all gambling winnings were exempt but they are classified as income just like savings accounts, stocks and bonds.

As for the advertised jackpots, it's not like they are saying the jackpot is $1 million, but in the small print saying it would be paid off at a dollar a... [ More ]

Reply #2

SmoothJuice — Tue, 07 Jul 2009 08:05:10 GMT

That's how the Canadian lotto is like.

Reply #1

jackpotismine — Tue, 07 Jul 2009 07:13:30 GMT

You are so right! Where can I sign up

Tax-Free and Anonymity

myturn — Tue, 07 Jul 2009 05:22:49 GMT

US state lotteries could learn from the Aussies, all lottery prize money is tax-free in Australia and winners can remain anonymous, which most do.

Also, if you win $53 million, you get $53 million, they don't have any annuity nonsense. That's what America needs - TRUTH IN JACKPOTS