Should lottery playing and winning be free of taxes?

Reply #23

Sunglasses — Fri, 16 Jun 2017 15:42:37 GMT

I have been close to winning much many times, just missing the extra euros to play what's coming. I never looked at jackpot payouts.

Some day MM or PB will reach the billion mark. Well, why wouldn't both games fuse? I don't worry about winning the jackpot, I worry about getting the break even. Money is expensive these days!

We used to play 6/42 with 50 cents / combination, and we still had very nice jackpots. Costs have doubled, payouts 3/6, 4/6, 5/6 weakened for the actual 6/45.... [ More ]

Reply #22

Cassie8620 — Thu, 15 Jun 2017 01:06:49 GMT

Geo. yep!

so true on that 1 too.

GL all who are playing either pick three tonight, pik 4,

cash five. pg.and scratch offs,

GNight.

Reply #21

Geodesic — Thu, 15 Jun 2017 01:04:21 GMT

Two things are certain: Death and Taxes with Taxes being collected after your death. Sad but very true.

Reply #20

Cassie8620 — Thu, 15 Jun 2017 01:04:05 GMT

SUN GLASS:

Oh you're so right.

It is a rip off i think sometimes, seriously lol but i m goin to always buy for now 1 or 2 or 3 lol when it is real high.

My father goes, It's not Cassie really 475 million or whatever it last was way less. That is for advertise to get more people to spend it when it reach past 100 million. I never knew this lol never really,til dad was one night yrs ago talking to us about this.so it should show us the REAL amount that will be won.and not say, 100 mi... [ More ]

Reply #19

Cassie8620 — Thu, 15 Jun 2017 01:01:29 GMT

not sure, bout what states are not having to pay taxes on a lottery pick 4 or the other big ones, but i hit pick three

days ago. BOY DID IT FEEL GREAT! i had pick 3 couple days ago my dad birthday ...STRAIGHT @ 8 6 0.)No taxes.

It feels so refreshing, waking up this week knowing i am going to diff stores to cash them,and to NOT:

1.)Fill out a form to pay taxes first,then wait to get the check excluding what was taken out for taxes lol

2.)Be able 2 know i am leaving withi altogether

Reply #18

eddessaknight — Wed, 14 Jun 2017 20:33:27 GMT

Posted: Today, 4:30 pm - IP Logged ReplyEditDeleteFavorites

Quote: Originally posted by Sunglasses on June 14, 2017 The lottery was used to gather money for war and other things. Today it may be recreational and a tiny part of the money is for so called good deeds, because it is stipulated in the law. The main thing is that the lottery is making money on players. Talking pure gambling, you don't want any taxes or other costs. You want a pure game and pot. Losses for the players are add... [ More ]

Reply #17

Sunglasses — Wed, 14 Jun 2017 09:22:09 GMT

When MM reaches a billion payout, I want to see the net amount only

Reply #16

Sunglasses — Wed, 14 Jun 2017 09:13:49 GMT

The lottery was used to gather money for war and other things. Today it may be recreational and a tiny part of the money is for so called good deeds, because it is stipulated in the law. The main thing is that the lottery is making money on players. Talking pure gambling, you don't want any taxes or other costs. You want a pure game and pot. Losses for the players are adding up. The players finance everything.

Reply #15

Sunglasses — Wed, 14 Jun 2017 09:10:07 GMT

If they make publicity with $678,999 MM or PB jackpot, that amount should be free of taxes, or otherwise said, the published amount should be the net amount that you will win. So much for putting things clearly

Reply #14

AlanHarvey — Wed, 14 Jun 2017 03:59:36 GMT

I don't care how big or small the lotto jackpot is, I feel it should be tax free. I realize someone pointed out buying a ticket with after tax money and therefore lotto's should be tax free. I say it should be as well, like a Roth IRA is tax free when you begin disbursements. The investments are made with after tax money.

Also, in the UK the lotto winnings are free from income tax but other tax liabilities could arise.It's an interesting concept. I don't think having a tax tree status would m... [ More ]

Reply #13

BobP — Wed, 14 Jun 2017 02:01:32 GMT

Most jackpot winners don't win $279 million, they win $1-7 million and when the Government(s) strips away a third or more of that all the good people might have wanted to do with the full amount goes out the window. The small amount added to tickets in taxes hurts very little. Most people play picturing themselves the winner, why they so often vote against self interest to keep taxes low for the wealthy, it's what the people would want for themselves.

BobP

It's not what you want that... [ More ]

Reply #12

KY Floyd — Mon, 12 Jun 2017 15:44:08 GMT

People buy their tickets with money that's been taxed at least once (income tax).

I'm sure this will come as a shock, but everything is bought with money that's been taxed.Unless you've cheated on your taxes or earned income that's tax-free for some reason. Do you think there shouldn't be sales tax on all that other stuff you buy with your already-taxed money? Or that the guy who cuts your lawn shouldn't pay income tax because he was paid with your already-taxed money. And what happens when... [ More ]

Reply #11

Sunglasses — Mon, 12 Jun 2017 14:04:52 GMT

Add to the tax handicap that the payout is unfair, even when free of taxes and free of services.

On the top of that there is lotter and others probably, taking a rake of the money that people like to spend on playing.

I just don't want to compare gambling to drugs.

Reply #10

TheGameGrl — Mon, 12 Jun 2017 02:05:25 GMT

Correct- taxes are an irrational way to justify a persons earned or unearned monies.

insurance claims (life) are not taxed.. Yet it's income. Unsure your logic holds weight that taxation is a given. I rarely give it willingly. I paid in already on my wages... So it's not the govt to take more. Will they reimburse me if I lose? I doubt it..

Reply #9

Redd55 — Mon, 12 Jun 2017 00:31:25 GMT

Nope. It's income. Other people work hard for their income or invest and take a risk to earn income and they all pay taxes. Why shd income from a lottery be exempt? Sure some states waive it but they do so to encourage more sales of lottery tickets which they are dependent on. There is really no rational basis to waive federal taxes and it will never happen.

Reply #8

eddessaknight — Sun, 11 Jun 2017 21:37:45 GMT

Absolutely Sunglasses, ABSOLUTELY

A once in a lifetime major experience, give the players a break!

Eddessa_Knight for Player's Light

Reply #7

Toronto — Sun, 11 Jun 2017 08:10:20 GMT

The lotteries would see a big drop in sales if they lowered the jackpot to be 60% of what they currently advertise by implementing this at this point (you didn't think they'd just give people more money did you).

Reply #6

Kingofearth — Sun, 11 Jun 2017 04:40:40 GMT

Tickets have a tax added to the cost of it so it slightly increases the price of the ticket, honestly a very smart and good idea in my opinion.

Reply #5

Raven62 — Sun, 11 Jun 2017 02:07:38 GMT

Some Countries Don't Tax Lottery Winnings: ln North America (Canada

Reply #4

Coin Toss — Sun, 11 Jun 2017 01:04:38 GMT

Autralia- ticket price $1.03 AUS....the .03 pays the tax for the winner.

The playslips also have a NP option - No Publicity....

The U.S. could really learn from this.

Thanks for the info to savagegoose.

Reply #3

BobP — Sat, 10 Jun 2017 23:28:52 GMT

Far more civilized to work the taxes into the ticket price then make the few big winners pay. The huge percentage winners must pay can only hurt sales once potential customers realize the prize is not really the prize as so much will be ripped away.

BobP

Reply #2

EdG1955 — Sat, 10 Jun 2017 22:20:44 GMT

I'm not sure what you mean by tickets being tax free. Wins should definitely be. Of course, this would mean the gambling loss deduction for lottery tickets would have to be repealed.

Reply #1

MaximumMillions — Sat, 10 Jun 2017 14:17:13 GMT

It absolutely should.

People buy their tickets with money that's been taxed at least once (income tax).

Than the lotteries keep 50% of wagers for charity or budget purposes, only pay out the other half to players, which winners have to pay taxes on receiving their winnings, and then have to pay taxes on capital gains and then have to pay taxes when they want to gift mor than 20k or their lifetime exclusion.

It's a miracle winners aren't in debt after the check cleared.

Should lottery playing and winning be free of taxes?

Sunglasses — Sat, 10 Jun 2017 13:23:21 GMT

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