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Eastern Time (GMT-5:00) | Home -> Forums -> Lottery Discussion -> Tax-Free and Anonymity Bondi Junction Australia Member #57721 December 24, 2007 432 Posts Offline | | Posted: July 7, 2009, 1:22 am - IP Logged | |
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! | | |
Kunming China Member #58390 January 23, 2008 2072 Posts Offline | | Posted: July 7, 2009, 3:13 am - IP Logged | |
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! You are so right! Where can I sign up? Gang of 23: 3,6,9,10,12,13,15,16,18,19,20,21,23,24,26,27,28,29,30,33,36,37,39 If you are going to play a 'zero' (10,20 or 30) play the 'subset':3,6,10,13,16,20,23,26,30,33,36
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United States Member #54859 August 17, 2007 313 Posts Offline | | Posted: July 7, 2009, 4:05 am - IP Logged | |
That's how the Canadian lotto is like. | | |
Kentucky United States Member #33045 February 14, 2006 3105 Posts Offline | | Posted: July 7, 2009, 5:20 pm - IP Logged | |
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! 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 year for a million years. | | |
United States
Member #59008
February 18, 2008
710 Posts
Offline
| | Posted: July 7, 2009, 5:53 pm - IP Logged | |
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! 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. | | |
adelaide sa Australia Member #37542 April 11, 2006 1727 Posts Offline | | Posted: July 9, 2009, 8:43 am - IP Logged | |
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.
mon/ lotto [27] 38 tue/oz lotto [] wed/ lotto [ ] thu / power ball[1.65] sat/ lotto [] sat /pools [18.30] keno [112] 66 scratchers [ ]
jan loss [171.90], profit 49.25 ; feb loss [ 125.90 ], profit 168.25 ; march loss [151.25] profit 4 ;april loss [250.90] profit 64 | | |
United States
Member #59008
February 18, 2008
710 Posts
Offline
| | Posted: July 9, 2009, 9:10 am - IP Logged | |
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. 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? | | |
Norway Member #9692 December 10, 2004 837 Posts Offline | | Posted: July 9, 2009, 12:00 pm - IP Logged | |
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. | | |
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