Welcome Guest
Log In | Register )
You last visited January 21, 2017, 4:32 pm
All times shown are
Eastern Time (GMT-5:00)

New Tenn. congressman wants national lottery

Topic closed. 20 replies. Last post 10 years ago by stavros.

Page 2 of 2
PrintE-mailLink
Todd's avatar - Cylon 2.gif
Chief Bottle Washer
New Jersey
United States
Member #1
May 31, 2000
23353 Posts
Online
Posted: November 15, 2006, 8:02 am - IP Logged

If they where to do it NO federal tax on winnings would be nice.

 

I support the fair tax. It would eliminate all taxes on lottery winnings

Learn about the Fair Tax.
Visit http://fairtax.org/

Did you check out Konane's blog?  There is all kinds of info on the Fair Tax there.

 

Check the State Lottery Report Card
What grade did your lottery earn?

 

Sign the Petition for True Lottery Drawings
Help eliminate computerized drawings!

    Avatar
    Delaware
    United States
    Member #30273
    January 14, 2006
    494 Posts
    Offline
    Posted: November 15, 2006, 9:39 am - IP Logged

    If they where to do it NO federal tax on winnings would be nice.

     

    I support the fair tax. It would eliminate all taxes on lottery winnings

    Learn about the Fair Tax.
    Visit http://fairtax.org/

    (Off topic rant alert) 

    While I'd rather not turn this into a political debate on this forum, I feel I should point that this is actually a very bad proposal. It would simply replace one nightmare with another. Creating a 23% sales tax will be more expensive than what exists today when you actually do the math yourself (and that doesn't count state). Rather than focusing on creating a new tax, the emphasis needs to be on reduction and outright elimination of the current income tax, without creating a new monster to replace it. "Revenue neutral" should not be a goal, as reducing wasteful spending should be concurrent with any tax cut (and we all know how much of that there is). It is possible to do this, it's just that no politician is willing to come up with a reasonable proposal.

    What will wind up happening, assuming you got it passed, is they will do a "phase-in, phase-out" and it'll be altered significantly from it's intended purpose, and at some point, the phasing will be stopped, and then you will have BOTH to contend with. And the "prebate" will be the first thing to go (see their site for details). Nice thought, but with the mindset in Washington as it is today, it will not work.

    (steps off soapbox)

      Bradly_60's avatar - disney37
      Atlantic Mine, Michigan
      United States
      Member #416
      June 23, 2002
      1614 Posts
      Offline
      Posted: November 15, 2006, 9:49 am - IP Logged

      I think a national lottery would be a good idea.  Seems like I am the only one.  But nothing like we are used to.  If the US was going to have a national lottery we should model it after Spains El Grando (or whatever they call it)  Just twice a year drawings with sales for each drawing in the Billions.  Our national debt isn't in the trillions....it is about $400-$500 billion.  Even though I don't think the money should be used for that.....they can just find the money now in the budget and quit overspending (hopefully that will happen with the new congress).  But I don't think a national lottery wouldn't be a bad idea.

      B-Rad

        cps10's avatar - Lottery-004.jpg
        The Carolinas - Charlotte
        United States
        Member #21627
        September 12, 2005
        4138 Posts
        Offline
        Posted: November 15, 2006, 10:11 am - IP Logged

        I think a national lottery would be a good idea.  Seems like I am the only one.  But nothing like we are used to.  If the US was going to have a national lottery we should model it after Spains El Grando (or whatever they call it)  Just twice a year drawings with sales for each drawing in the Billions.  Our national debt isn't in the trillions....it is about $400-$500 billion.  Even though I don't think the money should be used for that.....they can just find the money now in the budget and quit overspending (hopefully that will happen with the new congress).  But I don't think a national lottery wouldn't be a bad idea.

        B-Rad

        Yeah, no way they could generate that kind of cash to reduce the debt without reducing spending.

        I think you are thinking of El Gordo, right? A multi-billion dollar cash payout would be incredible...with NO taxes taken out.

        The North Carolina Education Lottery - so much a joke that here are their mascots:

        Stooges

          floridian's avatar - DiscoBallGlowing

          United States
          Member #45802
          August 28, 2006
          335 Posts
          Offline
          Posted: November 19, 2006, 3:35 pm - IP Logged

          Tennessee State Senator Steve Cohen, author of the bill creating the Tennessee Lottery, says he may consider working on a bill to create a national lottery to pay off the national debt when he heads to Congress.

          "I've considered that," he said. "I know that the state lottery's against it, but I think a national lottery to pay off the national debt would be a good thing. ... Debt is a serious problem. A national lottery could help."

          Cohen, a Democrat, was elected to succeed U.S. Rep. Harold Ford Jr. in the 9th District.

          Cohen also says he wants to become the first white member of the Congressional Black Caucus.

          I suspect that if this does materialize we could conceivably see a billion dollar first prize.  I did say billion here.  There are many 100 million dollar top prizes in Mega and several above 200 mil.  Heck, why not a billion dollar winner.

          F

            stavros's avatar - avatar 6898.gif
            Florida
            United States
            Member #6147
            August 8, 2004
            1396 Posts
            Offline
            Posted: November 19, 2006, 4:00 pm - IP Logged

            I think a national lottery would be a good idea.  Seems like I am the only one.  But nothing like we are used to.  If the US was going to have a national lottery we should model it after Spains El Grando (or whatever they call it)  Just twice a year drawings with sales for each drawing in the Billions.  Our national debt isn't in the trillions....it is about $400-$500 billion.  Even though I don't think the money should be used for that.....they can just find the money now in the budget and quit overspending (hopefully that will happen with the new congress).  But I don't think a national lottery wouldn't be a bad idea.

            B-Rad

            I agree B-Rad!  What a jackpot that would be!

            Good Luck!

            Stavros