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N.J. Lottery goes from zero to highest tax rate in the USA

Topic closed. 63 replies. Last post 7 years ago by OldSchoolPa.

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dopey7719's avatar - Lottery-049.jpg
Midlands, SC
United States
Member #69698
January 14, 2009
303 Posts
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Posted: July 3, 2009, 6:46 am - IP Logged

One other thing. Save your losing tickets!

You get to deduct your loses from your income.

I wiped out $1,600 in taxes in '05 by showing loses.

And wiped out a big bunch of my takes when I won $10K in PB in '06.

That is because it took loses to get the income.

MarkP

I thought of doing that but I'm too afraid to see how much money I actually spent in a year on the lottery....seeing that total may just make me pass out!!!

    Raven62's avatar - binary
    New Jersey
    United States
    Member #17843
    June 28, 2005
    49642 Posts
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    Posted: July 3, 2009, 9:12 am - IP Logged

    I am utterly sickened by this. No Nod

    So much for Responsible Government and Self-Serving Polititians!

    politic: characterized by policy; sagacious or prudent

    sagacious: having or showing keen perception or discernment and sound judgment

    Time for a Change: Vote the Current Group Out: Maybe the next Group Will Be Better!

    A mind once stretched by a new idea never returns to its original dimensions!

      rcbbuckeye's avatar - Lottery-043.jpg
      Texas
      United States
      Member #55889
      October 23, 2007
      5588 Posts
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      Posted: July 3, 2009, 9:52 am - IP Logged

      I am utterly sickened by this. No Nod

      Noticed that 2 of the bill's sponsors are Dems. A lesson to everyone. If you vote for politicians that like to take your money, you will get politicians that like to take your money. Todd, I think you would agree this is the kind of "change" that people unwittingly voted for and now everyone is going to pay dearly.

      I truly feel sorry for those that live in NJ.

        Avatar

        United States
        Member #70687
        February 8, 2009
        7916 Posts
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        Posted: July 3, 2009, 10:08 am - IP Logged

        This is how The politicians especially Democrats operate. They stay under the radar by sponsoring bills such as this,  to stay corrupt without being in the limelight. Now is the time to show how corrupt they really are. Wake up people.....!

        Truly pathetic...!!!!!! 

        Yes, because Republicans are so much better. Roll Eyes


          United States
          Member #58528
          February 18, 2008
          710 Posts
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          Posted: July 3, 2009, 10:08 am - IP Logged

          Noticed that 2 of the bill's sponsors are Dems. A lesson to everyone. If you vote for politicians that like to take your money, you will get politicians that like to take your money. Todd, I think you would agree this is the kind of "change" that people unwittingly voted for and now everyone is going to pay dearly.

          I truly feel sorry for those that live in NJ.

          I Agree!

          I couldn't have said it better myself.Democrats are the tax & spend party.

            Think's avatar - lightbulb
            Marquette, MI
            United States
            Member #20541
            August 20, 2005
            705 Posts
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            Posted: July 3, 2009, 11:56 am - IP Logged

            "We were one of the few states that did not tax winnings," Treasury spokesman Tom Bell said. "We're facing historic shortfalls in revenue. We had to look for solutions."

            Translation-

            We were one of the few states that did not tax winnings, Treasury spokesman Tom Bell said. We're facing historic shortfalls in revenue. We had to look for WAYS TO MAKE THOSE SHORTFALLS WORSE!

            "Only prizes of more than $10,000 will be taxed under the law. The tax rate will range from 1.4 percent up to as much as 10.8 percent, depending on the total amount of the payout plus the usual tax line items, such as the winner's other income and marital status. State officials expect to generate about $8 million through the new tax, Bell said."

            Tanslation-

            State officials expect to lose more in lottery sales than the gain generated by about $8 million through the new tax.

            "Some regular players predicted the lottery might see a drop in participation as a result of the new tax, and others vowed the retroactive tax would have political implications on lawmakers, including Gov. Jon Corzine."

            Translation-

            Go ahead, vote us out!  We don't want to govern over this mess anyway and this is an easy way to get out of office.  If you people knew how totally screwed we really are you would be stashing money in your mattresses right now instead of reading this!

            "An unlimited power to tax involves, necessarily, a power to destroy,"
                                                                                                     Daniel Webster

              Todd's avatar - Cylon 2.gif
              Chief Bottle Washer
              New Jersey
              United States
              Member #1
              May 31, 2000
              23260 Posts
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              Posted: July 3, 2009, 1:40 pm - IP Logged

              @LotteryGuy:  I see you deleted your post, but I just thought I'd mention that federal taxes are the same for all states.  The only difference is with the state portion of taxes.  Also, in some cases, such as New York City, there are additional local taxes, on top of the state and federal taxes.  Even so, the new N.J. taxes exceed those.

               

              Check the State Lottery Report Card
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                LotteryGuy's avatar - mrthumbs
                Ohio
                United States
                Member #74411
                May 10, 2009
                71 Posts
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                Posted: July 3, 2009, 1:57 pm - IP Logged

                @LotteryGuy:  I see you deleted your post, but I just thought I'd mention that federal taxes are the same for all states.  The only difference is with the state portion of taxes.  Also, in some cases, such as New York City, there are additional local taxes, on top of the state and federal taxes.  Even so, the new N.J. taxes exceed those.

                Todd, yes I had deleted my post because I was initially confused thinking "we have 31% tax in Ohio" and then I finally realized that this is a State tax of which ours is 6% "currently".  So, let me get this straight....with federal and state tax, then winners will be paying 25% federal and 11% state?  Making the total tax 36%?!  If that's the case, that is ridiculous.  Of course, in Ohio anything won above $599.00 you have to pay a total of 31%, which I think is horrible.

                Life is not measured by the number of breaths we take but by the moments that take our breath away!

                  Avatar

                  United States
                  Member #61296
                  May 17, 2008
                  187 Posts
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                  Posted: July 3, 2009, 2:20 pm - IP Logged

                  Throw em all the hell out!!! Now they expect lottery winners to bail out their screw ups!!! This is an outrage. NJ is already one of the most expensive states in the country to live in with basically the highest property taxes in the nation wth no rebates this yr thanks to this fu-- Corzine. Now if u actually win the lottery, it would have to be a really high jackpot to secure any financial freedom withthis 11% crap. BS!!!!

                    Avatar
                    Espanola NM
                    United States
                    Member #72722
                    March 25, 2009
                    133 Posts
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                    Posted: July 3, 2009, 3:55 pm - IP Logged

                    Todd, yes I had deleted my post because I was initially confused thinking "we have 31% tax in Ohio" and then I finally realized that this is a State tax of which ours is 6% "currently".  So, let me get this straight....with federal and state tax, then winners will be paying 25% federal and 11% state?  Making the total tax 36%?!  If that's the case, that is ridiculous.  Of course, in Ohio anything won above $599.00 you have to pay a total of 31%, which I think is horrible.

                    I don't want to scare you.   But the numbers you posted are just the taxes being withheld.   When it comes to the feds and filing taxes in April.....the tax for the yr can be as high as 35%.    Add on the state tax.....and if you live in NH or NJ....that is almost half of your money gone.

                      DC81's avatar - batman39
                      MI
                      United States
                      Member #54830
                      August 31, 2007
                      985 Posts
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                      Posted: July 3, 2009, 5:23 pm - IP Logged

                      Geez, it looks like they wanted to one up New Hampshire.....

                      Either way, politicians suck.

                      You can't predict random.

                        jarasan's avatar - new patrick.gif
                        Harbinger
                        D.C./MD.
                        United States
                        Member #44103
                        July 30, 2006
                        5583 Posts
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                        Posted: July 3, 2009, 5:31 pm - IP Logged

                        Is NJ Democratic?

                          johnph77's avatar - avatar
                          CA
                          United States
                          Member #2987
                          December 10, 2003
                          832 Posts
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                          Posted: July 3, 2009, 5:40 pm - IP Logged

                          Somehow lost in the numerous posts in this thread is the fact that the state is already taking out about 50% of the money wagered as a house edge. Now they want more.

                          Blessed Saint Leibowitz, keep 'em dreamin' down there..... 

                          Next week's convention for Psychics and Prognosticators has been cancelled due to unforeseen circumstances.

                           =^.^=

                            RJOh's avatar - chipmunk
                            mid-Ohio
                            United States
                            Member #9
                            March 24, 2001
                            19816 Posts
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                            Posted: July 3, 2009, 6:06 pm - IP Logged

                            Todd, yes I had deleted my post because I was initially confused thinking "we have 31% tax in Ohio" and then I finally realized that this is a State tax of which ours is 6% "currently".  So, let me get this straight....with federal and state tax, then winners will be paying 25% federal and 11% state?  Making the total tax 36%?!  If that's the case, that is ridiculous.  Of course, in Ohio anything won above $599.00 you have to pay a total of 31%, which I think is horrible.

                            Ohio treat lottery winnings like regular income and taxes it using the same rates.  Until recently New Jersey was one of only four MegaMillions states that didn't do that.  California, Texas and Washington still don't but with California having budget problems I bet they are the next to change the rule.  From what I've read New Jersey was already taxing regular income over $500K at 8.9% so they could have accomplished almost the same results by treating lottery winnings as regular income as Ohio does and they probably would have gotten a better response especially from people already paying state taxes on incomes of $500K+.  Plus New Yorkers who might have brought their MM tickets in New Jersey because it was easier won't now.

                             * you don't need to buy more tickets, just buy a winning ticket * 
                               
                                         Evil Looking       

                              Coin Toss's avatar - shape barbed.jpg
                              Zeta Reticuli Star System
                              United States
                              Member #30470
                              January 17, 2006
                              10345 Posts
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                              Posted: July 3, 2009, 6:15 pm - IP Logged

                              We really need to copy other countries (on both the Federal and State levels) and have no taxes on gambling winnings.

                              If NJ did this after seeing NH's 10% tax kick in, it didn't take long at all, did it?

                              Look for all the other states with lotteries to folow suit, this will be just like one of those domino set-ups.

                              Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

                              Lep

                              There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.