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California delivery driver claims half of $648 million jackpot

Topic closed. 62 replies. Last post 3 years ago by jamella724.

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United States
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November 29, 2012
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Posted: January 19, 2014, 4:22 pm - IP Logged

Retroactive Tax?!?  That's crazy.

Can happen and is not against the law. When you think of the term retroactive, you think past years rates being changed. In reality, the law was passed July 1, 2009 for the 2009 fiscal year. Technically, no different from last year, when Congress passed the 39.6% upper bracket tax, 5% raising in the capital gains, and the ending of payroll tax cut at 2:00 a.m. on January 1st. Would you complain then (assuming you were neutral on the raises) that they retroactively did that?

You have to go with the assumption all the time that you might owe more than withheld at the end of the year. You don't pay taxes until Jan 1st at the earliest of next year anyways

    mrcraft's avatar - images3lp4 zps7dbb4a10.jpg
    Los Angeles, California
    United States
    Member #149492
    December 2, 2013
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    Posted: January 19, 2014, 5:31 pm - IP Logged

    Can happen and is not against the law. When you think of the term retroactive, you think past years rates being changed. In reality, the law was passed July 1, 2009 for the 2009 fiscal year. Technically, no different from last year, when Congress passed the 39.6% upper bracket tax, 5% raising in the capital gains, and the ending of payroll tax cut at 2:00 a.m. on January 1st. Would you complain then (assuming you were neutral on the raises) that they retroactively did that?

    You have to go with the assumption all the time that you might owe more than withheld at the end of the year. You don't pay taxes until Jan 1st at the earliest of next year anyways

    My comment was based on the post immediately before mine which made mention about retroactive tax.  When I read the term "retroactive," I assumed he meant lottery winners were taxed for lottery winnings from prior years.  I didn't realize it only affected lottery winners for the 6 month period in 2009.

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      Texas
      United States
      Member #132455
      September 4, 2012
      483 Posts
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      Posted: January 19, 2014, 6:33 pm - IP Logged

      Congratulations what a lucky man. The funny thing is that if he don't remembered that he had bought a ticket in San Jose the mysterious winner, which is himself, will never show up. Furthermore he even complimented the winner a lucky man not knowing that the winner was him.