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Pennsylvania lottery winners to be taxed for the first time

Topic closed. 51 replies. Last post 2 years ago by dpoly1.

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bel air maryland
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Posted: May 12, 2015, 7:47 pm - IP Logged

"We have a massive budget deficit that we need to close," Sheridan said. "It's over two billion dollars, and doing something that every other state but two currently do seems like a no-brainer."

Perhaps the two states that don't tax lottery winnings do not have a massive budget deficit. If that's the case, then it's a no-brainer that the other 48 states should do what those two states are dong to manage their budgets.

"You can observe a lot just by watching." Yogi Berra, Hall of Fame baseball player.

The numbers will tell you what numbers to play. Pay attention to the numbers.

Don't just think outside the box, crush it.

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    Posted: May 12, 2015, 8:33 pm - IP Logged

    if I could get 1 million people to send me $100 dollars each how much would the taxes be? Only because the state touches the money is it taxable. it's absolutely unfair. the money I bought my lottery ticket with was already taxed, as was all the other lottery money involved.

      mikeintexas's avatar - tx avatar-1.gif
      Texas Panhandle
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      Posted: May 12, 2015, 8:49 pm - IP Logged

      if I could get 1 million people to send me $100 dollars each how much would the taxes be? Only because the state touches the money is it taxable. it's absolutely unfair. the money I bought my lottery ticket with was already taxed, as was all the other lottery money involved.

      I believe zero taxes.  People can give you up to $14,000 annually w/out them having to pay taxes on it.  I'm fairly certain you wouldn't have to pay any Federal taxes on it either, but that's fairly certain, not for sure.  I think there's one state that taxes gifts, but I can't remember which one.  Wasn't mine, so I didn't care.
      ----
      Edit to add: I just did a quick search and while opinions varied, the consensus was that the recipient wouldn't have to pay any tax.  One caveat was if the donor didn't pay the tax, then the IRS could go after the recipient.  I was thinking that there might be a tax since you got 100 million total.
      -----

      Edit again:  one source, the only one I checked, said Minnesota and Connecticut are the only states that tax gifts.

        Think's avatar - lightbulb
        Marquette, MI
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        Posted: May 12, 2015, 9:13 pm - IP Logged

        Do you get to vote on these taxes?

        We just had a vote here in Michigan on tax increases and the voters told the greasy greedy pigs in Lansing to F*ck Off!

        The proposal got shot down by a 4 to 1 margin.

        It does make you wonder what the H3LL they are doing with all that money we are already giving them.

        The Michigan proposal was probably typical of all states in that it was a Rube Goldberg style shell game swindle.

        At the forefront was an increase in the Michigan sales tax.  Our sales tax started at 3% and 20 years ago it went to 6% and they still wanted to raise it even more!

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          Egg Harbor twp.south Jersey shore
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          Posted: May 12, 2015, 9:35 pm - IP Logged

          Well, so much for keeping the ...Wolf... away from the door !

          Extraordinary Popular Delusions & the Madness of Crowds    -- Charles Mackay  LL.D.

            Teddi's avatar - Lottery-008.jpg

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            Posted: May 12, 2015, 9:53 pm - IP Logged

            And this is why one should always take the lump sum. Whenever there's a need for a state and/or federal government to come up with more money, they go after lottery winnings first. Over the course of 30 years those installments are going to get smaller and smaller.

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              Zeta Reticuli Star System
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              Posted: May 12, 2015, 10:49 pm - IP Logged

              From the OP:

              "We have a massive budget deficit that we need to close," Sheridan said. "It's over two billion dollars,.."

              Here's the flaw. When states want to pass a bill to approve a lottery they use - or have used for states with them - the very same argument for having a lottery, to help with a budget deficit.

              Just a other political lie but they know that players want it so bad they'll put up with it.

              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.

                HaveABall's avatar - rocket

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                Posted: May 13, 2015, 12:22 am - IP Logged

                Governor Wolf: Cut Spending: Not Raise Taxes!

                I Agree!

                Having several millions of dollars in my financial accounts means receiving several valuable services each day!

                Disney

                  HaveABall's avatar - rocket

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                  Posted: May 13, 2015, 12:33 am - IP Logged

                  They increase lottery tickets prices and people still play.

                  They increase the balls to choose from and people still play.

                  They raise taxes on lottery winnings and people still play.

                  It seems that lottery players are a resource that must be exploited. 

                  Puke

                  Sure, maringoman, because they have always known that this is our DEVOTED "out" or "retirement plan" after prior life's monetary losses.

                  It can be a great return ... but only if our gambling wins (preferably sooner rather than later) 1st or 2nd place!

                  Having several millions of dollars in my financial accounts means receiving several valuable services each day!

                  Disney

                    JAMORA's avatar - ladyclover
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                    Posted: May 13, 2015, 12:54 am - IP Logged

                    They increase lottery tickets prices and people still play.

                    They increase the balls to choose from and people still play.

                    They raise taxes on lottery winnings and people still play.

                    It seems that lottery players are a resource that must be exploited. 

                    Puke

                    I Agree!

                      rcbbuckeye's avatar - Lottery-043.jpg
                      Texas
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                      Posted: May 13, 2015, 8:16 am - IP Logged

                      And this is why one should always take the lump sum. Whenever there's a need for a state and/or federal government to come up with more money, they go after lottery winnings first. Over the course of 30 years those installments are going to get smaller and smaller.

                      So right. A lot can happen over 30 years.

                      CAN'T WIN IF YOU'RE NOT IN

                      A DOLLAR AND A DREAM (OR $2)

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                        Posted: May 13, 2015, 10:17 am - IP Logged

                        "We have a massive budget deficit that we need to close," Sheridan said. "It's over two billion dollars, and doing something that every other state but two currently do seems like a no-brainer."

                        Perhaps the two states that don't tax lottery winnings do not have a massive budget deficit. If that's the case, then it's a no-brainer that the other 48 states should do what those two states are dong to manage their budgets.

                        One of the two states that doesn't tax lottery winners has a $2 billion deficit. It's Pennsylvania. The other has a sales tax that's 25% higher than Pennsylvania's, and a maximum income tax rate that's almost 4 times as high as Pennsylvania's.Even if Pennsylvania does start taxing lottery winnings, residents of every other state with an income tax would still be better off winning the lottery as a Pennsylvania resident than as a resident of whichever state they live in now.


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                          Posted: May 13, 2015, 10:18 am - IP Logged

                          Don't tax lottery winners, they can't afford it!!!

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                            Posted: May 13, 2015, 10:53 am - IP Logged

                            Don't tax lottery winners, they can't afford it!!!

                            Now it really is a "stupid tax"

                            Trump 2016!

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                              Posted: May 13, 2015, 12:59 pm - IP Logged

                              Sure, maringoman, because they have always known that this is our DEVOTED "out" or "retirement plan" after prior life's monetary losses.

                              It can be a great return ... but only if our gambling wins (preferably sooner rather than later) 1st or 2nd place!

                              In 2003 I was brimming with lottery optimism. Now I'm just not so sure. I'm just glad that I don't play scratch offs like I used to.

                              Good luck in your plays. God knows I need some

                              That money's gone fo ever