Welcome Guest
Log In | Register )
You last visited December 10, 2016, 9:06 pm
All times shown are
Eastern Time (GMT-5:00)

N.J. increases initial state tax withholding on lottery winnings

Topic closed. 20 replies. Last post 5 months ago by ressuccess.

Page 2 of 2
52
PrintE-mailLink
Drenick1's avatar - villiarna
USA
United States
Member #152799
February 25, 2014
1094 Posts
Offline
Posted: July 8, 2016, 2:41 pm - IP Logged

 I understand you, Todd.   Here in California, I am thankful for the Democratic leaders in our legislature and the Governor for keeping the,"No taxes on Lottery winnings in California" policy. It is a big break for us.

 California governments will get money when I start spending my jackpot.

I'm guessing your democratic leaders don't want to stir the pot as they already have a top tier income tax rate of 13.3% for the highest earners. With their fiscal budget in disarray it is only a matter of time before they implement a income tax on lottery winnings. The only reason they haven't done so is that it would be just a fraction of the income tax they collect from working folks.  Lottery players in California can count their blessing for the time being.

    Avatar
    Simpsonville
    United States
    Member #163189
    January 22, 2015
    678 Posts
    Offline
    Posted: July 8, 2016, 4:13 pm - IP Logged

    I meant that the tax rates go one direction=UP!    OTH it is money you wouldn't have had you not won a big jackpot.  In that respect it is moot point I suppose.  Good Luck to you, Todd.

      Kingofearth's avatar - Kinnak
      Upstate NY
      United States
      Member #174656
      May 5, 2016
      780 Posts
      Offline
      Posted: July 8, 2016, 4:49 pm - IP Logged

      I'm guessing your democratic leaders don't want to stir the pot as they already have a top tier income tax rate of 13.3% for the highest earners. With their fiscal budget in disarray it is only a matter of time before they implement a income tax on lottery winnings. The only reason they haven't done so is that it would be just a fraction of the income tax they collect from working folks.  Lottery players in California can count their blessing for the time being.

      UMMM.. California has a surplus and a stable budget as a result of raising taxes on the rich. Meanwhile states like Kansas and Louisiana which cut taxes on the rich dramatically are economic wastelands and completely destroyed. 

        Todd's avatar - Cylon 2.gif
        Chief Bottle Washer
        New Jersey
        United States
        Member #1
        May 31, 2000
        23277 Posts
        Online
        Posted: July 8, 2016, 5:01 pm - IP Logged

        UMMM.. California has a surplus and a stable budget as a result of raising taxes on the rich. Meanwhile states like Kansas and Louisiana which cut taxes on the rich dramatically are economic wastelands and completely destroyed. 

        Oh my gosh, no.  California has a horrendous financial situation.  The problem with taxes is not that the rich are paying too much (like they do in California), the problem is states like California that spend too much.

         

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

         

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

          Avatar
          New Member
          Salt Lake City, UT
          United States
          Member #175535
          June 21, 2016
          11 Posts
          Offline
          Posted: July 8, 2016, 5:10 pm - IP Logged

          What I don't get, and I can't find any information on the internet, but I always thought a portion of the initial dollar already went to the state?   Even if it .01 cent.   If that is the case and they collect on lottery winnings as well, isn't that double taxation?   Just curious if first fact is true.  I thought maybe California didn't have a tax because of that reason.   

           

          Hmmmmm.   Good luck to all who play mega tonight.   I wish you all luck.  Our company lottery pool driver can't get to Wyoming tonight in time for mega, but if it doesn't hit tonight we'll get some tomorrow for next Tuesday.   

           

          Our company pools powerball. 

           

          Thanks, happy weekend. all.

            ressuccess's avatar - Lottery-043.jpg

            United States
            Member #93164
            June 23, 2010
            1325 Posts
            Offline
            Posted: July 9, 2016, 2:27 pm - IP Logged

            Well unfortunately someone in Indiana won the Mega Millions jackpot.

            I hope that one $2 ticket is the only one that matches all 5 numbers plus the Powerball to win the largest Powerball Jackpot in United States history of over $2 Billion Dollars!