The Stupid Tax

Reply #40

CinCin — Sat, 23 Feb 2013 17:35:41 GMT

The stupid tax analogy should be only for those who are notated in another thread that play lotteries with their bill money..People like that give the rest of us a bad name, and trust me, there are so many of those who do this, although I do have to sympathize with some of them because I'm sure some could do this out of acts of desperation.....

Reply #39

LottoBoner — Fri, 22 Feb 2013 23:00:11 GMT

So to think that you can come up with a system on lottery pick x games to overcome a 50% house edge, that to me is stupid. I'd rather play more on scratch games which have typically smaller 35% house edge and big jackpots, and also a few bucks here and there on other lottery games.

Some people might call it genius.

Reply #38

Stack47 — Fri, 22 Feb 2013 22:41:47 GMT

Could you please be more specific?

I highlighted the portion of rdgrnr's remarks I agreed with and since there is no disagreement or debate, there is no reason to be more specific. Are you bored because not very many members respond to your posts and want me to debate why I agreed?

Are you planning on asking all the members who wish someone a happy birthday or congrats to the winner to be more specific?

The tax assessed on winning payoffs depends on the tax bracket the winners

The... [ More ]

Reply #37

MarcCharles — Fri, 22 Feb 2013 19:54:10 GMT

Hi Jimmy4164:

You said it better than I did. Thanks.

The term stupid tax conjures up all kinds of things, including anger.

And how often people play the lottery is irrelevant. It is a freewill tax every time you play.

I don't agree with the assumption that 50% of all lottery proceeds are paid out in the form of prizes . This will be shown not to be the case most of the time. Everyone knows the lottery books are the easiest of all books to cook .

Reply #36

jimmy4164 — Fri, 22 Feb 2013 05:39:53 GMT

Wrong!

The tax assessed on winning payoffs depends on the tax bracket the winners find themselves in at tax time after they add their winnings to and subtract their losing ticket costs from their other earned income. Very few [if any] people in the US pay 50% income tax. Since you report so often that you already know so many things here, I'm amazed that you didn't know that.

The 50% stupid tax refers to the fact that in nearly ALL state lotteries, only 50% of the gross ticket sales are re... [ More ]

Reply #35

Stack47 — Fri, 22 Feb 2013 02:10:10 GMT

But it is somewhat true: you could consider the lottery as legalized gambling with a 50% tax

The 50% stupid tax is only assessed on winning payoffs. If lottery winners are stupid, what do we call the losers

Reply #34

Jon D — Thu, 21 Feb 2013 22:53:56 GMT

Calling the lottery a stupid tax is just an inflamatory statement meant to elicit some kind of reaction.

But it is somewhat true: you could consider the lottery as legalized gambling with a 50% tax. For typical states, overall: 50% of revenue is paid back in prizes, 33% goes toward public benefit, and the remainder is overhead and retailer compensation. So if you play a *lot* of the lottery relative to your income, you might be stupid, knowing that this activity has a 50% tax. Or you could ju... [ More ]

Reply #33

Artist77 — Thu, 21 Feb 2013 22:28:51 GMT

I agree about that being a stupid comment. I work in a large corp. where most people have more letters after their names than one can list...and I was at a big meeting a while back (the last time there was the superbig jackpot..maybe it was the 600 million plus one) and everyone was showing their lottery tickets...lol.

Reply #32

helpmewin — Thu, 21 Feb 2013 22:17:51 GMT

Reply #31

MarcCharles — Thu, 21 Feb 2013 22:14:30 GMT

Hi:

I'm not sure why so many people took offense to the Stupid Tax.

I wasn't knocking anyone.....or even Warren Buffett. I was imply pointing out the idea or notion that a lottery is a freewill tax on the stupid.

I'm about as far from Karl Marx as you can get. I'm pro business, family, freedom and the lottery :)

But in the back of my mind I knew the term Stupid Tax would make lottery players mad....so I'm at fault for that.

However....the lottery is a freewill offering people give... [ More ]

Reply #30

rdgrnr — Thu, 21 Feb 2013 19:57:15 GMT

Yeah, either one'll work but schmuck is slightly more genteel by definition:

Putz

Literally, vulgar slang for the male member, not to be used lightly. More offensive than the schmuck, which can be used affectionately or teasingly. Rarely used to describe the member, schmuck does that too.

Reply #29

rcbbuckeye — Thu, 21 Feb 2013 18:58:19 GMT

CinCin...

I think you are thinking of JIMMY Buffet. LOL.

Reply #28

rdgrnr — Thu, 21 Feb 2013 04:23:53 GMT

Yeah, that Cheeseburger in Paradise song was annoying.

Reply #27

rdgrnr — Thu, 21 Feb 2013 04:22:00 GMT

Roger that, haymaker.

Reply #26

CinCin — Thu, 21 Feb 2013 00:59:35 GMT

Ahhh! Never realized this...I never cared for his music anyway.

Reply #25

haymaker — Thu, 21 Feb 2013 00:36:06 GMT

I new he was full of b/s when he said he bought a modest house in 1958 for $31,500,

uhh...no, in 1958 a modest house cost $10,000 or less probably much less.

Reply #24

Ronnie316 — Wed, 20 Feb 2013 23:06:57 GMT

I think he meant schmuck putz....

Reply #23

jimmy4164 — Wed, 20 Feb 2013 23:04:43 GMT

Could you please be more specific?

I didn't have a problem with his comments on taxes.

Reply #22

LottoBoner — Wed, 20 Feb 2013 22:54:15 GMT

Did you mean putz instead of schmuck

Reply #21

Stack47 — Wed, 20 Feb 2013 17:43:19 GMT

outrageous comparison of his taxes and his secretary's.

Reply #20

jimmy4164 — Wed, 20 Feb 2013 16:57:37 GMT

Thanks MarcCharles,

I like to play the lottery, so I'm stupid in Warren's book too!

The problem with trying to enlighten people here is that there is a small but vocal group of posters whose agenda is difficult to determine. If they really believe the fallacies they try to propagate, they are profoundly Innumerate. However, if they understand this as well as you and me, then they are not good people, and have a vested interest in suppressing scientifically sound knowledge such as yours ab... [ More ]

Reply #19

rdgrnr — Wed, 20 Feb 2013 16:37:01 GMT

Buffet is the Grand High Exalted Mystic Schmuck of investing.

He insulted the intelligence of anyone who has any with his outrageous comparison of his taxes and his secretary's.

I never realized what a conniving, phoney-baloney slimeball he was until I heard that one.

Reply #18

Ronnie316 — Wed, 20 Feb 2013 15:48:23 GMT

Reply #17

Ronnie316 — Wed, 20 Feb 2013 15:37:57 GMT

And MarcCharles. sounds like Karl Marx. Only backwards and twisted.

Reply #16

Ronnie316 — Wed, 20 Feb 2013 15:32:51 GMT

Great point.

Reply #15

RedStang — Wed, 20 Feb 2013 15:31:03 GMT

More like inside trading by a group he hired.

Reply #14

Ronnie316 — Wed, 20 Feb 2013 15:18:00 GMT

MMMMMMMMMMM, sounds strangely like Jimmy4671

Reply #13

Ronnie316 — Wed, 20 Feb 2013 15:16:36 GMT

GEICO

Reply #12

Stack47 — Wed, 20 Feb 2013 15:10:38 GMT

I actually prefer to think of my lottery playing as a high risk investment, not a tax ... and sure not a stupid tax .

Both are risk/reward, but the risk and reward aren't even close comparing the stock market to a pick 3 game. When Buffet buys stock, his risk is probably less than 10% of his investment and his reward goal is probably under 25%. A pick 3 player is risking all of their investment to get a 50,000% reward.

Reply #11

joshuacloak — Wed, 20 Feb 2013 15:09:12 GMT

the people who call it a tax, should have no place in office, or even voting , there brains should never be allowed 2 control others

they must be as smart as children, its not a tax, never have been

u don't have the govt, with a gun so to speak, at your head, if u dare tell them to take there tax and stick it up there A$% , let alone courts bullying u 2 pay it if u dare don't ,and if u tell courts where to stick it, will same story, guns and force.

ofc its not a tax

anyone that... [ More ]

Reply #10

Stack47 — Wed, 20 Feb 2013 14:57:11 GMT

Warren Buffett refers to the lottery as the stupid tax .

The odds of picking the right three digits in a pick 3 game is 1000 to 1 and the payoff is $500 so a dollar bet becomes a 50 cent bet. When Buffet buys stock, he gets dollar for dollar value on his investment when a pick 3 player only gets 50 cents on the dollar.

If you had a thousand horses lined up on a field for a race, and you had to pick three winners, it would be almost impossible, even with historical anaylsis, to pick 3.

Reply #9

maringoman — Wed, 20 Feb 2013 13:02:04 GMT

Thats exactly what it is, a high risk investment. Its no different from investing in a start up. Who would have thought Lehman Brothers would collapse and took with it billions of investors funds

Reply #8

Chris$ — Wed, 20 Feb 2013 12:41:43 GMT

Warren buffet got rich in a style much like playing the lottery.

smart investing in stocks and other various funds is not much

different than a smart play at the right time on a certain set of numbers.

as others here have said its all about risk vs. reward.

Reply #7

CinCin — Wed, 20 Feb 2013 12:25:44 GMT

Very well stated!! I agreeeeeeeeeee

Reply #6

PlayToWin47 — Wed, 20 Feb 2013 03:00:37 GMT

I actually prefer to think of my lottery playing as a high risk investment, not a tax ... and sure not a stupid tax .

I have always been taught: The greater the risk, the greater the reward . If you think about it, there really is nothing different between investing and gambling ... except the level of risk, and therefore the level of reward.

Reply #5

mightwin — Wed, 20 Feb 2013 00:26:03 GMT

Nah he's just one of those arrogant monopoly players that think they know everything cuz they gotz boardwalk and park place..................

Reply #4

SergeM — Tue, 19 Feb 2013 23:40:23 GMT

You are gambling. If you want to bet ten dollars on Pick 3, you are better off at the roulette table.

Reply #3

mcginnin56 — Tue, 19 Feb 2013 22:49:20 GMT

GIGO

Reply #2

maringoman — Tue, 19 Feb 2013 22:43:16 GMT

What Mr Buffet will not tell you is how else to legally end up with $2M without doing back-breaking work for 40 years earning $50,000 a year. When I hear that stupid tax reference I just think ..Why are ye fearful, O ye of little faith?.. and shrug off and leave

Reply #1

RJOh — Tue, 19 Feb 2013 22:42:53 GMT

While you're thinking, think about this. Computers don't think and they don't do anything randomly and they can't do something that no human know how to program them to do. Even when a computer looks like it's picking numbers randomly, it's following a set of instructions that were programmed by a human.

The Stupid Tax

MarcCharles — Tue, 19 Feb 2013 22:26:12 GMT

Hi Gang:

Warren Buffett refers to the lottery as the stupid tax .

In part, it's true.

Nobody that plays the lottery wants to be considered stupid.

I'm stupid because I like to play.

But I'm also aware of reality, randomness and probability.

The one thing almost every lottery player refuses to acknowledge.....let alone believe, is every system, formula, method or strategy starts at zero after every draw.

In other words, every lottery draw starts fresh. There's no such thing a... [ More ]

** The Stupid Tax **

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** The Stupid Tax **

The Stupid Tax

The Stupid Tax