Now's the time to win! (tax bill)

Reply #5

music* — Thu, 09 Nov 2017 18:06:56 GMT

Saylorgirl, Both the U.S. House and Senate are looking at the new tax reform bill.

Observing how a tax bill is passed is like watching sausage being made.

I just want to be a winner who will handle millions of dollars with my advisers. Please grant me that opportunity

Reply #4

Saylorgirl — Sun, 05 Nov 2017 13:32:17 GMT

While that is true that the top tax bracket will remain the same they have proposed a bubble tax . This will take the tax rate on those making between $1,000,000 to $1,200,000 a tax of 46% on the $200,000. After that it will revert back to the 39.6% rate. Just a little penalty for those in a high tax bracket.

Reply #3

music* — Sun, 05 Nov 2017 00:50:38 GMT

The news on TV has the top rate remaining the same at 39.6% This is for a million dollar or more income.

The rich will pay their fair share. I hope to be among them.

Give unto Caesar what belongs to Caesar and give unto God what belongs to God . Taxes and Charity. Give both joyfully.

You would not be in this situation if you did not win one million dollars in the Lottery. Count your blessings.

Reply #2

Artist77 — Sat, 04 Nov 2017 14:20:22 GMT

Neither. It is when you actually receive the money.

Reply #1

grwurston — Sat, 04 Nov 2017 01:06:05 GMT

From the USA MEGA site.

If I live in a state that taxes prizes, but bought my ticket in a state with no tax on prizes, do I still need to pay state tax?

Yes, you do. Think of lottery prizes as regular earned income from a job. Just because you may work in a different state, that doesn't permit you to get away with not paying state income tax in your state of residence. The lottery works the same way.

Whether it's income from a job or income from gambling, the state where the money is wo... [ More ]

Now's the time to win! (tax bill)

Redd55 — Fri, 03 Nov 2017 13:43:51 GMT

They are proposing an increase on personal income over a million from 36.4% to 40 something %. Guess it is a small price to pay for winning a million smackeroos.

We've discussed this before, tho, I dont remember the consensus (as if there is ever one on LP) as to when a tax rate applies: date you won the prize or the date you pick up your Big Check