How will the new tax bill effect lottery winnings?

Reply #35

GiveFive — Sat, 23 Dec 2017 20:18:42 GMT

You're going to come out ahead. Especially if you invest in a low cost passively managed index fund. Leave it alone, don't watch everyday, and decades from now, you'll be glad you invested. You'll have The Republicans to thank for it too.

You must have a pretty good crystal ball there Sarge. I mean you knowing there's definitely gonna be a crash in a year or two. Wish mine was as clear as yours especially when I'm pickin' my Powerball numbers, but it's not. It's kinda murky. But then there's... [ More ]

Reply #34

LiveInGreenBay — Sat, 23 Dec 2017 19:49:44 GMT

LOL genius, the next Republican stock market crash? You kidding me? Hey, 2007 ring a bell? Blame Bill Clinton for repealing the glass-steagal act and the democrats for the community reinvestment act. Come on admit it, you'll feel better about yourself in the morning. BTW its true the top tax rate was 70% plus back then, but you fail to recognize all the massive deductions also. Many didn't pay squat. Thank God for President Trump.

I'm done with you. Mark Twain once said Never argue with a foo... [ More ]

Reply #33

Sarge0202 — Sat, 23 Dec 2017 19:07:04 GMT

I do own stocks in my 401 K plan, this is money I will not see for decades, this is money I currently pay hidden fees on. Under the socialist Obama, this fees started to be listed in my statements, we even go a payback from out 401 K firm over charging us. Now under corporate criminal tRump, that is all repealed, and they can continue to hide and rip off my 401 . With any luck, tax deferment, stock gain minus inflation and fees I might come out ahead of just stuffing it in the mattress.

Reply #32

GiveFive — Sat, 23 Dec 2017 17:09:00 GMT

Sarge - you sound to me like you aint too much of an investor in stocks! But then I guess most Socialists aren't too big on capitalism. I wonder if Bernie Sanders ever bought any stocks. He liked handouts too - ones from the Federal government that he wanted you and I to pay for. Good hearted soul that Bernie - with MY money!!

As a stockpicker/holder I like buy-backs and increased dividends. I like share price appreciation too.

Dorry worry about the in-laws movin' in with me - they're both... [ More ]

Reply #31

GiveFive — Sat, 23 Dec 2017 16:46:20 GMT

I know why they didn't do it earlier 'Player.

They didn't have to make a pre-emptive strike to make themselves look good in the public's eye. To me, AT T, Wells Fargo and others are just trying to ward off the criticism's regarding what they might actually do with their newly found multimillion dollar windfall.

I saw the news about what AT T, FirstBancorp, Wells Fargo (among others) announced they were doing on Wednesday nite while watching CNBC. So on Thursday morning I fired off an email... [ More ]

Reply #30

GiveFive — Sat, 23 Dec 2017 16:23:22 GMT

KYFloyd responded with this comment; It depends upon how much they win Correct Floyd!

I just saw and read article that said these days you have to be worth 2.5 million to be considered rich .

Guess I'll still be a poor slob if I win a cool mill playing the Pennsylvania New Year's Millionaire Raffle. I'll walk away with only 665 grand in my pocket. I guess I'll just have to get used to the fact that I'll have zero debt, and a very cushy monthly income in retirement that will afford me the... [ More ]

Reply #29

KY Floyd — Sat, 23 Dec 2017 15:14:30 GMT

Maybe there's a reason that instead of being able to refute the things he's saying all you can do is get your panties in a twist.

Reply #28

lakerben — Sat, 23 Dec 2017 04:23:20 GMT

Reply #27

Stack47 — Sat, 23 Dec 2017 02:12:57 GMT

For that, come November of next year, let me know what your big tax cut is minus your Internet bill going up.

People over 66 are saying their 2017 Social Security cost-of-living adjustment was added to their monthly Medicare payment, giving them no increase at all. The majority of the 2018 COLA will also go towards an increase in monthly Medicare payment though they can expect about a 0.53% increase. How much of a raise the average tax payer really gets depends on future price increases, but... [ More ]

Reply #26

LiveInGreenBay — Fri, 22 Dec 2017 22:33:49 GMT

Hey Sarge, I'm not your comrade. Perhaps you're in the wrong Country. Go to the socialist hell hole of your choice. Recently another person was shot escaping NK. Funny how people risk death to escape your idea of Eutopia. Just go away screwball.

Reply #25

Sarge0202 — Fri, 22 Dec 2017 22:09:34 GMT

You choose to ignore the fact that corporations have publicly stated they will use the money for stock buyback to enrich their stockholders and give bonus to their already enriched execs for bonuses for having a good year . Boeing 18 Billion stock buyback is an example of the corporate welfare, this is not going to .... Are you ready for this... hire people, or increase salaries or bonuses for their rank and file employees. AT T can afford to give bonuses, because they got the other Corporate We... [ More ]

Reply #24

LiveInGreenBay — Fri, 22 Dec 2017 21:29:11 GMT

Hey Sarge, corporations / small businesses hire...... Are you ready for this?.......((( People looking for jobs))). I'll let you know in February how much less I pay Uncle Sam every week. AT T are giving each employee a $1000.00 bonus after this bill was signed by President Trump. How's that for corporate welfare. LOL

Reply #23

Sarge0202 — Fri, 22 Dec 2017 01:33:31 GMT

Since you clearly aren't full of intelligence, learn what sarcasms is and apply it to the jet comment.

The part about corporate welfare is true, so is the deficit.

Reply #22

LiveInGreenBay — Thu, 21 Dec 2017 22:37:47 GMT

Hey Sarge you're full of it! Corporate welfare? LOL! Tell you what, when you go to the next Packers game in Green Bay, let me know, I'll meet you're private jet at the airport. Scrape that Hillary bumper sticker off you your vw.

Reply #21

music* — Thu, 21 Dec 2017 18:06:45 GMT

I agree with your comments Think. A winner can afford all the professionals that are required.

Not hiring help is a common mistake of past winners who blew through their jackpots.

Reply #20

Think — Thu, 21 Dec 2017 17:54:46 GMT

Ask a tax professional.

I would be willing to place a large wager on the fact that nobody that has tried to answer your question on this thread, so far, is a tax professional. I would also be willing to go double or nothing that they did not read the tax bill before they commented on it here

Reply #19

DELotteryPlyr — Thu, 21 Dec 2017 09:27:40 GMT

why didn't they do that for their employees earlier?

Valid question that I agree with. Sad that it took Trump and all this we have gone through since he won to get the attention back on the American worker. But I work for a small company, an owner and 6 employees. I feel a lot better now about his ability to keep the company running since his tax bill just dropped.

Getting back to the main question - how will it effect lottery winnings?

If I understand right, claim by LLC or Trust an... [ More ]

Reply #18

DELotteryPlyr — Thu, 21 Dec 2017 09:27:08 GMT

Reply #17

KY Floyd — Thu, 21 Dec 2017 09:03:58 GMT

And?

Motives aside, why didn't they do that for their employees earlier? For those who believe the claim that lower corporate taxes will encourage companies to either increase payroll or invest more money in the company, maybe you should think about how taxes, and corporate income and expenses work.

Companies get to deduct their operating expenses from their gross income, so money paid as salaries or bonuses, and reinvestment in the company isn't taxable income. Imagine that after all of t... [ More ]

Reply #16

Rexer90 — Thu, 21 Dec 2017 05:48:53 GMT

Pretty sure the republicans never promised anything at all about companies giving workers bonus's?

In other news, the gift/estate threshold was doubled to about $11Million.

Reply #15

JAP69 — Thu, 21 Dec 2017 02:18:00 GMT

Don't believe everything you read on the Internet. --- Abraham Lincoln

______________________________________________

like that quote.

Reply #14

Sarge0202 — Thu, 21 Dec 2017 01:47:41 GMT

And they are still $3,000 short of what the Republicans promised

Reply #13

DELotteryPlyr — Wed, 20 Dec 2017 19:35:51 GMT

At T just announced the following

AT T is giving $1,000 bonuses to 200,000 employees after tax bill (unions employees)

AT T was quick to respond to news of U.S. tax reform, announcing it would give some employees bonuses once the law is official. Also mentioned a $1 BILLION investment increase in America (but I missed the details on that part

Reply #12

Sarge0202 — Sun, 17 Dec 2017 22:37:21 GMT

The only welfare I will be able to get now is I will FINALLY be able to write off my private jet maintenance! The whole tax bill is corporate welfare that will increase the deficit by the hypocritical party that only cares about deficits when the other party is in charge.

I play the lottery because I like a math challenge.

Oh and Sieg Heils

Reply #11

LiveInGreenBay — Sun, 17 Dec 2017 17:21:35 GMT

Hey Sarge, you call it what you want and I'll call it what I want, OK. Can't help but notice you seem to have a real hatred of rich people . Not to fear Sarge, I'm sure after the tax bill is passed, you'll still be receiving your welfare payments. If you play the lottery, my only question is, why

Reply #10

Kyle7824 — Sun, 17 Dec 2017 02:18:32 GMT

A pair from same group

a pair of Series

3 odd 3 even

4 odd 2 even

2 odd 4 even

spread out your # s Delta System

The PB well anyone s guess lol

Reply #9

Coin Toss — Sun, 17 Dec 2017 02:12:35 GMT

LiveInGreenBay,

Win a jackpot, then get concerned about it.

Reply #8

Sarge0202 — Sat, 16 Dec 2017 22:49:31 GMT

And every year after that, if you invest properly, you only pay a capital gains of 25% on your Millions you earn sitting on the couch. 25% is the same marginal tax rate of a family WORKING and earning 200,000$ a year. Plus the WORKING family has to pay payroll taxes that a jackpot winner won't have to.

Reply #7

EdG1955 — Sat, 16 Dec 2017 22:40:23 GMT

The estate tax and the gift tax are linked, so increasing the exclusion amount lets big lottery winners give away more money during their lifetime. When I win, I plan to give money to relatives and certain friends, so this will save quite a bit in taxes.

Reply #6

Sarge0202 — Sat, 16 Dec 2017 22:19:13 GMT

First, since I am pretty sure your estate is not worth more than 5.5 million, why care about those who do? They sure as hell don't care about you and your family.

Second, lets say by sheer luck (not skill) you estate happens to be one of the 0.2% of the estates that pay any tax, can you honestly say they your family can barely survive on 5+ million?!? You raised a foolish family. Lets go thru a typical scenario, you die at 75, you wife gets it all, tax free, she is taken care of. She dies lat... [ More ]

Reply #5

music* — Sat, 16 Dec 2017 01:02:46 GMT

I want the problems of a MM and PB winner. I will complain about the taxes after I see how much is left after paying them. Tonight's MM ATTH= $78 million Tomorrow's PB ATTH = $95 million.

ATTH is short for After-Tax Take Home. This applies to Washington State, California, Texas, and Florida.

Keep dreaming about how your retirement will be instantly funded by a win.

Reply #4

LiveInGreenBay — Fri, 15 Dec 2017 22:18:36 GMT

Sounds typically complicated. But I never saw the reasoning in that estate tax death tax . Someone pays taxed their entire life on their money, investments and property. And what happens when they fukin die? The stinking government takes more of it. How in the world can that be justified

Reply #3

KY Floyd — Fri, 15 Dec 2017 21:46:24 GMT

aren't lottery winners considered rich?

It depends on how much they win.

The biggest chunk of PB, MM, and most state jackpot games goes to the jackpots, but overall most lottery prize money goes to relatively modest prizes. Winning 25, 50 or 100k is nice, but as a one time thing it's not going to come close to making you rich. If you were lower or middle class when you bought that winning ticket you'll still be lower or middle class after winning, and you're not one of the people the Repu... [ More ]

Reply #2

LiveInGreenBay — Fri, 15 Dec 2017 20:27:04 GMT

Excuse me Lynn but aren't lottery winners considered rich

Reply #1

Lynn2015 — Fri, 15 Dec 2017 20:07:28 GMT

Im following it Its going to hurt the lottery winners in the end.I feel its to make the rich richer.We need a tax break thats going to help all of us ..

How will the new tax bill effect lottery winnings?

LiveInGreenBay — Fri, 15 Dec 2017 19:41:26 GMT

Anyone following the news knows about the new tax bill being voted on by Congress today. Supposedly it has huge tax breaks for businesses and people. I'm wondering if anyone knows how this effect lottery winnings. Will the feds tax lottery winnings less too