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Powerball rolls to $310M !!

Topic closed. 32 replies. Last post 11 years ago by twisted.

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Portland Oregon
United States
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October 10, 2005
47 Posts
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Posted: February 12, 2006, 3:21 pm - IP Logged

I am curious why you guy worry about paying the government their fair share of taxes when you would have more money than 10 people could spend in a long lifetime.  I would pay my full share of taxes (44%) if I won, and be happy to do so.

Boxing

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    Sparta, NJ
    United States
    Member #18331
    July 9, 2005
    1977 Posts
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    Posted: February 12, 2006, 3:26 pm - IP Logged

    As I stated, I have no problem paying taxes, nor do I have aproblem with flu shots.  Without taxes, this country couldn't protect its citizens.  I like protection.  I just don't like the people spending the taxes on their personal projects or to get re-elected.

    Cheers

    |||::> *'`*:-.,_,.-:*''*:--->>> Chewie  <<<---.*''*:-.,_,.-:*''* <:::|||

    I only trust myself - and that's a questionable choice

      twisted's avatar - underground
      New Jersey
      United States
      Member #2376
      September 25, 2003
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      Posted: February 12, 2006, 10:20 pm - IP Logged

      I am curious why you guy worry about paying the government their fair share of taxes when you would have more money than 10 people could spend in a long lifetime. I would pay my full share of taxes (44%) if I won, and be happy to do so.

      Boxing

      Why should the government not tax lottery winnings? Because in my opinion that is double taxation. Even though I dont have a problem paying my fair share of taxes to Uncle Sam (he really needs it to pay off the record debt our country has), I still think that lottery winnings should not be taxed.

      We already pay income taxes on our income. And its the money we are using after paying taxes to buy lottery tickets. And when that 50% (or less) of every dollar we spend comes back to the players in prizes, we have to pay taxes on that. Thats double taxation. They are already generating revenues from the lottery, why do they have to tax the winnings. So instead of paying 50% back to the players, its actually more like 30% going back to the players.

      Sure we can deduct loosing lottery tickets on our tax returns, but how many people actually remember or know to do that? Its a pain keeping "evidence" because if the IRS asks for it, we have to produce proof that we lost money on the lottery by showing all the losing tickets.

      My needs are not that high. So if I'm winning millions I wouldnt mind paying some in taxes. But its the part where they say, "50 cents of every dollar goes back to the player" I dont agree with.

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        Morrison, IL
        United States
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        May 13, 2004
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        Posted: February 12, 2006, 11:14 pm - IP Logged

        Twisted, your argument may work in favor of no states taxing lottery winnings, but the US government doesn't receive a dime from state run lotteries other than by taxing the winners of large prizes.

          twisted's avatar - underground
          New Jersey
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          Member #2376
          September 25, 2003
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          Posted: February 12, 2006, 11:22 pm - IP Logged

          Twisted, your argument may work in favor of no states taxing lottery winnings, but the US government doesn't receive a dime from state run lotteries other than by taxing the winners of large prizes.

          You and I both pay federal income tax on our income right now. We are using our money after paying federal income tax to buy lottery tickets.

          We have already paid federal income tax on that money once. Why do we have to pay again?

          In my opinion that is double taxation. You might feel differently.

            Todd's avatar - Cylon 2.gif
            Chief Bottle Washer
            New Jersey
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            Posted: February 13, 2006, 8:12 am - IP Logged

            twisted,

            I totally agree with you.  Unfortunately, there is no going back on taxes.  You see how hard is was for George Bush to pass his relatively small tax cut, and he's going to have to fight even harder to keep it.

            I should write a blog entry on that one day.

            Once these Washington legislators get their hands on your money, it's impossible to keep them away.  Money is what gives them their power, and we all know they love power.

             

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

             

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

              cps10's avatar - Lottery-004.jpg
              The Carolinas - Charlotte
              United States
              Member #21627
              September 12, 2005
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              Posted: February 13, 2006, 9:38 am - IP Logged

              Todd

              Agreed on taxes. It's a losing situation regardless.

              On a totally unrelated note - if I send PayPal for Platinum, what is the general turnaround time?

              Thanks.


                United States
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                Posted: February 13, 2006, 9:38 am - IP Logged

                twisted,

                I totally agree with you.  Unfortunately, there is no going back on taxes.  You see how hard is was for George Bush to pass his relatively small tax cut, and he's going to have to fight even harder to keep it.

                I should write a blog entry on that one day.

                Once these Washington legislators get their hands on your money, it's impossible to keep them away.  Money is what gives them their power, and we all know they love power.

                todd:

                It irritates me when somebody refers to the current president as "George Bush". We ALREADY had a George Bush in the White House! #43 is known as "George W Bush" (the former prez, "H W Bush".

                  Todd's avatar - Cylon 2.gif
                  Chief Bottle Washer
                  New Jersey
                  United States
                  Member #1
                  May 31, 2000
                  23345 Posts
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                  Posted: February 13, 2006, 9:40 am - IP Logged

                  twisted,

                  I totally agree with you.  Unfortunately, there is no going back on taxes.  You see how hard is was for George Bush to pass his relatively small tax cut, and he's going to have to fight even harder to keep it.

                  I should write a blog entry on that one day.

                  Once these Washington legislators get their hands on your money, it's impossible to keep them away.  Money is what gives them their power, and we all know they love power.

                  todd:

                  It irritates me when somebody refers to the current president as "George Bush". We ALREADY had a George Bush in the White House! #43 is known as "George W Bush" (the former prez, "H W Bush".

                  Sorry to irritate you about George Bush.

                   

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

                   

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

                    Todd's avatar - Cylon 2.gif
                    Chief Bottle Washer
                    New Jersey
                    United States
                    Member #1
                    May 31, 2000
                    23345 Posts
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                    Posted: February 13, 2006, 9:41 am - IP Logged

                    Todd

                    Agreed on taxes. It's a losing situation regardless.

                    On a totally unrelated note - if I send PayPal for Platinum, what is the general turnaround time?

                    Thanks.

                    If you send a PayPal eCheck, I have to wait for the check to clear, and that takes a few days.  If you pay using a bank account tranfer or credit card, the turnaround is always less than 24 hours.

                     

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

                     

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

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                      Indiana
                      United States
                      Member #29196
                      December 29, 2005
                      280 Posts
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                      Posted: February 13, 2006, 10:25 am - IP Logged

                      Pay the government's fair share of taxes?  There's an oxymoron for you.  Let's see I win a $300 million Powerball jackpot.  I take the cash which is approx $145 million.  ($155 million goes up in smoke to the Powerball illusion.)  Next the Feds take 25% off the top.  The state of IN takes 3.4%  and the county takes a little bit more.  At the end of the year I do my taxes and settle up with the Feds so they can get their 35%.  Thirty five % plus 3.4% plus a little bit for the county equals approx 40%.  When I invest the money the government will once again take their fair share of taxes on the interest I earn and of course I'll pay sales tax on anything I buy and property tax on my new home in a gated community.

                      So my $300 Powerball prize becomes $145 million which then becomes about $79 million after total taxes.  Don't get me wrong that's more than enough for me to live on.  But I still have to chuckle at the phrase pay the govenrment's fair share of taxes.  Who won the damn jackpot?  Me or the (collective) government?

                      And of course we must keep in mind those figures don't include the money they made from selling tickets.

                      Jim 

                       


                      Money frees you from doing things you dislike.  Since I dislike doing nearly everything, money is handy.  - Groucho Marx

                        cps10's avatar - Lottery-004.jpg
                        The Carolinas - Charlotte
                        United States
                        Member #21627
                        September 12, 2005
                        4138 Posts
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                        Posted: February 13, 2006, 10:31 am - IP Logged

                        Todd

                        Agreed on taxes. It's a losing situation regardless.

                        On a totally unrelated note - if I send PayPal for Platinum, what is the general turnaround time?

                        Thanks.

                        If you send a PayPal eCheck, I have to wait for the check to clear, and that takes a few days.  If you pay using a bank account tranfer or credit card, the turnaround is always less than 24 hours.

                        Todd

                        It would be a straight transfer. You should see it in a little while. I look forward to utilizing some of the resources available. Thanks!

                          Todd's avatar - Cylon 2.gif
                          Chief Bottle Washer
                          New Jersey
                          United States
                          Member #1
                          May 31, 2000
                          23345 Posts
                          Online
                          Posted: February 13, 2006, 11:00 am - IP Logged

                          cps10:  Great, I hope you enjoy all the new features.

                           

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

                           

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

                            four4me's avatar - gate1
                            MD
                            United States
                            Member #1701
                            June 18, 2003
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                            Posted: February 13, 2006, 11:14 am - IP Logged

                            Uncle Jim you got that right when the gov jumped in to the lottery game they knew they were going to be the big winner.

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                              Palm Harbor, FL
                              United States
                              Member #32362
                              February 11, 2006
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                              Posted: February 13, 2006, 11:31 am - IP Logged

                              that is on lump sum I would take. Let's see...$250 mil gives you $120 mil take home. $300 million lump sum take home =  Party