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Obama Admin. working on 90% tax on lottery?

Topic closed. 21 replies. Last post 7 years ago by RJOh.

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NY
United States
Member #23835
October 16, 2005
3474 Posts
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Posted: June 30, 2009, 2:56 am - IP Logged

"If this is true, we are heading towards communism."

We've already got communism. We just don't do it as thoroughly, or in the same manner as the countries you think are communist.

"I don't have the facts on this, nor any documentation, but we all heardthat he was going to tax the middle class, through rumors."

Everyone but the very poor is already taxed. Perhaps you're referring to the outright lies that were used leading up to the election claiming that Obama would raise "your" taxes?  Very few people have over 250k in taxable income (the threshold for the possibility of higher taxes), but I know I sure heard a lot of  talk about how "your" taxes would be going up, even though the people making those claims had no idea how much "your" taxable income is.

"the 90% penalty is just on the poor slobs who took their income as a bonus at AIG instead of getting a regular salary."

The 90% tax is only on taxable income above 250k, so none of the affected qualify as "poor slobs" and none of them were collecting those bonuses in lieu of a regular salary. The reason for the outrage was that so many of the bonuses were very large, and paid to people already earning significant salaries, and often to people whose job performance had obviously been less than stellar.

"There will never be a 90% tax."

The top marginal tax rate in the US has been more than 90% for 15 of the 105 years in which we've had a federal income tax. The majority of people weren't much bothered, because the vast majority didn't have to pay it.

    Kaptainess's avatar - hiro bird.jpg

    United States
    Member #63356
    July 26, 2008
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    Posted: June 30, 2009, 6:46 am - IP Logged

    I know that our elected officials are dumb, but it would really be a real dumb-dumb for them to put 90% tax rate on wins.  No one would play the jackpots.  Why would they?  I sure as ..... wouldn't. 

    But I do believe there will be more taxes on the horizon.  Bummer!!!

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      Kentucky
      United States
      Member #32652
      February 14, 2006
      7314 Posts
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      Posted: June 30, 2009, 6:12 pm - IP Logged

      Alot of the times, there always may not be facts about a topic. Hearsay is hearsay, but there is usually always some truth to whatever is being said. I'm still trying to digest the fact that you asked why I would make a post without any facts, in a discussion forum. I am in the lottery discussion forum aren't I? Besides I wouldn't put anything past Obama. If you don't watch out they'll be giving you a curfew time for lottery post.

      People are already complaining about state lotteries' advertised jackpot value when the actual cash value is much less and now you're suggesting Congress is going to deduct 90% in Federal taxes. There are discussions about the effect of the high jackpot games like Powerball and Mega Millions on individual state lottos when the players made the decision to play for the higher jackpots.

      After your alleged 90% tax takes affect, a $50 million jackpot would make the cash value about $2.5 million after taxes. Do you really believe people will be standing in lines to play for $2.5 million like they have for $200 million plus jackpots?

        Coin Toss's avatar - shape barbed.jpg
        Zeta Reticuli Star System
        United States
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        January 17, 2006
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        Posted: June 30, 2009, 6:24 pm - IP Logged

        It's been rumored that Obama and his team are working on a bill that would put a 90% cap on anything over $250,000. This includes one who may win the lottery, meaning they would take 90% of anything won over $250,000.00. If this is true, we are heading towards communism.

        Hopefully it won't go to 90% but right after the election I made a comment in a thread here that if you're destined to win a jackpot in your lifetime hope that you do it before this guy takes office.

        This would make a good skit for SNL or some show, .....show jackpot winners at press conferences and photoshop Obama, Reid, Pelosi, or Hillary showing up at the conference with their hand out!

        Wink

        Green laugh

        Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

        Lep

        There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

          TheGameGrl's avatar - character catafly.jpg
          A long and winding road
          United States
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          June 10, 2005
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          Posted: June 30, 2009, 9:32 pm - IP Logged

          ONE WORD  "SPECULATION".

          ~~Is it true, Is it kind,Is it necessary. ~~~

           Thanks be to the giving numbers: 1621,912,119 02014

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            Kentucky
            United States
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            February 14, 2006
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            Posted: July 1, 2009, 11:45 am - IP Logged

            Hopefully it won't go to 90% but right after the election I made a comment in a thread here that if you're destined to win a jackpot in your lifetime hope that you do it before this guy takes office.

            This would make a good skit for SNL or some show, .....show jackpot winners at press conferences and photoshop Obama, Reid, Pelosi, or Hillary showing up at the conference with their hand out!

            Wink

            Green laugh

            Almost every state lottery that has a decline in profits blames it in part because of lower than expected Powerball or Mega Millions sales due to the jackpots being hit before they reach ticket buying frenzies. A 90% Federal tax on winnings over $250,000 would virtually ruin all the multi-million dollar games.

            The headlines in the News forum will be "On Thursday a Farmer from Southern Illinois claimed the $113 million Mega Millions jackpot" and "Farmer Brown took the $70 million cash value".

            And the small print will say:

            "After Federal and state taxes, Brown will get a check for $6.5 million.

              RJOh's avatar - chipmunk
              mid-Ohio
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              March 24, 2001
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              Posted: July 1, 2009, 2:55 pm - IP Logged

              Almost every state lottery that has a decline in profits blames it in part because of lower than expected Powerball or Mega Millions sales due to the jackpots being hit before they reach ticket buying frenzies. A 90% Federal tax on winnings over $250,000 would virtually ruin all the multi-million dollar games.

              The headlines in the News forum will be "On Thursday a Farmer from Southern Illinois claimed the $113 million Mega Millions jackpot" and "Farmer Brown took the $70 million cash value".

              And the small print will say:

              "After Federal and state taxes, Brown will get a check for $6.5 million.

              No doubt about it, the desire to win a large jackpot drives lottery ticket buying frenzies that make money for the states but there are some folks out there who think it just wrong for some poor slob to instantly have that much money because he bought a lottery ticket.

              In the nineties when Ohio had the best state lottery around with jackpots of $50M+ which attracted players from neighboring states, Ohio lawmakers added a rule that limited the winnings of a single lottery ticket to $20M regardless of the advertised jackpot size and people stopped playing.  They got rid of that rule after a year of declining tickets sales but the lottery never recovered until after 2002 when MegaMillions was added to bring players back and stop them going out of state to play PowerBall and BigGame.

              I don't think we will ever see a similar move again, at least in Ohio.

               * you don't need to buy more tickets, just buy a winning ticket * 
                 
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