Welcome Guest
Log In | Register )
You last visited January 22, 2017, 12:47 am
All times shown are
Eastern Time (GMT-5:00)

Tax-Free and Anonymity

Topic closed. 7 replies. Last post 8 years ago by MillionsWanted.

Page 1 of 1
PrintE-mailLink
Bondi Junction
Australia
Member #57242
December 24, 2007
1102 Posts
Offline
Posted: July 7, 2009, 1:22 am - IP Logged

US state lotteries could learn from the Aussies, all lottery prize money is tax-free in Australia and winners can remain anonymous, which most do.

 

Also, if you win $53 million, you get $53 million, they don't have any annuity nonsense. That's what America needs - TRUTH IN JACKPOTS!

    jackpotismine's avatar - kanji for_peace.jpg
    Kunming
    China
    Member #57910
    January 23, 2008
    3626 Posts
    Offline
    Posted: July 7, 2009, 3:13 am - IP Logged

    US state lotteries could learn from the Aussies, all lottery prize money is tax-free in Australia and winners can remain anonymous, which most do.

     

    Also, if you win $53 million, you get $53 million, they don't have any annuity nonsense. That's what America needs - TRUTH IN JACKPOTS!

    You are so right! Where can I sign up?

    Play to win!

      Avatar

      United States
      Member #54390
      August 17, 2007
      313 Posts
      Offline
      Posted: July 7, 2009, 4:05 am - IP Logged

      That's how the Canadian lotto is like.

        Avatar
        Kentucky
        United States
        Member #32652
        February 14, 2006
        7344 Posts
        Offline
        Posted: July 7, 2009, 5:20 pm - IP Logged

        US state lotteries could learn from the Aussies, all lottery prize money is tax-free in Australia and winners can remain anonymous, which most do.

         

        Also, if you win $53 million, you get $53 million, they don't have any annuity nonsense. That's what America needs - TRUTH IN JACKPOTS!

        Taxes on gambling winnings were on the books before the lotteries so I don't know how IRS could justify taxing a $1300 trifecta winner at a race track and not tax a multi-million dollar lottery winner. I agree it would be nice if all gambling winnings were exempt but they are classified as income just like savings accounts, stocks and bonds.

        As for the advertised jackpots, it's not like they are saying the jackpot is $1 million, but in the small print saying it would be paid off at a dollar a year for a million years.


          United States
          Member #58528
          February 18, 2008
          710 Posts
          Offline
          Posted: July 7, 2009, 5:53 pm - IP Logged

          US state lotteries could learn from the Aussies, all lottery prize money is tax-free in Australia and winners can remain anonymous, which most do.

           

          Also, if you win $53 million, you get $53 million, they don't have any annuity nonsense. That's what America needs - TRUTH IN JACKPOTS!

          Does Australia charge a sales tax on lottery tickets?If everyone is taxed when they purchase a lottery ticket the government still rakes in the cash and the winner gets to keep the entire jackpot.I don't know if this would work in America,though.People already call lotterys a tax on the poor.

            savagegoose's avatar - ProfilePho
            adelaide sa
            Australia
            Member #37136
            April 11, 2006
            3316 Posts
            Offline
            Posted: July 9, 2009, 8:43 am - IP Logged

            its not tax free here in oz, its paid at ticket purchase time. 11% straight form the wallet of every buyer. the jackpot is tax free but the buyers all pay their tax up front, on the dream. your way it actually gets less tax than this way. but we dont care. its only 11c on the dollar , if you dont think you are basically throwing away a buck every time you buy a ticket , keep your buck.

            2014 = -1016; 2015= -1409; 2016  = -1171; 2017 = ?  TOT =  -3596

            keno historic = -2291 ; 2015= -603; 2016= -424; 2017 = ? TOT = - 3318


              United States
              Member #58528
              February 18, 2008
              710 Posts
              Offline
              Posted: July 9, 2009, 9:10 am - IP Logged

              its not tax free here in oz, its paid at ticket purchase time. 11% straight form the wallet of every buyer. the jackpot is tax free but the buyers all pay their tax up front, on the dream. your way it actually gets less tax than this way. but we dont care. its only 11c on the dollar , if you dont think you are basically throwing away a buck every time you buy a ticket , keep your buck.

              Thats my point,exactly.If the state charged a tax on the sale of lottery tickets (state & federal tax),they would get their taxes up front and wouldn't need to get it from the winner.They get their taxes this way from the sale of gasoline and federal excise taxes on tires,why can't they do the same with the lottery?

                MillionsWanted's avatar - 24Qa6LT

                Norway
                Member #9517
                December 10, 2004
                1280 Posts
                Offline
                Posted: July 9, 2009, 12:00 pm - IP Logged

                Norway is also tax free and gives winners anonymity. As far as I know, the lottery company doesn't pay any takes  neither, since it is run as a trust which gives money to culture, sports and other charities.