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what tax do you pay if you win a foreign lotto?

Topic closed. 1 reply. Last post 7 years ago by PERDUE.

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savagegoose's avatar - ProfilePho
adelaide sa
Australia
Member #37136
April 11, 2006
3300 Posts
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Posted: September 19, 2009, 12:38 pm - IP Logged

i read this on a an article online, thought i would highlite the bits i thought relevant. So even if you are a US citzen . living over seas, and win on a foreign lottery  you pay uncle sam his cut.

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"When the nation's President raises income taxes, foreigners like my friend leave and government income goes down.

"Unfortunately, YOU CAN'T LEAVE.

"Wait a minute. This is America, land of the free, right?

"Not so fast... The US government will track US citizens everywhere to get tax money. If you leave to work in another country, you still pay US income taxes. America and North Korea are the only countries that tax you on your worldwide income.

"If it gets bad enough, you can just give up your citizenship, right? Nope, you can't do that either. At least, you can't do it without paying a potentially massive 'exit tax.'

"The exit tax acts like an estate tax. If you want to give up your citizenship, you have to give up nearly half your wealth above a certain level. The Economist magazine calls it 'America's Berlin Wall.' Nice, eh?

"Want some more nice? Once you're gone, you're not legally allowed to come back and visit family and friends. Yes, if the government decides you have renounced citizenship for tax purposes, a federal law prohibits you from entering the country ever again. (You can look up the rule under 8 USC 1182(a)(10)(E).)

"You can escape states with oppressive taxes. But 'escaping' the US - the land of the free - is much more difficult. And you can bet it won't get any easier as the government needs more and more of your income to pay its bills."

2014 = -1016; 2015= -1409; 2016 JAN = -106; FEB= -81; MAR= -131; APR= - 87: MAY= -91; JUN= -39; JUL=-134; AUG= -124; SEP = -123; OCT= -84  NOV=- 73 TOT= -3498

keno historic = -2291 ; 2015= -603; 2016= JAN=-32, FEB= +12 , MAR= -86, APR = -77. MAY= -48, JUN= -29, JUL=-71; AUG = -52; SEPT= -43; OCT = +56 NOV = -33 TOT= -3297

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    Monkey Butt, USA
    United States
    Member #54569
    August 23, 2007
    1124 Posts
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    Posted: September 27, 2009, 12:03 pm - IP Logged

    Wow interesting post. I didn't know this. It never would've crossed my mind that even after I give up my citizenship I would still be required to put money in the kitty. If America is nothing else you have to admit that it is consistent with the freedom to be greedy. I guess we have to ask ourselves, where were we when the laws were being enacted? and how much representation do our elected officials offer us, the average citizens?