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Will new tax hikes affect lottery pay outs

Topic closed. 9 replies. Last post 4 years ago by dallascowboyfan.

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New Member
Oregon
United States
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December 23, 2012
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Posted: December 23, 2012, 3:39 am - IP Logged

Hello all. New to forum but have lurked for a while. I am wondering what impact the new tax rates will have on lottery payouts?

Thanks in advance for your replies.


    United States
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    July 25, 2012
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    Posted: December 23, 2012, 7:58 am - IP Logged

    Hello all. New to forum but have lurked for a while. I am wondering what impact the new tax rates will have on lottery payouts?

    Thanks in advance for your replies.

    Personally I couldn't care less if I won....Cause I'd still be a millionaire.........

      rdgrnr's avatar - walt
      Way back up in them dadgum hills, son!
      United States
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      April 28, 2009
      14903 Posts
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      Posted: December 23, 2012, 10:17 am - IP Logged

      Hello all. New to forum but have lurked for a while. I am wondering what impact the new tax rates will have on lottery payouts?

      Thanks in advance for your replies.

      Welcome to Lottery Post and best of luck to you, rc.

      But if you win the jackpot you will become one of the hated rich in our current environment and therefore you will have to be punished by having a large share of your wealth confiscated by the government. Shame on you for wanting to keep all that wealth and not share it with people who don't like to work! Shame!

        Litebets27's avatar - power
        Maryland
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        Member #10465
        January 14, 2005
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        Posted: December 23, 2012, 10:36 am - IP Logged

        Welcome to LP.

        When I win, I will let you know...Wink   I'm paying out the "ying-yang" now, so it won't make much difference.

        Feeling,  PRICELESS!!!Banana

        Come on Jackpot!!!


          Gambia
          Member #136854
          December 20, 2012
          208 Posts
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          Posted: December 23, 2012, 11:25 am - IP Logged

          I think the Taxes should Affect the Jackpot.... NOT the person who won the jackpot...

          but of course they would not do that. The jackpot will be for ex. 5,000,000 as they say on the media. But the taxes will come in only AFTER you happen to so Hit & THEN they come after you... Why not tax it & just say ""YOU CAN WIN 3,999,999 !!" instead of waiting for me to Get overly-excited because i hit a lix only for 'Men In Black' to come after me, tax the Badooshee out of me & leave me naked with 2,500,000 in payments of 50,000/year. No lumpsum. just piece by piece.... because they expect you to die First before u get your complete payment. so if you died after your 3rd 50k payment, the remaining will go right back to the Vault.

            JAP69's avatar - alas
            South Carolina
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            November 4, 2001
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            Posted: December 23, 2012, 11:49 am - IP Logged

            Yep the tax hikes will take a bigger bite of the prize.

            I am real excited about it. Plus we have the inheritance tax increase to boot.Thumbs Up

            What is real exciting about lottery jackpots is the winners have that tax skimmed right off up front before they get their check.

            Spread the wealth. Green laugh

            MAGA

              maringoman's avatar - images q=tbn:ANd9GcTbRxpKQmOfcCoUqF2FyqIOAwDo7rg9G-lfJLAALPGWJWwiz19eRw
              Massachusetts
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              April 14, 2006
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              Posted: December 23, 2012, 6:06 pm - IP Logged

              The Federal taxes are projected to go up from 35% to 39%. Then you add state income taxes to calculate total tax bill on income above $250,000 as President Obama is proposing. In my state we don't have a city tax like they do in NYC but we do have state income tax so my total tax burden would be 39% + 5 % = 43 % of any jackpot winning from January 2013. So annuity winners will pocket about 1/3 of their winnings lol damm .

              That money's gone fo ever

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                Kentucky
                United States
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                February 14, 2006
                7314 Posts
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                Posted: December 23, 2012, 6:22 pm - IP Logged

                Hello all. New to forum but have lurked for a while. I am wondering what impact the new tax rates will have on lottery payouts?

                Thanks in advance for your replies.

                The payoffs will be exactly the same, 25% Federal withholding minus whatever the state income tax rate. The big difference will be when they file taxes and they will owe more than someone winning a like amount on the current tax rates.

                  dallascowboyfan's avatar - tiana the-princess-and-the-frog.jpg
                  Oklahoma
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                  November 12, 2009
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                  Posted: December 23, 2012, 6:57 pm - IP Logged

                  Hello all. New to forum but have lurked for a while. I am wondering what impact the new tax rates will have on lottery payouts?

                  Thanks in advance for your replies.

                  It will have a MAJOR impact.......Mad

                  Welcome the LP......Thumbs Up

                  I Love Pink & Green 1908

                    dallascowboyfan's avatar - tiana the-princess-and-the-frog.jpg
                    Oklahoma
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                    November 12, 2009
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                    Posted: December 23, 2012, 7:00 pm - IP Logged

                    Welcome to Lottery Post and best of luck to you, rc.

                    But if you win the jackpot you will become one of the hated rich in our current environment and therefore you will have to be punished by having a large share of your wealth confiscated by the government. Shame on you for wanting to keep all that wealth and not share it with people who don't like to work! Shame!

                    But..but I'm entitltled to it... White Bounce

                    I Love Pink & Green 1908