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Lottery Jackpots And Tax Havens

Topic closed. 24 replies. Last post 8 months ago by TheMeatman2005.

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If you won a jackpot would you set up an account in a tax haven?

Yes [ 6 ]  [23.08%]
No [ 20 ]  [76.92%]
Total Valid Votes [ 26 ]  
Discarded Votes [ 3 ]  
Bondi Junction
Australia
Member #57242
December 24, 2007
1102 Posts
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Posted: April 7, 2016, 4:55 am - IP Logged

You may have read about the Panama Papers: It would appear that Leona Helmsley was right, when she said, "We don't pay taxes. Only the little people pay taxes."


What are the Panama Papers?

The Panama Papers are an unprecedented leak of 11.5m files from the database of the world’s fourth biggest offshore law firm, Mossack Fonseca. The records were obtained from an anonymous source by the German newspaper Süddeutsche Zeitung, which shared them with the International Consortium of Investigative Journalists (ICIJ). The ICIJ then shared them with a large network of international partners, including the Guardian and the BBC.

What do they reveal?

The documents show the myriad ways in which the rich can exploit secretive offshore tax regimes. Twelve national leaders are among 143 politicians, their families and close associates from around the world known to have been using offshore tax

We all get a lot out of lotteries!

    Bondi Junction
    Australia
    Member #57242
    December 24, 2007
    1102 Posts
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    Posted: April 7, 2016, 6:29 pm - IP Logged

    UK PM finally Admits Owning Shares In Dad's Offshore Fund


    David Cameron has admitted for the first time he did hold shares in a controversial offshore fund set up by his late father.

    The Prime Minister has faced questions this week over his family's tax affairs after details of Ian Cameron's investment fund were reported as part of the Panama Papers leak.

    Mr Cameron's admission that he owned, sold and made a profit on shares in Blairmore Holdings before he became PM has prompted calls for him to resign.

    We all get a lot out of lotteries!

      music*'s avatar - nw bookeep.jpg
      Happy California
      United States
      Member #157856
      August 2, 2014
      1550 Posts
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      Posted: April 7, 2016, 6:57 pm - IP Logged

       WOW!!  Everything hidden will be revealed. Sunlight on crimes makes criminals pay.

       Chi ha danari, trova cugini. (He who has money finds many cousins.) Italian proverb

        Romancandle's avatar - moon
        Upacreek
        United States
        Member #136306
        December 8, 2012
        431 Posts
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        Posted: April 7, 2016, 7:59 pm - IP Logged

         WOW!!  Everything hidden will be revealed. Sunlight on crimes makes criminals pay.

        Yeah right... Wall Street bailed out... Sun couldn't have shown brighter on those crooks and nothing happened .

        -RC

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          The Windy City
          United States
          Member #171690
          January 10, 2016
          62 Posts
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          Posted: April 7, 2016, 8:35 pm - IP Logged

          I barely trust my money in this country.   I would have a very difficult time trusting it offshore.

          - Wanna win at least a couple commas

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            Kentucky
            United States
            Member #32652
            February 14, 2006
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            Posted: April 7, 2016, 9:41 pm - IP Logged

            Federal taxes (25%) are deducted from winnings over $25,000, but the winners could owe up to 14% more when they file their tax return. But after that there is no Federal tax liabilities on those winnings.

            Based on some of the comments in the "after winning a jackpot" threads lots of people don't understand 25% in Federal taxes will be deducted from their winnings regardless of the number of tax lawyers they bring with them to lottery headquarters. Tax havens might come in handy after investing the after tax winnings, but basically useless for the initial prize.

              savagegoose's avatar - ProfilePho
              adelaide sa
              Australia
              Member #37136
              April 11, 2006
              3316 Posts
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              Posted: April 8, 2016, 3:54 am - IP Logged

              It is legal to minimize taxes,.It is legal to move money off shore th lower taxed locations. Is It moral? that depends on your morals.

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

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

                music*'s avatar - nw bookeep.jpg
                Happy California
                United States
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                Posted: April 8, 2016, 10:42 am - IP Logged

                Yeah right... Wall Street bailed out... Sun couldn't have shown brighter on those crooks and nothing happened .

                 I am also referring to the next life in either Heaven or Hell. The criminal's soul will spend eternity in one of the two destinations.

                 Chi ha danari, trova cugini. (He who has money finds many cousins.) Italian proverb

                  MaximumMillions's avatar - Lottery-013.jpg

                  Germany
                  Member #164603
                  March 8, 2015
                  645 Posts
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                  Posted: April 8, 2016, 10:49 am - IP Logged

                   I am also referring to the next life in either Heaven or Hell. The criminal's soul will spend eternity in one of the two destinations.

                  Which is a concept not everyone believes in.

                   

                  As the source of lottery winnings is usually government-adjacent I doubt you can successfully siphon that money out of the country. Titpon failed. It's not black money from illegal activity, the government already knows the source and will take its' cut.

                  As for Europe there is no point as winnings aren't taxed. I cans ee using a tax vehicle for inheritance purposes, but again, there are more attractive ways to do so. One could just move to the Bahamas for 183 days and not pay taxes on inheritance. No need for complicated half-illegal measures.

                    Raven62's avatar - binary
                    New Jersey
                    United States
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                    June 28, 2005
                    51138 Posts
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                    Posted: April 8, 2016, 11:24 am - IP Logged

                    Yeah right... Wall Street bailed out... Sun couldn't have shown brighter on those crooks and nothing happened .

                    I Agree!

                    A mind once stretched by a new idea never returns to its original dimensions!

                      Raven62's avatar - binary
                      New Jersey
                      United States
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                      June 28, 2005
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                      Posted: April 8, 2016, 11:26 am - IP Logged

                      I barely trust my money in this country.   I would have a very difficult time trusting it offshore.

                      ROFL So True, So True!

                      A mind once stretched by a new idea never returns to its original dimensions!

                        Raven62's avatar - binary
                        New Jersey
                        United States
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                        June 28, 2005
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                        Posted: April 8, 2016, 11:28 am - IP Logged

                         I am also referring to the next life in either Heaven or Hell. The criminal's soul will spend eternity in one of the two destinations.

                        Nice Concept: But: They Have No Soul!

                        A mind once stretched by a new idea never returns to its original dimensions!

                          1977's avatar - flower2
                          st. pete
                          United States
                          Member #6680
                          September 3, 2004
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                          Posted: April 8, 2016, 12:28 pm - IP Logged

                          In Florida you have to pay federal taxes on winnings ,but there is no State taxSmile

                            Teddi's avatar - Lottery-008.jpg

                            United States
                            Member #142499
                            May 13, 2013
                            1203 Posts
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                            Posted: April 9, 2016, 12:28 am - IP Logged

                            You may have read about the Panama Papers: It would appear that Leona Helmsley was right, when she said, "We don't pay taxes. Only the little people pay taxes."


                            What are the Panama Papers?

                            The Panama Papers are an unprecedented leak of 11.5m files from the database of the world’s fourth biggest offshore law firm, Mossack Fonseca. The records were obtained from an anonymous source by the German newspaper Süddeutsche Zeitung, which shared them with the International Consortium of Investigative Journalists (ICIJ). The ICIJ then shared them with a large network of international partners, including the Guardian and the BBC.

                            What do they reveal?

                            The documents show the myriad ways in which the rich can exploit secretive offshore tax regimes. Twelve national leaders are among 143 politicians, their families and close associates from around the world known to have been using offshore tax

                            There's no point in having a tax haven just for a jackpot win. No matter what, the IRS is taking their 25% off the top, and unless you make hefty donations to charities in the first year to have a tax write-off, the IRS is getting the remaining 14.6% as well. Tax shelters will be of no use on that front. 

                            However, a tax haven comes in handy if income generated from the jackpot was sufficient enough to make it worthwhile, since setting up and maintaining a tax shelter account is far from being free. 

                            I plan on having offshore accounts set up, not for tax evasion but because I think diversification of funds is a always a good idea. If those accounts are set up in a way that decreases my tax burden...win-win.

                              Drenick1's avatar - villiarna
                              USA
                              United States
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                              February 25, 2014
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                              Posted: April 9, 2016, 11:36 am - IP Logged

                              The article mentions twelve world leaders having these accounts including Putin and David Cameron. I wonder if Obama has one as well because he immediately held a press conference shortly after this news was revealed shifting blame on corporations. I also heard that Putin may have as much as 22 billion in these accounts alone which is a fraction of the rumored $200+ billion he has stolen from his country.