this post was submitted on 30 Dec 2024
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[–] UnderpantsWeevil 109 points 2 months ago (1 children)

It doesn't. Just headline gore.

Lottery payouts typically have two options: lump sum at half the value of the winnings or a 30 year annuity at the full value. So this headline assumes lump sum reward and cuts the face value on that alone, then does a bunch of other hand waving to get you down the next 58%.

News journals that are owned/advertised by anti-tax republicans love to run out the "lottery was taxed too high" story, specifically targeting people who fancy themselves future lottery winners. It's all bullshit.

[–] [email protected] 12 points 2 months ago (3 children)

That's insane. In Europe when you'd win 1 billion € you get 1 billion €, no taxes, no lump sum reward.

[–] UnderpantsWeevil 9 points 2 months ago

Its a moot point because you're never going to win the lottery.

[–] [email protected] 5 points 2 months ago

Lotteries historically were setup as a fundraising efforts by governments, hence taxing lottery winnings

[–] Kaput 4 points 2 months ago

Are the lotteries state owned? In Quebec, that's why lotteries is not taxed. State lottery is a voluntary taxes in a itself