this post was submitted on 30 Dec 2024
1131 points (99.1% liked)
196
16774 readers
3485 users here now
Be sure to follow the rule before you head out.
Rule: You must post before you leave.
founded 2 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
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.
That's insane. In Europe when you'd win 1 billion € you get 1 billion €, no taxes, no lump sum reward.
Its a moot point because you're never going to win the lottery.
Are the lotteries state owned? In Quebec, that's why lotteries is not taxed. State lottery is a voluntary taxes in a itself
Lotteries historically were setup as a fundraising efforts by governments, hence taxing lottery winnings