I'm just curious. Because a SD couple won $117M in a Powerball Lottery. So they only got $38.6M and the government got the rest.
Why is that the government claims to give freebies for the rich in terms of outrageous tax breaks, tax shelters, and the like, but they still like to steal from people's winnings who would've put them in the upper crust of society?
2006-06-07 13:23:01 · 4 answers · asked by Anonymous in Games & Recreation ➔ Gambling
The 117M is the "advertised" winnings. When you take a lump sum it is reduced, then you pay income tax. 117M would have been paid over time, like 20 years.
These folks problably took a lump sum and got 60M. 38.6M is what is left after taxes.
2006-06-19 04:28:38 · answer #1 · answered by p c 2 · 0⤊ 1⤋
it's like this they took lump payment.
that means they government takes half before you see it.
still have to pay income tax on the rest. about 33%.
what little is left is all yours. unless you put it in bank then you pay tax on all interest you earn.
2006-06-08 01:10:47 · answer #2 · answered by Jezabel the annoyed cat 7 · 0⤊ 0⤋
Not in Canada!!!!! ha ha. In Canada your winnings are tax free! You get 100%.
2006-06-18 23:58:48 · answer #3 · answered by send_felix_mail 3 · 0⤊ 0⤋
They treat it as income.
And anyone who wins enough to have that problem better not complain!
2006-06-13 18:02:02 · answer #4 · answered by Anonymous · 0⤊ 0⤋