I always criticize the government of my country for being very poor, but here is something that in my country is very good:
in my country the lottery winner always receives the full amount, he is not deducted tax on the winning, if he wins 100,000$, he will receive 100,000$ total, not a penny less. this is the very good part of my country. on salary gains people are deducted 10% only income above 1000$ monthly, now in the value added tax part that is for import of goods the person ends up paying 300% of the value of the thing that the person imported, of course this 300% value is calculated in my country's local currency. but on gambling the tax is very low and the lottery winner is not deducted at all
Topic: Gambling winnings tax in the USA (Read 154 times)
so recently I saw a news circling around the internet regarding someone from the US winning the lottery jackpot worth $1.28Billion, but then several days later, I saw this article. apparently the winner of the Lotto jackpot will only get $433.7M after the total amount of winnings is taxed. it's ridiculous how the government got more money from the lotto jackpot than the actual winner. I know that $433.7 million is still a lot of money but it is still disheartening how $800 million was taken away due to tax.
https://www.forbes.com/sites/robertwood/2022/07/30/winning-128-billion-lottery-ticket--gets-4337-million-after-tax/?sh=5582ea32028d
If it has been adopted as a law in the US, then no one can go against it. After all, I have known through research that US taxation is quite high compared to other countries like Mexico and Colombia. However, they also have standards that if you are rich, you will have to pay high taxes compared to average people. With this lottery jackpot prize, the winner still have no right to complain as he will always be taxed because of his winning huge amount prize, and the fact that it comes as only a bonus for him. https://www.forbes.com/sites/robertwood/2022/07/30/winning-128-billion-lottery-ticket--gets-4337-million-after-tax/?sh=5582ea32028d
If we are on his shoes I think the emotions we feel are mixed. We are happy because we win big and then sad knowing that the cut from the tax are much higher than on what we won. Imagine if you are on a country which is corrupt.
I think that is another thing which can make you annoyed because the money won't go for the country's development or to help the poor but it will only go straight on their own pockets. After this news, many are now going to get discouraged to bet on local lotteries but they will now consider crypto betting because they can get most of their money and then they can get it in an instant. It is also safe since it's online.
I think that is another thing which can make you annoyed because the money won't go for the country's development or to help the poor but it will only go straight on their own pockets. After this news, many are now going to get discouraged to bet on local lotteries but they will now consider crypto betting because they can get most of their money and then they can get it in an instant. It is also safe since it's online.
According to this article https://www.lottoanalyst.com/what-are-the-taxes-on-lottery-winnings-in-the-us they should only pay about 37% in taxes which regardless is still a lot to lose.
Governments are greedy period, doesn't matter if it's the USA or another country, most are gonna get their piece.
Governments are greedy period, doesn't matter if it's the USA or another country, most are gonna get their piece.
This is common around every country having their specific taxation slabs. In my country big lotto wins were taxed at 35-40% and every winner will receive the 60% amount. In some category the agent under whom the winning lotto is being elected gets a small compensation. Whatever, the free money out of luck needs to be utilised in a right way.
Well, the breakdown of the tax is explained, the percentage might differ from states and countries, and it's the reality. But at the end, that's still a large sum of win from a simple number guess you have and paying a mere dollars for its ticket.
But there are some lottery out there that is tax free, well, you will be rich when you hit that. But when you will file ITR quarterly or annually then you will be still paying tax too and that is included in the breakdown in Forbes which is quite normal for a taxpayer.
But there are some lottery out there that is tax free, well, you will be rich when you hit that. But when you will file ITR quarterly or annually then you will be still paying tax too and that is included in the breakdown in Forbes which is quite normal for a taxpayer.
Gambling taxes is really works like that but I’m not sure about the exact rate because it’s always subjective. Lottery just don’t include the word tax free to make the jackpot prize huge but this is the reality on the US. The winner still got the huge part and he will still pay that tax if the lottery company give the whole prize because IRS will surely questioned the sudden increase of that person money. 
The winner still won millions of dollars that he can venture into business to give returns even in billions of dollars, but the tax is too much though, the tax is like two third of the money won while the winner only took one third. But that is United States, the more someone gets higher income, the more the money that will be taken as tax, that is why the rich people in US pay more tax in percentage than people that are not rich. or the deduction on overall amount. 50% might considerable but almost 2/3? How the hell they do make out such thing yet i've seen some country based lottery does have tax-free when it comes to winnings
Well, this is USA's laws about taxation then it is really just sad to those people who do win up specially on lotteries or even into those basic taxes been applied in all sorts.
Gambling taxes is really works like that but I’m not sure about the exact rate because it’s always subjective. Lottery just don’t include the word tax free to make the jackpot prize huge but this is the reality on the US. The winner still got the huge part and he will still pay that tax if the lottery company give the whole prize because IRS will surely questioned the sudden increase of that person money.
From the country i came from nobody as for any tax for gambling. Government don't disturb for gambling, i believe that it is the source of them getting money. From my the way I'm seeing my own way it's not good for somebody to pay tax for gambling, except it is a country that rely on the taxation. My country were i from nothing like that. 
That is really a big hit of money from jackpot but unfortunately the funny part is that large part of it is donated to the US government through taxing 
. The system in America regarding tax and in fact many other aspects favours the less wealthy because they have a system that deduct more from the rich or money that is coming as income. I think that kind of taxing could be progressive taxing where tax is based on income. Well the winner still has something left, he should understand this before the winning.
. The system in America regarding tax and in fact many other aspects favours the less wealthy because they have a system that deduct more from the rich or money that is coming as income. I think that kind of taxing could be progressive taxing where tax is based on income. Well the winner still has something left, he should understand this before the winning. 
Gambling taxes is really works like that but I’m not sure about the exact rate because it’s always subjective. Lottery just don’t include the word tax free to make the jackpot prize huge but this is the reality on the US. The winner still got the huge part and he will still pay that tax if the lottery company give the whole prize because IRS will surely questioned the sudden increase of that person money.
The winner still won millions of dollars that he can venture into business to give returns even in billions of dollars, but the tax is too much though, the tax is like two third of the money won while the winner only took one third. But that is United States, the more someone gets higher income, the more the money that will be taken as tax, that is why the rich people in US pay more tax in percentage than people that are not rich. 
~But then anyway, she is a waitress and I think $433.7M is more than enough for her to start a new life even if she giveaway half of it. I just hope she spends the money for good.
With $433.7M, there are so much options now as to where to go. Or find a country where taxes aren't so hurtful.
With $433.7M, there are so much options now as to where to go. Or find a country where taxes aren't so hurtful.
The question is not what the money won will be enough for and how large this amount is. In any case, this tax looks like a robbery. It turns out that if you evaluate this shit in terms of gambling, this lottery has an house edge of about 70%
I wonder if anyone would agree to play dice with such an house edge? Or in slots with an RTP of 30%? 
Congratulations to the winner, it's really a great thing to see someone winning something like that amount. Having been able to accumulate that kind of jackpot money is still just seems that it's even more hurtful or over with taxes. It's definitely sad but still coming home with that amount is still life changing. There's no doubt about that. It really sucks but at least you still won. You still should be thankful with that
so recently I saw a news circling around the internet regarding someone from the US winning the lottery jackpot worth $1.28Billion, but then several days later, I saw this article. apparently the winner of the Lotto jackpot will only get $433.7M after the total amount of winnings is taxed. it's ridiculous how the government got more money from the lotto jackpot than the actual winner. I know that $433.7 million is still a lot of money but it is still disheartening how $800 million was taken away due to tax.
https://www.forbes.com/sites/robertwood/2022/07/30/winning-128-billion-lottery-ticket--gets-4337-million-after-tax/?sh=5582ea32028d
https://www.forbes.com/sites/robertwood/2022/07/30/winning-128-billion-lottery-ticket--gets-4337-million-after-tax/?sh=5582ea32028d
This tax looks like a clear fraud. I wish I could see at least one person ready to justify this. This raises the question - if we (ordinary people) elect our representatives to power, then how is it that the laws in force work against us? It seems to me that if democracy worked, we would never see such absurd news.
so recently I saw a news circling around the internet regarding someone from the US winning the lottery jackpot worth $1.28Billion, but then several days later, I saw this article. apparently the winner of the Lotto jackpot will only get $433.7M after the total amount of winnings is taxed. it's ridiculous how the government got more money from the lotto jackpot than the actual winner. I know that $433.7 million is still a lot of money but it is still disheartening how $800 million was taken away due to tax.
https://www.forbes.com/sites/robertwood/2022/07/30/winning-128-billion-lottery-ticket--gets-4337-million-after-tax/?sh=5582ea32028d
https://www.forbes.com/sites/robertwood/2022/07/30/winning-128-billion-lottery-ticket--gets-4337-million-after-tax/?sh=5582ea32028d
Even I saw this news on the internet a few days back and I was awe struck when I read that the government will be getting more than half of the lottery amount as tax.
Although $433 million is not a small amount and should still be good after tax deducted but it feels like this is not fair.
Why is the government taxing so much, it's almost around 67% in tax which sounds ridiculous to me.
so recently I saw a news circling around the internet regarding someone from the US winning the lottery jackpot worth $1.28Billion, but then several days later, I saw this article. apparently the winner of the Lotto jackpot will only get $433.7M after the total amount of winnings is taxed. it's ridiculous how the government got more money from the lotto jackpot than the actual winner. I know that $433.7 million is still a lot of money but it is still disheartening how $800 million was taken away due to tax.
https://www.forbes.com/sites/robertwood/2022/07/30/winning-128-billion-lottery-ticket--gets-4337-million-after-tax/?sh=5582ea32028d
https://www.forbes.com/sites/robertwood/2022/07/30/winning-128-billion-lottery-ticket--gets-4337-million-after-tax/?sh=5582ea32028d
That's too much if you're betting for 20 years and you got that huge tax cut you will feel a little disappointed because the cut is just too huge, but at least you've won that huge amount and get the satisfaction of one of the few people who have won a lottery, if you got a huge cut like that you will still feel good if your government is doing a lot on the taxes people are paying, but if the government is corrupt you will feel sorry and disappointed for that huge cut.
If I'm not mistaken, I've read the tax rates imposed on individuals and gambling companies in the US, with the sound as below.
Like what happened to Australian poker machines operating in the US, they had to pay a tax of 36%, for that I think what happened to that person was a regulated taxation that had to be paid on lottery jackpot wins....!
Even so, my assessment of the gambling winnings tax that has been set is too large, this in my opinion sucks.
Quote
Changes in personal tax rates are expected to increase the participation of Americans in gambling, this will bring immediate benefits to the makers of gambling machines.
Like what happened to Australian poker machines operating in the US, they had to pay a tax of 36%, for that I think what happened to that person was a regulated taxation that had to be paid on lottery jackpot wins....!
Even so, my assessment of the gambling winnings tax that has been set is too large, this in my opinion sucks.
I am curious then I just checked count income at https://smartasset.com/taxes/ smaller our income = smaller the tax, mindrust said is right "Being rich aint easy." $10 million in revenue taxed a total of around 52.54%, gambling taxes maybe higher than usual but it looks like it's worth it, with the funds received. But honestly it's too big, we should get a net or at least $1.1 billion, and tax borne by casino .
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Nowadays you have to pay tax on gambling winnings everywhere. It is only calculated very crookedly, because it is per month I read somewhere. If you would win $10,000 in March then you would have to pay 28% tax and if you would lose $9,000 in April you would think you would have $1,000 net, But you can't report the losses to the government so keep the net you then 10,000 - 2800 - 9000=-1800
A loss of 1800$ when you would actually be 1000$ in profit. There are also a lot of players who choose not to declare taxes, but then you have to be able to justify your money somewhere of course. This differs per country, however. Isn't there also a distinction between online gambling sites and a land-based casino?
A loss of 1800$ when you would actually be 1000$ in profit. There are also a lot of players who choose not to declare taxes, but then you have to be able to justify your money somewhere of course. This differs per country, however. Isn't there also a distinction between online gambling sites and a land-based casino?
so recently I saw a news circling around the internet regarding someone from the US winning the lottery jackpot worth $1.28Billion, but then several days later, I saw this article. apparently the winner of the Lotto jackpot will only get $433.7M after the total amount of winnings is taxed. it's ridiculous how the government got more money from the lotto jackpot than the actual winner. I know that $433.7 million is still a lot of money but it is still disheartening how $800 million was taken away due to tax.
https://www.forbes.com/sites/robertwood/2022/07/30/winning-128-billion-lottery-ticket--gets-4337-million-after-tax/?sh=5582ea32028d
https://www.forbes.com/sites/robertwood/2022/07/30/winning-128-billion-lottery-ticket--gets-4337-million-after-tax/?sh=5582ea32028d
The tax mechanism is quite complicated it's like legal robbery, the winner here is the government and they made it their cash cow, yes you've won a huge amount and they announced it but they should announce also the government as the real winner here that's half of the money, here in our country its only 20% and you can have it lump sum or installment, every lotto bettor should know and understand it, it's hard to take that huge tax cut people will think that you actually won that amount.
so recently I saw a news circling around the internet regarding someone from the US winning the lottery jackpot worth $1.28Billion, but then several days later, I saw this article. apparently the winner of the Lotto jackpot will only get $433.7M after the total amount of winnings is taxed. it's ridiculous how the government got more money from the lotto jackpot than the actual winner. I know that $433.7 million is still a lot of money but it is still disheartening how $800 million was taken away due to tax.
https://www.forbes.com/sites/robertwood/2022/07/30/winning-128-billion-lottery-ticket--gets-4337-million-after-tax/?sh=5582ea32028d
https://www.forbes.com/sites/robertwood/2022/07/30/winning-128-billion-lottery-ticket--gets-4337-million-after-tax/?sh=5582ea32028d
That's too sad to the winner , but that's life we all know that taxes that are implied to gambling is kinda big compared to other businesses and other things, because government can really use this taxes to many things. We need to get used to it even though it is very sad that we need to pay a large number of money.
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