The article says he was liable for gifting and then lost in the Tax court. IRS can be unforgiving. The police are even afraid of the IRS agents, these are untouchables. 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.
Topic: Gambling winnings tax in the USA - page 2. (Read 154 times)
Gambling taxes is really but I’m not 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. 
There is nothing subjective about tax rates. There is probably a bracket of tax rates depending on your income in the US. It seems to me you just don’t know them.
It is not surprising to lose most of your gambling profits especially when the amount is as high as a billion goddamn dollars. That’s treated as income and taxed like how they tax income.
Since they tax the rich more and the poor less and a person that has a billion mother fucking dollars income is definitely rich, of course they will tax the shit out of him.
Being rich aint easy.
Yeah, I really don’t know the exact tax rate mechanism on US about gambling that’s why I leave it as subjective as my opinion. Thank you for additional information about the bracket system on tax.
This is the consequence of getting the wealth in shortcut, The winner will charge huge tax in short cut, It looks like that he was being ripped off but this is what actually happening on rich people that paying tax for there huge income.
Unfortunately, that's how taxation works on USA. Even with the massive amount that the person won on the lottery, he will never receive the full amount and most of it will be on state and federal taxes. Also, as much as I know the winner will have a choice whether to receive his winnings on one lump sum payment which will be much lower but he will receive it on one payment or it will be on a 15 year contract where he will receive a much higher winnings but it will be paid yearly.
Gambling taxes is really but I’m not 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.
There is nothing subjective about tax rates. There is probably a bracket of tax rates depending on your income in the US. It seems to me you just don’t know them.
It is not surprising to lose most of your gambling profits especially when the amount is as high as a billion goddamn dollars. That’s treated as income and taxed like how they tax income.
Since they tax the rich more and the poor less and a person that has a billion mother fucking dollars income is definitely rich, of course they will tax the shit out of him.
Being rich aint easy.
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.
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
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