Friday, January 7, 2011

Taxes On Lottery Winnings

There was an article on the net about one of the men who won the MegaLottery a couple of days ago. There were two winning tickets and a man from the State of Washington's share came to $190 million before taxes. When all is said and done he'll get a little more than half of that. This was always a source of irritation to me. What, exactly, has the government done to deserve the rest of the cash? It's understandable there are employment positions to be filled and big fancy office buildings for lottery officials in each state and, of course, the 'mecca' in DC to be regally outfitted.

Do you suspect the reaction of everyday Americans, if they won the lottery, would be that the cash received is so large they don't care about the other half? Remember, though, there are lottery winners each week, different ones, The government gets it's slice of the pie on a weekly basis. Yeah, yeah, yeah, I've heard that most of the money TAKEN from the winners funds education. Well, answer me this, Mr Sage: if lotteries have been funding education lo these many years why is it our Fed And State taxes are being used to educate kids and we still have a less than stellar product? Just askin'. I don't actually have an answer. Maybe the cash is being used to heat the schools.

It's understandable that some winners might squander their winnings but, then again, most would donate a great deal to charity and it wouldn't be 'government charity'.

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