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If you won $1,000,000 from the lottery, how much should you pay in taxes?

Rusty Shackleford 2011/09/21 01:38:10
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How much should you pay to the government in taxes, federal, state, sales tax etc. ALL TOGETHER?

Please explain WHY.

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  • Luca 2011/09/22 07:07:55
    $900,000 - $1,000,000
    Luca
    +2
    Oops...i clicked the wrong box. If I won 1 mil, 20% would seem reasonable....HOWEVER....if a Liberal won 1 million, 90% would be JUST! (Liberals tend to become conservative once they either get a job, or they grow up)
  • LB 2011/09/22 02:15:01
    $100,000 - $200,000
    LB
    +1
    10-20% just like the tip for waiters.
  • ©TransAmTam~Metal Queen \m/ 2011/09/22 02:02:26
  • Rusty S... ©TransA... 2011/09/22 02:04:34
    Rusty Shackleford
    +1
    Good luck with that.
  • ©TransA... Rusty S... 2011/09/22 02:05:33
  • Katherine 2011/09/21 10:18:11
    $0 - $100,000
    Katherine
    Only on purchases. Not income.
  • A Founding Father 2011/09/21 04:29:21
    $0 - $100,000
    A Founding Father
    Why should I pay any taxes on mere $1Million, when several thousand "executives" of Wall Street and the Reagan Banks will be given" bonuses" this year of ten times that amount and will
    pay little to no taxes on the gifts? There are several means of accepting bonuses and not paying
    Federal Income Tax, which people with that kind of opportunity can pay a clever tax attorney to
    arrange. Few of such persons will take such a "bonuse" for "personal services", which would become taxable.
  • tomas 2011/09/21 03:25:55
    $100,000 - $200,000
    tomas
    +1
    Don't believe that crap about - all the rich pay is 15%. That is all they pay on their investments and capitol gains and that money has already been through one tax cycle before they get hit with ANOTHER 15%.
  • Rusty S... tomas 2011/09/21 03:30:23
    Rusty Shackleford
    +1
    Scream all you want, they won't listen.
  • T Bevan 2011/09/21 03:21:46
    $0 - $100,000
    T Bevan
    10% capital gains rate....

    It is a return on investments...
  • Rusty S... T Bevan 2011/09/21 03:28:51
    Rusty Shackleford
    I don't think Uncle Sam would agree with you, he will tax it as regular income.

    Even if it was considerd capital gains, it would be short term and you would still pay 35%
  • T Bevan Rusty S... 2011/09/21 03:31:24
    T Bevan
    If you did not buy the lottery ticket , it would not be an investment...

    Would it?
  • Rusty S... T Bevan 2011/09/21 03:32:54
    Rusty Shackleford
    Irrelevent, the winnings are considerd income, you would be taxed at the maximum rate.
  • T Bevan Rusty S... 2011/09/22 02:12:29
    T Bevan
    +1
    I know , I was rationalizing...
  • TooSweet 2011/09/21 02:59:43
    $100,000 - $200,000
    TooSweet
    Actually one third is the going rate.
  • Rusty Shackleford 2011/09/21 02:36:27
    $200,000 - $300,000
    Rusty Shackleford
    +2
    I support the Fair Tax which is a flat national sales tax that would replace all income taxes and hidden corporate taxes that are passed onto the consumer.
  • FAWKES' NOOSE ~ ΔTX 2011/09/21 02:29:30
    $200,000 - $300,000
    FAWKES' NOOSE ~ ΔTX
    $250,000. The Federal withholding tax on lottery prizes over $5000 is 25%. My state does not collect tax on lottery prizes so my state tax would be $0. There is no sales tax on a lottery ticket so that would be $0 also.
  • Rusty S... FAWKES'... 2011/09/21 02:35:08
    Rusty Shackleford
    Hmmm, so you don't support higher taxes on millionaires?
  • FAWKES'... Rusty S... 2011/09/21 02:43:29
    FAWKES' NOOSE ~ ΔTX
    Millionaires pay on average 15% tax. The government will take 25% of my $1,000,000 prize. But to provide an equally asinine answer to your asinine question, $1,000,000 - $1 cost of the ticket = $999,999 = NOT a millionaire.
  • Rusty S... FAWKES'... 2011/09/21 02:47:09
    Rusty Shackleford
    Excellent point, you would not be a millionaire, I do stand corrected.

    You realize of course the 15% income tax rate for millionaires is a lie, don't you?
  • FAWKES'... Rusty S... 2011/09/21 02:54:35
    FAWKES' NOOSE ~ ΔTX
    'Millionaires' derive the majority of their income from investments. Investment income tax (Capital Gains) is 15%. Your wages get taxed 35%.
  • Rusty S... FAWKES'... 2011/09/21 03:00:22
    Rusty Shackleford
    +2
    So why would you only have to pay 25%?

    I believe that you would actually pay more than 25%, much more and I don't even know what state you live in, but I can't imagine you only paying 25%.

    Perhaps you meant that 25% is what you would consider your "fair share"?
  • FAWKES'... Rusty S... 2011/09/21 03:13:20
    FAWKES' NOOSE ~ ΔTX
    25% is the set Federal Withholding Tax for Lottery Prizes. DUH. My state does not tax lottery winnings so my state tax would be $0.
  • TooSweet FAWKES'... 2011/09/21 03:01:50 (edited)
    TooSweet
    27% for me,and I get quite A bit back,but I will still bitch about it as long as it goes along with your liberal"the rich owe the world" credo,Faux.
  • FAWKES'... TooSweet 2011/09/21 03:14:23
    FAWKES' NOOSE ~ ΔTX
    So you pay 27% and they pay 15%. Fair?
  • T Bevan FAWKES'... 2011/09/21 03:23:54
    T Bevan
    Well did they not already pay taxes on the investment money????
  • FAWKES'... T Bevan 2011/09/21 03:27:37 (edited)
    FAWKES' NOOSE ~ ΔTX
    Yes and they get to deduct the money they initially invested from Capital Gains earnings. $100,000 invested returns $500,000.. deduct the first $100K and only pay tax on the remaining $400K. You only pay tax on the "GAIN." What's your point?
  • T Bevan FAWKES'... 2011/09/21 03:28:48
    T Bevan
    +1
    Tax the taxed income???...
  • FAWKES'... T Bevan 2011/09/21 03:32:22
    FAWKES' NOOSE ~ ΔTX
    WHAT?? The initial investment is not subject to tax. Only the amount GAINED from that investment. The original investment dollar amount is not taxed.
  • TooSweet FAWKES'... 2011/09/22 01:28:26
    TooSweet
    They still pay more in one year than most Americans will pay in their entire working career, 15% of A million is 150 thousand dollars.Do you really think that is fair?
  • FAWKES'... TooSweet 2011/09/22 01:34:18
    FAWKES' NOOSE ~ ΔTX
    Should they pay less sales tax too? How about 9% for you and 3% for them because the stuff they buy is more expensive.

    That's your logic. 35 cents on the dollar does not mean 35 cents on MY dollar but 15 cents on someone else's dollar just because they have MORE dollars than I do.
  • TooSweet FAWKES'... 2011/09/22 01:46:17
    TooSweet
    They receive the same services from the state and federal government as the rest of do"sans welfare recipients"So why should they pay way more than the rest and maybe people should get A break on sales tax if they exceed A certain amount of spending in a year,every dollar spent is money in A shopkeepers and his employees pockets.
  • FAWKES'... TooSweet 2011/09/22 01:51:29 (edited)
    FAWKES' NOOSE ~ ΔTX
    LMAO You're joking right? How about a 'short tax' too? Short people should have to pay more than tall people. Oh.. and a religion tax... Members of popular religions pay less than than odd religions. If one person makes more money than another person the percent of tax they each pay must be THE SAME.

    What's funny is you people who defend the wealthy are also the ones in favor of a FLAT TAX. DUH!!! That's the IDEA.
  • Rusty S... FAWKES'... 2011/09/22 01:53:32
    Rusty Shackleford
    "If one person makes more money than another person the percent of tax they each pay must be THE SAME."

    YES !!! I am happy to hear you say that, will you join us in supporting the Fair Tax?
  • FAWKES'... Rusty S... 2011/09/22 02:00:29
    FAWKES' NOOSE ~ ΔTX
    That's what all Democrats want.. but 10% is insane. The minimum tax this country has ever fought a war under in the last 100 years was 67%.
  • Rusty S... FAWKES'... 2011/09/22 02:03:59
    Rusty Shackleford
    Are you seriously proposing that most of what we produce should go to the government?

    How is that different from slavery?
  • TooSweet FAWKES'... 2011/09/22 02:03:04
    TooSweet
    +1
    I am A contractor,I provide a service to the wealthy"at least I did til the economy tanked"and for over twenty years the spending of rich folks supported me and my family at a very comfortable standard,when they stop spending I stop earning,as does most of America...Good night.
  • Brianna Lee 2011/09/21 02:25:35
    $0 - $100,000
    Brianna Lee
    +1
    Get a great CPA and pay as little as legally possible. Next find people who are really good people who need a hand up and help them save their homes, put their kids through good schools and make sure they aren't just scamming the system. Check out their cars. If there is a "Vote for Obama" bumper sticker on it - move along.
  • Keith 2011/09/21 02:25:34
    $900,000 - $1,000,000
    Keith
    +3
    But Obama said,..... he`d loan me money for lunch.
  • Brianna... Keith 2011/09/21 02:27:05

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