Sunday, April 15, 2012
Mega Millionaires' Big Tax Bills
If you were lucky to win the mega million lottery and take the cash offering of $128 million, this article breaks down how much you would actually be able to keep after taxes. All the different taxes and the amount that goes to the government is astonishing. The amount of money millionaires give to the government is very eye opening and interesting to see.
http://www.smartmoney.com/taxes/income/mega-millionaires-big-tax-bills-1334090295769/?grcc=88888Z0ZhpgeZ0Z0Z0Z0Z0&mod=WSJ_hpp_sections_personalfinance
Subscribe to:
Post Comments (Atom)
5 comments:
Wow. I knew the lottery winnings were taxed heavily, but %60 is crazy. I guess if they didn't really earn the money, its still like an extra $45 mil to play around with.
Who pays for the lottery? If the taxpayers contribute, then it would make sense to tax the winner at 60%.
I agree with Samuel. There is no hard work involved in winning a lottery. So, we shouldn't be complaining about the amount of tax winners should pay.
I agree and understand that lottery winners did nothing to earn the money. However, isn't that the point? Those who play the lottery are taking chances, gambling, in hope to hit the jack pot. When gambling with a friend, and you win, are you recording the money with the IRS? The money paid on lottery tickets already helps out the school systems, so I believe, since it is a game, the money should be taxed just as any other income.
I knew the rate was high ... However, this essentially takes away the potential to change someone's life forever. Especially if the winner decides to be kind and share the winnings with loved ones
Post a Comment