My idea on a lotto for the Middle Class to the super rich!

This Lotto wouldn't appeal to poor folks, as the winner wouldn't win any cash, instead the winner would be exempt from Federal and State Income Tax, for life. The feds and the States would share the proceeds, reduce the deficit, etc,etc. Even Bill Gates would play IMHO. What do you think of my idea? would you play?

Thinking I'm too poor for that.  I'd rather have to pay taxes on my winnings.

Money in the bank!

 If I won a lottery like that, not only would I like to not pay taxes but have all outstanding debts paid off by the Govt. including my student loan.

Yes!! I would play.

David O.

Neat thought. How do the winners in states that do not have an income tax receive equal compensation to those in states that do?

John A


Neat thought. How do the winners in states that do not have an income tax receive equal compensation to those in states that do?

They are already winners if there is no State Income Tax!

Well, there are typically much higher fees for things like driver's licenses and tags in states with no income tax.  It's not completely level, nor could it be.

It wouldn't bother me to pay taxes on lottery winnings. In the state of Missouri the lottery withholding is 4% state taxes, and 25% federal. You might owe more for the tax year if you are in a new tax bracket because of your winnings. If one wins $100,000, $29,000 is taken right off the top. That would still be $71,000 that I wouldn't have had, so I could live with that. 

Both the Powerball and Missouri Lotto have the cash option feature. If the jackpot is $20,000,000 the cash option would be somewhere around half that. Then they take the 29%, so you would still end up with $7,100,000. I could live with that, also!

zataar


It wouldn't bother me to pay taxes on lottery winnings. In the state of Missouri the lottery withholding is 4% state taxes, and 25% federal. You might owe more for the tax year if you are in a new tax bracket because of your winnings. If one wins $100,000, $29,000 is taken right off the top. That would still be $71,000 that I wouldn't have had, so I could live with that. 

Both the Powerball and Missouri Lotto have the cash option feature. If the jackpot is $20,000,000 the cash option would be somewhere around half that. Then they take the 29%, so you would still end up with $7,100,000. I could live with that, also!

Zatarr, your missing the point, I think...It would be a National lottery, the winner of which, would never have to pay State or Federal income tax, for the rest of their lives, no cash payout

I didn't really miss the point. I was just stating why I would buy lottery tickets even if I have to pay taxes on them.  Because I feel taxes are necessary, even when the taxes are coming from my own pocket, I probably wouldn't buy lottery tickets where the prize was a permanent tax exemption. Give me the cash, man!