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The lottery and social despair in America

Northern Light said:
We don't tax winnings from contests, including the lottery.
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We do in America, the US government is also one of the few that taxes money earned while we live outside of America, which causes a lot of people to hand in their USA citizenship.

But this tax thing with lottery causes people to think that the lottery has more upside potential for them than it does. Americans tend to be financially illiterate, and so while we understand (usually) that the winnings will be taxed we fail to actually factor that into our thinking. People tend to be shocked that at least 60 cents out of every dollar spent on lottery does not end up in the pockets of winners. In fact our financial literacy is so bad that I spent 10 minutes trying to nail this number down on the internet, I could not do it, and I am pretty handy with Google.
 
Northern Light said:
We don't tax winnings from contests, including the lottery.
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Interesting. I don't know if I'd ever try to not pay the US Government. It'll let you do pretty much anything you want so long as you pay it enough. But if you don't give it its cut....man you'd better watch out. Our government always gets paid.
 
Let's see... people complain because they'd get "only" (roughly) 40-ish percent of a BILLION dollars... that they never had to begin with.

:neutral:

First world problems, I tell ya.
 
radcen said:
Let's see... people complain because they'd get "only" (roughly) 40-ish percent of a BILLION dollars... that they never had to begin with.

:neutral:

First world problems, I tell ya.
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Like I said before, I'd settle for second place ($1,000,000) or third ($100,000) without many complaints. lol
 
"If they win the jackpot, they're going to be subject to the highest federal tax rate of 39.6 percent," said Melissa Labant, director of tax advocacy for the American Institute of Certified Public Accountants. "It's a lot more significant than folks expect."

Nor are there many workarounds to substantially cut that bill. "You're not the type of consumer the U.S. government is looking to give a tax break to," she said.
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How Big Will the Tax Bite Be If You Win the Powerball Jackpot? - NBC News

As I was saying....
 
Ikari said:
Interesting. I don't know if I'd ever try to not pay the US Government. It'll let you do pretty much anything you want so long as you pay it enough. But if you don't give it its cut....man you'd better watch out. Our government always gets paid.
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Hawkeye10 said:
We do in America, the US government is also one of the few that taxes money earned while we live outside of America, which causes a lot of people to hand in their USA citizenship.

But this tax thing with lottery causes people to think that the lottery has more upside potential for them than it does. Americans tend to be financially illiterate, and so while we understand (usually) that the winnings will be taxed we fail to actually factor that into our thinking. People tend to be shocked that at least 60 cents out of every dollar spent on lottery does not end up in the pockets of winners. In fact our financial literacy is so bad that I spent 10 minutes trying to nail this number down on the internet, I could not do it, and I am pretty handy with Google.
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I know, I'm from the U.S. I always thought that the taxing scheme was corrupt as ****.

It basically means that the U.S. government wins at every single winning lottery.
 
Northern Light said:
I know, I'm from the U.S. I always thought that the taxing scheme was corrupt as ****.

It basically means that the U.S. government wins at every single winning lottery.
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Or that the American government is so unreasonable that they must be giving us permission to lie to them.

One or the other...
 
I spent $2 on a ticket for myself and another $2 for the employee "pool" at work.

Whenever the jackpot starts to get to eye popping levels, my employees usually pool their money and buy a bunch of tickets. I always throw in with them and call it my $2 insurance policy because I know damn well that if we ever hit I'm going to be the only one there the next day.;)
 
Northern Light said:
Casinos get taxed, just not people who win at them. :)
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damn... Guess I have to stay in warm New Mexico then.

Actually its not that warm where I'm at. The snow at our ski basin has over a 100 inch base right now.
 
poweRob said:
Like I said before, I'd settle for second place ($1,000,000) or third ($100,000) without many complaints. lol
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Psh. I will underbid that. I, cpwill, am willing to accept a mere $50,000 from anyone willing to give it to me.

Takers? Any Takers?
 
1. Playing the lottery can be a fun joke. People who play it because they actually hope to win are deluding themselves, and it's sad. There's a reason they sell these tickets in the low-end of town; it's because they are targeting people who are bad at math.
2. (Responding to OP) If you can't cover a $500 emergency expense, you are in deep trouble, and it's almost certainly your own fault. You need to stop living like your in Congress, get your ass on a budget, live on less than you make, and sock away an emergency fund.
 
cpwill said:
1. Playing the lottery can be a fun joke. People who play it because they actually hope to win are deluding themselves, and it's sad. There's a reason they sell these tickets in the low-end of town; it's because they are targeting people who are bad at math.
2. (Responding to OP) If you can't cover a $500 emergency expense, you are in deep trouble, and it's almost certainly your own fault. You need to stop living like your in Congress, get your ass on a budget, live on less than you make, and sock away an emergency fund.
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Wait a minute. When I play, of course I "hope" to win. What's the point, otherwise?

Now, do I expect to win? Or, even think I have a good shot? Phfft! Of course not.
 
radcen said:
Wait a minute. When I play, of course I "hope" to win. What's the point, otherwise?

Now, do I expect to win? Or, even think I have a good shot? Phfft! Of course not.
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Some people gamble for fun, expecting to lose. Those people can more generally afford to play the lottery.
 
radcen said:
Wait a minute. When I play, of course I "hope" to win. What's the point, otherwise?

Now, do I expect to win? Or, even think I have a good shot? Phfft! Of course not.
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Meh, I think it's more like "you think it would be really great if you won".

Perhaps a better phrase is "put their hopes in", rather than "hoping".
 
Absentglare said:
Some people gamble for fun, expecting to lose. Those people can more generally afford to play the lottery.
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Well I'm glad I agree with you on something ;).
The rule for me is don't gamble with any money I cant afford to lose.
 
When is the drawing?
 
Ikari said:
Yes, in the extremely unlikely case that you win. But to everyone else, it's a scam.
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No, it's not a scam. For one, something cannot not be a scam to winners, but be a scam to losers. That's simply illogical.

Second, a scam is something that is deceptive and/or where the odds are hidden (or buried so deep that they might as well be hidden). The lottery is quite open and honest regarding a person's chances of winning. They hide nothing.
 
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