Just curious about what rate you think the federal government should tax lottery winnings over $1 million. I'm not asking what it is but you YOU think it SHOULD be.
I only did increments of 10 to keep it short and sweet.

30% seems fair. it's what 60% now?

I think 20% sounds good. I think it's somewhere around 35-40% right now.

Quoting Destinite:" 30% seems fair. it's what 60% now?"

The federal piece is almost 40%. then you have to add in state and local depending on where you live. I live in PA and we dont have taxes on lottery winnings! :-)

screw that I said 0!! LOL..Kind of ironic that it is suppose to help out schools, but yet they keep hiking taxes to help our schools?? I wqould rather donate a million straight to the schools so I know it actually went to them

I chose 0% because in the UK the lottery isn't taxed at all and that's the way it should be.

said 10% ... its the lottery. why cant you take home all of it? seems stupid to have a 100 million dollar jack bot to only get to keep a fraction and the rest goes to the government.

Quoting xTJ:" I chose 0% because in the UK the lottery isn't taxed at all and that's the way it should be."

What rate would they tax me if i earned $1M?

Quoting TheNuge:" What rate would they tax me if i earned $1M?"

she just said zero....?

Quoting ☮ Phuket:" she just said zero....?"

She was asking how much they would tax if she earned 1M instead of winning it through the lottery.

Quoting ☮ Phuket:" she just said zero....?"

EARNED. I understand lottery is taxed at 0%, but what if i MADE $1M instead of just being lucky.

Quoting Crystal Marie S.:" She was asking how much they would tax if she earned 1M instead of winning it through the lottery."

ooooohhh i didnt realize it wasnt through the lottery.

<blockquote><b>Quoting TheNuge:</b>" What rate would they tax me if i earned $1M?"</blockquote>




Well we don't earn Dollars here we earn Great British Pounds so if you earned £1M, after tax and national insurance you would take home£498,536.64

I say 40%.

Quoting xTJ:" <blockquote><b>Quoting TheNuge:</b>" What rate would they tax me if i earned $1M?"</blockquote> ... [snip!] ... Dollars here we earn Great British Pounds so if you earned £1M, after tax and national insurance you would take home£498,536.64"

Interesting. If i bust my ass to earn 1M the government takes more than half but if 1M falls into my lap I get to keep it all.