@@DeepValueOptions no, that was a separate thing. He mentions that, that no matter if you get the money in small chunks or in one big lump you pay tax. But if you take it all at once, then you only get half, and then tax is deducted from that half. So I wondered why only half from the get-go
I am curious, if you live in a state with low income taxes, but buy the ticket while on vacation. Do you have to pay taxes from the state you bought the ticket, or the state you are from? Do we have an answer to this?😮😮😮😮
Government mandated taxation AND extortion! Another government form of revenue stream and taxation on the poor at best, of course Uncle Sam ALWAYS gets his cut!
Well they could increase everyone's taxes for education at least some lucky people or bad investors get something back for a change. I know i would be bummed too!
Same thing here uk 🇬🇧 👍🏼💷 💰 Ker Ching 👌🏼👍🏼. There is tax mind on the interest you make. That said , what do most people do anyway when they win => buy things which have already got tax(v.a.t) built-in to the cost ~ So whatever way you look at it Your taxed just appears less So .
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They just recouped 38 million from 175 wealthy tax evaders.... if you actually fund them they can do their job, which is good for us tax paying law abiding citizens.
@@seymourkrelborn207who tf cares about 38 mil? Our government spends trillions a year it has nothing to do with tax evasion and everything to do with government spending. They could tax every American 90% of their money and we still would have a deficit.
@ldeez4375 try thinking long term... if the irs is underfunded and they could still get 38 mil from the rich, who can afford litigation, imagine what a funded irs could do... then with the money they reoup we can pay for Healthcare education and the stuff that matters. A working government works for all of us, but conservatives just break and then convince people like you it's useless.
@@christianlee7244not really because after they take taxes they also take taxes from all the stuff you will spend that money on. If I won I would move my money and my family somewhere else so the USA doesn't get my money.
@@mathiasthorvaldsen5010 no you just aren’t taxed on lottery wins or gambling wins in the uk. It’s always been the case in the uk. US tax laws are a con.
That’s how it should be.. like it’s not income is fucken one in a billion chance gambling win.. just pure scum to take any of it. Their already probably taking huge cuts from the gambling companies themselves, usually.
Yeah but from what I can find, the average Canadian family pays 45% of their income in taxes compared to 28.5% in the U.S. So you win big if you win the lottery for sure, but the average person is losing half their pay for their whole lives.
@@HatedJaredI understand this argument from an American sometimes, but also as a Canadian diabetic I’m all for paying my taxes. Because I don’t have to scrounge for my medication I get it for basically free. And that’s why we get taxed so high
@@HatedJaredthis is false 🙁 someone who makes 120000$ a year will pay 36.2% of that amount towards taxes in the province with the highest tax rate (quebec)
The lottery is basically another tax. The fact that they get to "tax" it again is crazy. Scratch tickets in Massachusetts pay 61 cents on the dollar, and people buy them all the time.
In the end it's always the government that really wins. Then we just continue to work for them for a wage just to give it right back to them. Modern day slavery.
Your government is much better than ours in the USA . Politicians net worth grows like crazy after they are elected. It is very sad . They forget they will judged
That’s not really the case, in Canada you win the whole amount but after a fiscal year you have to pay taxes on the remaining money you haven’t spent, we still get fucked by the government but at least they give us a year to spend as much as possible.
@@hereforagoodtyme9361you are incorrect you only pay tax if you put the money in a bank and it earns interest then only the interest amount is taxable. If you invest in stocks you pay tax on any earnings only not the lottery money. So cash and tax free savings accounts if you don't want to pay the tax.
In Australia, you receive the entire amount up front and pay no taxes on it. Of course if you put it all in the bank and earn interest on it, you pay tax on the interest because that is now classed as income.
That's nice, otherwise lottery would become nightmare ;half would go for taxes and half would vanish in relatives, friends line-up asking for monetory help.
I'm from Canada, and here lottery winnings aren't taxed. The only way they can be taxed here are if you generate income from your winnings (e.g. opening a business and generating income from the business)
That’s horrible tho it’s like false advertising uncle sam don’t wanna pay fully out but if any of us owe the government money they hound you every chance they get smh
@@avianreacts He's the one trying to get higher taxes on lotto winnings with a ten percent plus tax hike on the already ridiculous forty three to forty seven percent of the winnings.
@BEN-ys6gu what are you on about. The most a single lottery ticket costs here in the UK is £5 for a scratchcard. And and £1 for Lotto and £2.50 for EuroMillions. Where on earth is the risk going to be proportional to the sum. Its supposed to cheap to win big. You have to elaborate.
@@UA7s Yeah but you're coming from the perspective of someone who doesn't hold a winning lottery ticket. So your options are: (a) $0, or (b) $25 million out of nowhere. So of course (b) is better. But if you're actually holding the lottery ticket where you just won $100 million, then suddenly having 3/4ths of it disappear from your hands isn't as appealing anymore.
In the UK you get the whole jackpot amount, there is NO tax on lottery winners. You Americans should stand up for yourselves and be represented "No Taxation Without Representation" should be your battle cry !!!!!
Getting payments every month that you are offered is the worst way to receive your winnings. If you receive payments every month then that is classified as income and even though you have already paid taxes back when you had claimed the total amount. So he lost 40%-50% of the total to taxes and then you are paying taxes again on your monthly income which is why you never accepted the monthly payment
It is in a way but usually people take the lump sum cause with all that money you can safely invest it and get a lot of the money you lose by getting the lump sum back. Plus who knows the state of the world 25 years from now
if you somehow die before the 27 years end, the payments stop. they are not continued to family members, it just ends. which is something to also think about
“Oh no I only win 25million? How am I ever going to recover?” -said literally no one ever. That’s enough money for the rest of my life dude and to make sure my kids have something waiting for them
I mean sure, if someone drove up to your front door and handed you $25,000,000, that would be great. But I guarantee that if you legitimately won $100,000,000 you would not be content with getting $25,000,000
Here in germany its tax free but we dont have that high lottery’s numbers One is max 120 million chance 1:140 million on the other one is pretty low not worth playing
Uncle Sam doesn’t get paid second. He gets paid first. Just like if you were working a w2 job whatever you decide. Taxes come out before you get your portion nice try 😂
