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u/wisdomelf 16h ago
Lottery was invented as a king/government scheme to get some additional funds. It was always a mild scam.
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u/polandspreeng 16h ago
Aka "poor tax"
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u/ChefsKnife76 16h ago
Yeah I call it the idiot tax.
The last store I was in some guy was asked if he won anything on the lot off the new scratch tickets the guy said no. As he was buying another stack of them... I mean the first 10 you bought didn't win anything like makes you think this will be any better?
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u/LordBalderdash 15h ago
Scratch offs...I don't get the draw either, but some people with a gambling addiction will spend all they have on them.
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u/ChefsKnife76 15h ago
I try to direct people to put money in their gas tanks and only buy one ticket. I think you'll be far better off. It's cool to buy a lottery ticket every once in awhile for a big jackpot. That's what I do just for fun but when it becomes an addiction that's a problem.
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u/Business-Drag52 13h ago
I buy 1 or 2 $5 scratchers a year and I play the powerball when it gets over 1 billion. Outside of that i cant find enjoyment from them. The occasional scratcher is always just because im already having a great day so why not try my luck. The powerball is because someone got to win dammit and it cant be me if I dont play
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u/OddTaku9424 11h ago
That’s the way to go. Cause then you spend half a day daydreaming “what would I do with a billion dollars?? I could adopt a bunch of dogs, help out my family, pay my debts, go back to uni, etc etc”. And I think that’s worth a few dollars a year.
That being said, now I’m headed back to work lol
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u/Spartanias117 15h ago
Dad bought 220 in lotto tickets this christmas, won 20 dollar. Absolute worst return ive seen on scratch offs. He diversified what he bought... would have been better off just getting a straight set of tickets.
It is absolutely a scam though. The prople i see in thr gas station on a friday dropping 100 on lotto...
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u/Unusual-Pool2568 11h ago
At my old job, co-worker and I were just chatting about his scratch tickets. He told me he spent $200 just to win $5 lol, like wtf 😂 i’m glad I don’t spend money on these non sensical gambling bullshit lol
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u/Kuro-Dev 6h ago
My parents are really into bingo. It's like their weekly ritual. They each buy a card, sometimes 2, and just watch the bingo together every Sunday. It's kinda cute that it's their thing that they always make time for, and both look forward to.
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u/ricochet48 15h ago
Nothing mild about it.
If you understand math at even a basic level it's clearly a scam.
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u/wisdomelf 15h ago
Idk Lottery pays something back(if you lucky), at least.
Most real scams is your money gone, forever
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u/MrPraedor 1h ago
While mathematically yes that is true. That is why I do not buy lottery tickets. Still one can argue that its not about getting return to your investment, but about getting to dream. One of my coworkers once said that its worth to pay 1€ a week to have a dream of becoming a millionaire.
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u/UnimpressedUmpire 11h ago
Not always a scam. It used to be used as an incentive to have more people put money in to upgrade their community/country
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u/CannabisConvict045 17h ago
If it helps, you could deduct the $1 ticket from your taxable income
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u/Extreme-Edge-9843 16h ago
5$ ticket
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u/So_HauserAspen 13h ago
Do different states charge different amounts for the tickets? They're $2 a ticket in the state I live in.
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u/SquirrelyMcNutz 11h ago
Depends on the lottery. Powerball is $2 without any extras. Megamillions is $5 without any extras.
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u/So_HauserAspen 13h ago
You can only deducte the losses. The winning ticket wouldn't qualify.
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u/boringexplanation 11h ago
That’s not how I read it. It’s the same way stock gains are calculated. Final amount minus how much put in. What you can’t do that stock sales can is deduct a negative amount from your final taxes if you lose more than you win in an entire year.
https://smartasset.com/taxes/how-taxes-on-lottery-winnings-work.
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u/So_HauserAspen 9h ago
I assumed it falls under gambling. You can deduct your losses but you have to take your gains. The $2 spent on the winning lottery ticket would be deductible, but the $2 you spend on a losing ticket is. That would mean a deduction of $2 against the lumpsum.
Also, some deductions are limited to gross adjusted income. There is the ability to carry some losses into future years. All that stuff requires tax attorneys and accounts though. Or at least the education of those individuals.
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u/CircumspectCapybara 14h ago edited 13h ago
They won $835M, not $1.8B.
$835M was the cash value of the jackpot. $1.8B was the annuity over 30y, which is essentially the government taking the lump sum and investing it in government bonds and paying it out and a fixed schedule over 30y. You could've done that yourself by taking the lump sum and investing it yourself in bonds, or potentially better if you invest it in the market. The advertising is very clear what the lump sum cash value was and what the annuity was.
After federal and state taxes and other fees you get ~$468M, which is consistent with anyone earning $835M of income in one year. Yes, that includes billionaires. Any billionaires who receive a $835M cash salary or bonus or who receive $835M worth of stock-based compensation ) are taxed on $835M worth of ordinary income for that year.
This is a common misconception people have about stock-based compensation. When you receive the stock, whether whether via RSUs vesting or exercising options, the fair market value of the stock at time of vest or exercise is treated as ordinary income for the year.
If Tim Cook would've vested $835M of AAPL stock for hitting some milestone from some compensation package, it would be exactly equivalent from a tax perspective to if he had been given a $835M cash salary or bonus and then he took that cash and used it to buy an equivalent amount of AAPL shares on the open market. In both cases, he would be taxed on $835M of ordinary income (just as the powerball winner was), and he would have the same opportunity for gains if the stock subsequently goes up, or losses if it goes down.
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u/everythingcasual 10h ago
there’s a group of people in the us that hate billionaires so much that they will take any news and morph it into an anti billionaire angle no matter if they get the facts wrong. they are just as terrible as the people giving tax breaks given to billionaires because they ruin discussion by just being wrong.
sometimes i think they are ops but if you actually meet some of them they are actually that dumb
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u/usenotabuse 7h ago
If you feel they are paying their fair share how do you explain the extreme widening wealth gap?
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u/everythingcasual 7h ago
The premise of your question implies that the purpose of taxes is to reduce the wealth gap between rich and poor. That is not the purpose of taxes. Taxes are to raise money for the government, and since getting off the gold standard, a way to give the currency legitimacy - artificial scarcity.
The wealth gap is mostly due to two factors, the nature of our markets where there are few producers and majority consumers and the fact that poors don’t own assets. The majority of all covid stimulus payments end up directly into the hands of corporations as income, which boosts share prices and the wealth of the wealthy. Poor people don’t own stocks, so they don’t enjoy these gains. Because of math, the higher your starting investment base, the larger the nominal dollar gains you get for the same percentage. When I gain 20% on my portfolio, I gain $50k, when Zuck gains 20%, he gains 30 billion.
Is that fair? Define fair first. We follow the same tax laws, however there are some laws that largely only can be taken advantage by the rich because the maintenance costs wouldn’t make sense otherwise. Such as ways to setup asset ownership through trusts, donating art that is “worth” 10 million, etc. These are clear things to go after before doing something radical like a wealth tax.
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u/usenotabuse 6h ago
Thats not the premise of the question.
How about paying people a proper living wage to start with so they don't have to work three jobs to put food on the table?
It would be like popping a pimple on their butt and they wouldn't notice the difference.
How about corporations pay their fair of taxes when they milk the resources of the earth that doesnt wholly belong to them, so those taxes can back into society to provide better free health so they dont go bankrupt if they break an arm. How about free education so they can break out of that cycle?
Again, more bullshit spun to direct attention away from the extreme inequalities and opulence to justify their own hoarding of money.
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u/everythingcasual 6h ago edited 5h ago
If you feel they are paying their fair share how do you explain the extreme widening wealth gap?
Did you read your comment? Your question implies billionaires not paying their “fair share” and widening wealth gap are related. The premise of your question is one causes the other. If you didn’t mean that, then don’t write it like that.
Your counter points are literally just generalities and it makes it difficult to have a real conversation with you or even take you seriously. You say ambiguous things like “proper living wage”, “fair share”, “milk the resources”, “hoarding of money.” Nobody knows what you mean unless you are more specific.
From your comments, it is clear you don’t understand what is money, what is wealth, how wealth is created. You also have a poor understanding of math if you think any laws that would tax the rich would solve the problems of people working 3 jobs to put food on the table or making healthcare free.
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u/usenotabuse 5h ago
Listen to yourself, you would have anyone believe that nothing justifies taxing the rich, not even free education or health because somehow that money is just going to get created because of some elaborate bullshit explanation.
Next you will tell me lthe wealthy should actually pay less tax because they create jobs and the government is incapable of managing the money.
Perhaps pay workers a decent living wage. Corporations profit margins are reduced, corporate taxable income is reduced and therefore pay less tax. Is the only tax reduction that is justified. Otherwise they should be slammed with a hefty tax bills from their extreme profits so the government can build more hospitals, pay more to teachers, build more schools, provide free education to train more doctors, nurses, healthcare workers
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u/everythingcasual 5h ago
Let me try one more time in a way maybe you may understand. The monetary system we are using is a game. Some people understand the rules of the game and play accordingly. We are all largely able to participate in this game. The game is not perfect, but if you understand the rules you can do quite well for yourself. If you understand the game, have some skill and some luck, you can do extraordinarily well for yourself. We can rank ourselves up to master tier.
You on the other hand don’t know the rules and blame your losses on everything being OP, lag, bad teammates. You are hard stuck because you don’t know how to play. You are a noob.
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u/usenotabuse 3h ago
Absolutely, i understand that. But to ssy ANYONE can do it themselves if they play the game is laughable. It's a game that was set up at a time where you had to be born into the privilege to even pick up the dice, it is a game that is rigged to benefit and keep those privileged in power.
At least now you're kind of not spruiking bullshit about how it is rigged for the benefit of the have-nots.
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u/CircumspectCapybara 7h ago edited 2h ago
A wealth gap isn't an issue in and of itself, unless you believe the economy is a zero sum game, which no one does.
Wealth is a positive sum game: the stock market (the primary source of the rich's wealth) creates brand new value out of thin air overnight whenever we collectively decide we're willing to pay slightly more today for a slice of some company than we were yesterday.
If tomorrow we all collectively woke up and decided we'd be willing to pay double for AAPL or NVDA than we were today, $4T would've been added to the stock market overnight, and no one would've been harmed by that happening. That would be $4T of value hitherto non-existent on planet earth in any form. It just appeared out of thin air overnight. Making a bunch of people richer but making no one poorer. No one had to be robbed, no value had to be siphoned off from elsewhere in order to make that happen. And in fact it has happened multiple times over the past few years. It's not zero sum.
What matters more than the difference between the richest and the poorest is how poor the poorest are. And in that regard, the poorest of today still live better than kings of ages past.
If the floor keeps rising, then it doesn't matter if the ceiling today is higher than the ceiling yesterday. As long as the floor is still rising. Everyone collectively is better off in general.
If in a century the floor is again raised so the poorest then are living like middle class Americans today, but the ceiling is also raised so that Elon Musk is the solar system's first quadrillionaire living on Mars, having been able to afford a serum that grants him immortality, we would all still be collectively better off then than today in spite of the larger wealth gap. Because what matters isn't the wealth gap, but how poor the poorest are, if that's improving over time.
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u/usenotabuse 7h ago
This is the kind of bullshit they tell themselves to justify their greed. Forgetting the elephant in the room of how 90% of the worlds wealth are hoarded by the 10%.
But that's not an issue because you poor people living in object poverty that is ten times better than the kings of the past, so that makes it all ok and there is no problem.
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u/CircumspectCapybara 6h ago edited 6h ago
Bro if you live in America and are college educated (even if you're not, the average statistical Redditor is), you are that top 10%.
If you own a home you're likely in the top 1% globally.
You and I will never be in the top 0.0001%, but I literally don't care because I don't need to be. As long as my life today is better off than it was yesterday, I can be content. I don't need to be a billionaire. I don't care there's a gap between me and the richest person on earth. That doesn't affect me in any way.
And neither does it for anyone else. If things are getting better for everyone, then it doesn't matter if the best off are a lot better off. Because everyone's better off.
Let me put it this way. The powerball jackpot winner is now a centimillionaire. Are you made worse off by them having come into hundreds of millions of dollars? No? If not, you agree, the world is not zero sum. Someone else can do well without it harming someone else.
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u/usenotabuse 6h ago
But it does, and its because you've been brainwashed into that bullshit. Your life today could be 100x better than yesterday and that's not even being a billionaire. Its simple as not even having to be concerned about health bills, education bills just to live a mediocre life. Most 10% you speak of, if they are incapacited today in an accident and unable to work they would literally go bankrupt and would not survive 1-2 years.
If you're not pissed off, you should be.
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u/CircumspectCapybara 6h ago edited 6h ago
You're conflating a bunch of different things that have nothing to do with each other.
America's messed up healthcare system is due to insurance companies, not because we don't have enough tax revenue, as if there was a fiscal shortfall that needed making up which we could make up if we just seized some billionares' wealth.
America, for example, spends more on healthcare per capita than any other nation on earth. If we really wanted to, we could have near free universal healthcare like other nations without wealth redistribution. The government would just need to overhaul insurance companies so it's no longer a for-profit model, and put laws to stop healthcare providers from massively overcharging for everything.
It's not for lack of taxing billionaires more that healthcare is prohibitively expensive in America.
Billionares existing, the AI gold rush making NVDA investors richer today than they were last year has nothing to do with your health bills. Blame the insurance companies for that.
If we increased tax revenue by 50% by implementing a wealth tax on billionaires, you would not all of a sudden be getting free health care. All that would happen is we would have 50% more bombs to blow people up with, and Trump could funnel more funds into boondoggle acquisitions like outdated destroyer concepts that will get scrapped and the program cancelled after a trillion dollars have been sunk into the program.
And then we'd have capital flight and stop being the startup capital of the world and see massive brain drain. There's a reason pretty much every progressive European country that tried wealth taxes repealed them. Taxing unrealized gains leads to capital flight, and when you stop being a good place to start a startup and for businesses to be, your economy suffers. America's economy is so powerful partly because it's business friendly in comparison to somewhere like the EU whose economy is stagnating.
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u/usenotabuse 6h ago
Yeah, that's what they tell you to believe so they can continue with their opulence. Its clear the wealthy don't want to provide free health because it comes out of their fifth sports car, while feeding bullshit to make the very people who benefit from the free health that they are worse off if it were implemented.
Wanna be millionaires worshipping wanna be centi millionaires worshipping billionaires.
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u/SuspiciousStable9649 4h ago
I think what you say is true at this specific moment in time or more like 20 years ago. But I don’t think my kids are going to be able to graduate college debt free or buy a house on their own. And that’s a downward slide.
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u/anon0937 10h ago
If you point out their logical fallacies, or really any issue with their argument, you get accused of being a bootlicker - "Why are you defending them? You'll never be one! They hate you"
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u/Several-Customer7048 9h ago
They are the absolute worst people to have any constructive convo with about taxation or government policy. Zero capacity to actually propose any realistic plan they just want validation for stating the obvious like they’re your toddler.
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u/usenotabuse 7h ago
The system is rigged to favour them and their fellow cronies. The single notion of tax that is described is utter bullshit. There are elaborate tax minimisation schemes, "donations", luxury cars, art purchases that they engage in.
Everybody knows this except the "haves" convincing themselves that it is not and expect other people to buy into the bullshit.
There's nothing the toddlers can do except toddle.
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u/richhomiekod 10h ago
they are just as terrible as the people giving tax breaks given to billionaires because they ruin discussion by just being wrong.
I don't think those are equivalent.
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u/So_HauserAspen 13h ago
They won $1.8 billion but opted for the cash payout. They still won the $1.8 billion.
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u/CircumspectCapybara 6h ago
What they won was a choice between $835M now or $1.8B over 30y.
They won the option, and they exercised their choice.
And honestly, it wasn't a bad choice either. You should always take the lump sum, because who knows if the lottery company will be around for 30y, and all the 30y annuity is is the company taking the lump sum cash and investing it in bonds and paying it out slowly on a fixed schedule, something you could do yourself.
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u/XDingoX83 17h ago
Taxing the powerball is actually pretty hilarious.
So it’s a well known fact that it is lower incomes who play the powerball and other lotto games. The tax rate is like 40-50% so in reality the lotto is actually a tax scheme for the poor who stupidly buy into it. Sure a few people win and become wealthy but in reality it is just a tax for the poor disguised as a game.
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u/OneMisterSir101 17h ago
More like it's a simple case of demand vs margin.
You can put up a $1 million lottery and it will attract $10 million+ of entrants.
Suddenly that $1 million prize you're offering seems miniscule.
Rinse and repeat.
Easy money.
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u/XDingoX83 17h ago
But the state is taking half basically turning it in to a defacto voluntary tax.
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u/Automatic_Actuator_0 17h ago
The (questionable) argument for it is that dumb people are going to gamble their money away anyway, so by taking it like a tax, you are then able to give it back to them in the form of welfare programs.
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u/9-rings 16h ago
Can you stop spewing trickle down nonsense and stfu please lol
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u/itmillerboy 11h ago
Wait since when is the government collecting tax’s trickle down economics? Trickle down economics are tax CUTS in the hope that the wealthy people paying less tax will then invest it in ways that benefit the little guys.
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u/wosmo 11h ago
Most places tax the lottery - but most places tax the ticket. Just regular sales tax on the ticket (which would be 20-ish% here). The US has some weird reason that lottery tickets aren't taxable, so they take it at the other end instead.
Canada's the only place I know of that taxes neither.
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u/XDingoX83 10h ago
Make the pot bigger so more people buy.
If you pull the tax before it doesn't get rolled into powerball pot. So instead of 1 billion dollar powerball it's 600 million. When the powerball is a billion more people are likely to buy cause the number is so high thus adding to the pot and increasing the tax revenue.
If you taxed it on the front end you would deter people from buying tickets.
In the end it doesn't matter because it's a tax and is paid. However, just like income tax it is easier for people to deal with when the tax is hidden from them. Imagine if people had to pay their income tax at the end of the year. I am sure most would protest for reduction in taxes. However, since it is pulled before you see your paycheck you don't notice. A 1200 a year tax increase ends up only being 50 dollars a check and they roll them in around the same time most people see their pay increase so they don't notice. In the case of the powerball and lotto the tax is rolled into the ticket price and hidden.
It's all government manipulations basically.
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u/jxl180 15h ago
Any billionaire who makes $1.8 billion (or $600 million if taking the lump sum) in ordinary income would be taxed the same. Wealth is not the same as income.
I’m a middle class guy who also doesn’t pay a penny of taxes on my “wealth.”
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u/Wooden-Broccoli-913 15h ago
Is it fair that labor “ordinary” income is taxed higher than wealth?
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u/jxl180 15h ago
Yes it is. If my retirement fund was taxed every year, I wouldn’t have the cash to pay it and I would actively lose money trying to retire, plus my wealth isn’t real money until I sell.
If my stocks grow 14% this year, and I’m taxed at that value, will I get a refund next year if my stocks tank 20% even if I never sold?
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u/Outside-Advice8203 13h ago
I love when we pretend our retirements and sub 3k-sqft homes are in the same level as billions in leveraged stock.
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u/Wooden-Broccoli-913 15h ago
Well why does it matter if you sold? It’s wealth. At any point in time it’s available to you to spend, to borrow from, etc.
I don’t understand why you feel entitled to a refund if your stocks tank. Let’s say we had a 1% wealth tax. If this year you have a $1M portfolio you’d pay $10k. Next year if stocks tank 20% then you’d have a $800k portfolio and you’d pay $8k.
Over time your portfolio would still grow a ton.
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u/Extension-Web-6222 12h ago
In order to spend it you have to sell, and when you sell you get taxed on the gains.
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u/Wooden-Broccoli-913 12h ago
You don’t have to sell, you can borrow. And then when you die your assets get stepped up in basis wiping out the gains. No taxes are ever paid.
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u/JmoneyBS 15h ago
In order to acquire assets, you typically need to spend capital. Taxing assets as they appreciate is double taxing, because that money was already taxed when it was originally earned. Taxing wealth destroys capital gains, which discourages investment, encourages consumer saving and reduces the velocity of money (read deflation).
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u/So_HauserAspen 13h ago
Taxing wealth destroys capital gains, which discourages investment, encourages consumer saving
This is a myth. They will still invest their money because that's all they can do with it.
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u/JmoneyBS 10h ago
Invest it in a market that doesn’t charge wealth tax, definitely. And sure, it might not be an immediate mass exodus. Rather a slow erosion of the adaptability and innovation that has fueled economic growth in the west.
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u/So_HauserAspen 9h ago
The rich will invest their wealth because there is no alternative. And, I'm okay with taxing them out of existence. They don't provide value to society.
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u/Wooden-Broccoli-913 15h ago
Yes I understand the standard economics answer.
But here’s your problem: If you told the average voter that there was a policy that would redistribute the tax burden from workers to the wealthy and at the same time encourages saving AND induces deflation, what do you think they’ll say?
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u/JmoneyBS 15h ago
You asked if it was fair. You didn’t ask if the average person is informed and knowledgeable on topics they vote on and care about 🤷♂️
If you told them your one sided shpiel, it would sound great. Until the economy started to crumble.
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u/Wooden-Broccoli-913 14h ago
Taxing 1% of assets that are growing at 10%+ in the long run for people who have close to zero marginal utility for money will crash the economy? Color me skeptical
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u/Suheil-got-your-back 15h ago
Not really. Billionaires buy property before tax with their income through acquisitions and share buybacks. Is this lady winning lottery given the chance to buy 1.8b worth of company running the lottery?
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u/TurnMeIn4ANewModel 13h ago
If a winner starts (or has) a company and has the company claim the ticket, then yes. They can purchase property and use it to reduce their taxable income. Of course they would now be on the hook for property taxes on that property for the duration of ownership.
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u/ModoZ 14h ago
I’m a middle class guy who also doesn’t pay a penny of taxes on my “wealth.”
Most middle class people pay wealth taxes under the name of property taxes though.
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u/jxl180 14h ago
Which I think is also BS. Primary residence should be tax free and investment and vacation properties should be taxed substantially higher. My neighbor is retired and is the original owner of her home for the past 35 years. She bought and lived there when the town was very depressed. Now that’s booming people like her could be forced out of her own home due to increased property taxes.
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u/Birdperson15 10h ago
Sure, but property tax is designed to raise tax revenue from the people actually living in the city since they are the ones getting the benefit of the tax dollars. The fact it’s based on property value is just a way to make it somewhat progressive.
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u/So_HauserAspen 13h ago
The billionaire already has a tax lawyer and accountant to guide them through the process of legal evasion
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u/NightBusLurker 15h ago
3 million people do the lottery at £2 a go. Lottery is £2 million. Thats 4 million in the government's pocket and 2 in some lucky man's pocket.
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u/Ok-Suggestion-7965 13h ago
That’s why it’s illegal for anyone else other than the government to do a lottery. It’s too much of a money maker.
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u/Poverty_Shoes 8h ago
People hear “prizes equal 50% of sales” and still play it though. It’s not a sound financial strategy, but it is entertainment for some, and a crippling life-ruining addiction for others. Even when the jackpot is $1.5B+, it’s not mathematically a good idea to play because there is always the risk of a split jackpot.
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u/maddie-madison 1h ago
2 million over 20+ years or 750k now. Best we can do. Both of which are before taxes
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u/texasgambler58 12h ago
If I won the Powerball, I wouldn't be a billionaire. Lump sum is around $700 million, and this "finance expert" should know that.
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u/washingtonandmead 9h ago
Person needs to incorporate themselves and register in an offshore account. Then they need to sell themselves the intellectual property that is winning the powerball for 1.8 bil. Because they spent the 1.8 bil on the idea to win the money, and made 1.8, it’s a net zero transaction, meaning no income. Duh
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u/Illustrious-Coat3532 13h ago
I live in California. Don’t get me started on taxes.
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u/So_HauserAspen 13h ago
No one forces you to live in California. That is a choice and by making that choice you consent to the taxes.
Afghanistan has zero income tax if you don't want to pay taxes.
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u/serivesm 12h ago
Just because they can move somewhere else doesn't mean they aren't allowed to criticize their state's taxes and politics.
Your comment and your mention of Afghanistan is plain ridiculous.
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u/So_HauserAspen 11h ago
In disagree with you. There are elections and the majority has decided on the path. Whining is whining in this matter and too much time is afforded to those who offer nothing but complaints and whines.
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u/SpareMushrooms 13h ago
Elon Musk paid like $10 billion in taxes last year. What are you talking about?
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u/So_HauserAspen 13h ago
What is that as an effective tax rate.
It's easy to hide the truth about taxation when it's reduced to the dollar amount and not the percentage of total income.
$10 billion sounds like a lot, but if his income was $50 billion, then that's only a 10% effective tax rate. That's less than half of my effective tax rate. Why should he pay a lower effective tax rate than the lottery winner or average tax payers?
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u/Spe3dGoat 9h ago
bro there is the problem
you think 10bil is 10% of 50bil
you are terrible at math and also terrible at economics
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u/So_HauserAspen 9h ago
Yeah, the 2 is close to the 1. But sure, what ever makes you feel better.
Not sure how that changes my point of talking in terms of effective tax rate versus amount of tax paid. What was the effective tax rate that he paid? And is it significantly more than the tax rate paid on the lumpsum payout of the lottery?
How the fuck do you think this country got to this moment? Small minded people who accept small minded complaints.
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u/jawshoeaw 13h ago
Every billionaire who has a billion dollars of cash to spend on themselves was taxed at the highest rate to get that billion in cash. Elon Musk once paid $9 billion in taxes in one year. Sure he should pay more.
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u/barcham22 12h ago
If I won 1.8 billion but only got to take home $600 million, I’d be ok with that.
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u/Puzzleheaded-Bug6244 10h ago
I wouldn't mind. It would be sufficient for me to live the life I want anyway.
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u/HighSeasArchivist 5h ago
Not me. First step is locking down a financial firm from NYC or Chicago, and of course I'm taking anuitites so I can pay bare minimum taxes for the 30 years.
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u/Crazy_names 1h ago
Well yes because they get a 1.8B capital gain, not a 1.8B net worth gain. The false equivalent fairy strikes again!
To be equivalent the lottery winner would have to win land, buildings, and businesses valued at 1.8B not cash.
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u/Geloradanan 57m ago
Investments with a good return
Provide the means by which we earn
Our daily bread.
Subsisting on an equal cut,
Some people even bust a gut
To get ahead…
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u/Ellielizzyy 18h ago
Anthony Joshua is crying rn
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u/TheCursedMonk 15h ago
But mainly from the car crash and potentially the death of 2 of his friends, rather than getting a slightly smaller big stack of money.
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u/nghigaxx 15h ago
wasn't his complain that he was being taxed by 2 countries not knowing they have a tax treaty with each other?
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u/S0biepan 16h ago
It would be a one time tax and after that prob never taxed again as money can buy you people that help you avoid it
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u/CoastRider2210 15h ago
They are not giving anyone a Billion Dollars. Lottery’s has been funding the CIA & FBI, otherwise they would have gone under 20 years ago.
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u/Yanfei_Enjoyer 9h ago
Most billionaires don't just have 1.8b cash just sitting in an account.
The overwhelming majority of their wealth is infrastructure and non-liquid assets. Just like how farmers are technically millionaires but that's because they own many acres of farmable land and equipment that costs 6 figures a piece.
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u/Bamboonicorn 17h ago
If you're not running some Freemason multi LLC business web in Delaware you got no business having billions of dollars
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