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In Canada, Europe, basically every country with a lottery system, all of the prizes are lump sum and tax free. So if the prize is announced as being $100M it will end up being $100M instead of like $40M which it will end up being in most of the US after federal, state, and possibly even local taxes, plus the lump sum being considerably less even before the taxes. This is because most countries aim for progressive taxes whereas the US has increasingly aimed for regressive taxes as part of trickle down economics.yeah they just took that money back, but Ive bought scratchers before and they never ever asked me for ID for Scratchers or Lotto, I used to buy them for my folks too its weird. They should just give the old man the 5 million the government will just take half that anyway if he goes for the lump sum instead of the monthly payments. and what he is left which will probably be like 2.5 million he gets taxed on that.
In Canada I heard if you win the lotto you dont have to pay taxes on it. some guy won 60 million in Canada and I heard they didnt even tax him for it. he got to keep it all. Not sure if they tax him at the end of the year but they dont do that take half the winnings and than tax you on the other half you are left with like they do in
USA.
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