Posted January 12, 2016 7:52 pm by Comments

By Ammoland

Give Chance a Chance Illinois Lottery img Sara Nitz

By Michelle Malkin

Give Chance a Chance Illinois Lottery, Government-run lottery monopolies are a regressive tax and a stupidity tax. img Sara Nitz
Michelle Malkin
Michelle Malkin

USA – -(Ammoland.com)- Ka-ching! Wednesday’s Powerball jackpot soared to $1.5 billion as get-rich-quick mania seized America this week. But you don’t need to wait for the drawing to know who’ll score the royal payoff.

The biggest winner of the multistate numbers game is — drumroll, please — Uncle Sam.

Powerball is a government-sponsored gambling racket in 44 states, plus Washington, D.C., Puerto Rico and the Virgin Islands. The feds automatically skim 25 percent off the top of a lump-sum cash award. Additional state withholding taxes vary depending on residency status.

Mega-winners are taxed at the highest federal income tax bracket (nearly 40 percent); those who live in states with personal income taxes could pay up to an additional 9 percent. Local municipal taxes can add another 3-5 percent to the tax burden.

Government lotteries of all kinds raked in a whopping $70 billon in revenue last year, according to the North American Association of State and Provincial Lotteries.

Cash-strapped states pitch the rackets as civic enterprises by purporting to earmark a portion …Read the Rest

Source:: AmmoLand

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