We run to the store to purchase a lottery when the gamble is worth it to us. Some people purchase tickets every week without question. The odds to win: staggeringly slim. However the winner has been identified for the lottery: the government. Either by the event itself, or the taxes afterward y ou can be sure that Uncle Sam will claim his inheritance.
"Lotteries have the highest profit rates in gambling in the U.S.: in 1996, net revenues (sales minus payouts, but not including costs) totaled $16.2 billion, or almost 38% of sales. They are also the largest source government revenue from gambling, in 1996 netting $13.8 billion, or 32% of money wagered, for governments at all levels." (1)
"As with wage income, some amount of lottery winnings is withheld for the government before you calculate your total tax bill when filing your income tax the following year." (2)
"Lotteries have the highest profit rates in gambling in the U.S.: in 1996, net revenues (sales minus payouts, but not including costs) totaled $16.2 billion, or almost 38% of sales. They are also the largest source government revenue from gambling, in 1996 netting $13.8 billion, or 32% of money wagered, for governments at all levels." (1)
"As with wage income, some amount of lottery winnings is withheld for the government before you calculate your total tax bill when filing your income tax the following year." (2)
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