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Taxes and Olympic winnings.Follow

#52 Aug 10 2012 at 10:07 AM Rating: Excellent
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Yodabunny wrote:
You have to keep in mind though it's not like we're going to stop treating people when the budget runs out.

"Sorry, man. Go buy some lottery tickets. Either you'll win and can afford to pay cash or else you'll be funding the government system. It's win-win!"
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#53 Aug 10 2012 at 5:52 PM Rating: Good
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Doesn't the revenue from the lottery in the US go to fund education?
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#54 Aug 11 2012 at 11:14 AM Rating: Excellent
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They augment education finding but they are by no means a primary method of funding. That's state and local taxes followed by federal Dept of Education funding/grants.
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#55 Aug 11 2012 at 2:17 PM Rating: Good
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The GA lottery was put in place to fund school systems, from Head Start programs all the way through the Hope Scholarship (which was designed to give the better students a free ride through state colleges.)

Unfortunately, the state is pretty much relying on that money to fund its entire university school system as well as the general funds to school districts these days, because tax revenues are down.
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#56 Aug 11 2012 at 2:52 PM Rating: Good
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Well, I knew it wasn't primary or the only source of funding. I just knew the Michigan lottery money went to Education. I didn't know if all US lotteries did (seems to be a common thing state to state though). Edit: It was mostly in response to the tangent it went on, Canadians here were saying that their lottery winnings weren't taxed because their lottery money went to fund 'charity' (or in this case, public health care). The US lottery money goes to fund public education, but the winnings are still taxed.

I noticed the education tax on my property taxes this year was computed twice. It's actually the largest millage and the vast majority of the property tax bill. Being a primary residence, mine is exempt from that tax, so I didn't bother checking to see if it was an error. I can't imagine they would have doubled property taxes this year compared to last, I didn't hear or read anything about. If this property wasn't exempt, I would have been at the hall the next day trying to figure out why they doubled my taxes...

Edited, Aug 11th 2012 4:54pm by TirithRR
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#57 Aug 13 2012 at 11:36 AM Rating: Decent
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Similar situation here. We certainly don't fund our entire health system via lotteries, it's much much more expensive than that. It's just an added bonus like when a few millionaires come together and fund a brand spanking new cancer ward at a local hospital.
#58 Aug 14 2012 at 7:26 AM Rating: Good
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The healthcare itself is the lottery. Smiley: schooled
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