Tuesday, August 07, 2012

What a Disgrace

A woman in Salisbury won $1M in the North Carolina lottery.

But after taxes are removed, she only gets to keep $408,000.

Not even half of it.

And she's just an office manager, she could use the extra funds. What's she going to use it for?

Pay off debt.

The working poor in America: even when they win, they lose.


Old NFO said...

Yep, no surprise there... dammit.

Linda Starr said...

Well I'd gladly take that amount but it doesn't seem quite right on the taxes, the poor don't have any write off's so they pay more in taxes and fees than the rich, a vicious cycle.

Bob said...

@Linda Starr: I'd think that the lottery officials would adjust the winning amount upward so that at least you really walk away with a million dollars. The poor woman is standing there with a check for $1M, most of which she doesn't even see, it's taken out up front.

russell.j.coller.jr said...

The "Rich" pay 15%... mostly dividends & Capital Gains tax.

The "Regular" people pay: Social Security payroll tax [7% ?], Medicare payroll tax [2% ?], income tax[10%-35%] sales, property, City, County, Local, State, car, booze, cigarette, gas, masturbation.

Exempt the first $20,000 & eliminate all taxes, except 15% on income, no deductions, no matter the source.
And keep only property tax for the States.

Lottery winner would pay: 15% on $998,000.00. [she keeps: $850,300.00]

Normal person: $45,000.00 income --- keeps $41,250.00

Poor person: $20,000 --- keeps $20,000.

you're welcome.

Bob said...

@russell.j.coller.jr: How about just a 10% flat sales tax, 5% going to the individual states, 5% to the federal government, food items only exempt from the tax? And no government spending beyond tax receipts?