Is it not time to tax Lotto Winnings !

Darsad

Given the current Economic Mess were in is it not time to consider taxing Lotto winning above € 100,000 for example.
At lets say 10% with a guranteed € 2 million Jackpot per draw it would be possible to take in € 400,000 per week . I dont think too many people would object to paying 10% of a 2 Million jackpot or would they. Just think what could be done if an Irish person won this weeks Euro Millions.

seamus

For the sake of €20m? Proper barrel-scraping really. We pay the horsey crowd 4 times that for doing nothing.

TheInquisitor

Just a plain and simple NO!

It's about the only thing that is'nt taxed in this country so lets tax it !! :rolleyes:

jimmmy

Darsad wrote: »

Given the current Economic Mess were in is it not time to consider taxing Lotto winning above € 100,000 for example.
At lets say 10% with a guranteed € 2 million Jackpot per draw it would be possible to take in € 400,000 per week . I dont think too many people would object to paying 10% of a 2 Million jackpot or would they. Just think what could be done if an Irish person won this weeks Euro Millions.

given the seriousness of the problems facing the country, not a bad idea.

villager

Darsad wrote: »

. I dont think too many people would object to paying 10% of a 2 Million jackpot or would they. .

i don't know about anyone else but i would bloody object to having it taxed, why not reintroduce a small tax levy on bets laid at bookmakers and maybe the same on the lotto ticket too.

mike65

seamus wrote: »

For the sake of €20m? Proper barrel-scraping really. We pay the horsey crowd 4 times that for doing nothing.

You mean helping to provide work for thousands?

Mr. Incognito

Most Lotteries are registered charities which is why their exemption applies.

As for winnings:

If you're going down that route you'd probably have to tax all winnings from bookies also.

GAAman

Show of hands who thinks Darsad's opinion would drastically change should they win the lotto? *Raises hand*

greendom

Supposedly the LOTTO is a tax on the poor and the stupid already, so you can't really tax a tax can you? Although nothing would surprise me

Liam Byrne

I'd be more interested in them lowering the numbers back to 36 or so....

That way, ten people could win €500,000 instead of one winning €5,000,000

Improve ten lives instead of one.

mike65

There should be one draw for 2 million, two draws for the first rollover, three if it rolls over again and so on with the money split evenly.

Thomas_S_Hunterson

Liam Byrne wrote: »

I'd be more interested in them lowering the numbers back to 36 or so....

That way, ten people could win €500,000 instead of one winning €5,000,000

Improve ten lives instead of one.

Back when there was 36 numbers, it was possible to buy every single combination for less than the jackpot, and indeed this was done by a syndicate.

42 is a much better number.

Robbo

Much like gambling income, the Revenue wouldn't want to touch this with a long stick on account of the related headaches it brings up such as writing off losses and expenses incurred.

Top marks to the OP for the thought though, the bottom of the barrel is long eroded.

The_Minister

Darsad wrote: »

Given the current Economic Mess were in is it not time to consider taxing Lotto winning above € 100,000 for example.
At lets say 10% with a guranteed € 2 million Jackpot per draw it would be possible to take in € 400,000 per week . I dont think too many people would object to paying 10% of a 2 Million jackpot or would they. Just think what could be done if an Irish person won this weeks Euro Millions.

Tax is already paid on lottery winnings, it's just paid BEFORE you get it.

The lotto takes in far more then it pays out, and most of that goes to charitable causes nominated by the government. So in effect, the money is already taxed, but the tax is taken like PAYE.

Permabear

This post has been deleted.

ArmaniJeanss

villager wrote: »

why not reintroduce a small tax levy on bets laid at bookmakers

That already exists at 2%. Most (possibly all) bookmakers choose to absorb it themselves rather than the customer having to pay €4.08 for his €4 bet, but the 2% still gets paid to the Exchequer.

(I know 2% seems small by the way, but its not)

silverharp

Darsad wrote: »

Given the current Economic Mess were in is it not time to consider taxing Lotto winning above € 100,000 for example.
At lets say 10% with a guranteed € 2 million Jackpot per draw it would be possible to take in € 400,000 per week . I dont think too many people would object to paying 10% of a 2 Million jackpot or would they. Just think what could be done if an Irish person won this weeks Euro Millions.

you dont get it mate , looking around for new taxes to solve the county's problems is in after hours speak - A thread fail:D

dvpower

Liam Byrne wrote: »

I'd be more interested in them lowering the numbers back to 36 or so....

That way, ten people could win €500,000 instead of one winning €5,000,000

Improve ten lives instead of one.

If you don't have those big jackpots the numbers playing tend to fall off.

For some weird reason, the profile of people who play the lotto tends towards the lower end of the economic scale, but they don't like it if they cant win at least a million!

NewDubliner

dvpower wrote: »

For some weird reason, the profile of people who play the lotto tends towards the lower end of the economic scale, but they don't like it if they cant win at least a million!

'The Lotto is a tax on stupidity'.

Kidchameleon

NewDubliner Wrote:

'The Lotto is a tax on stupidity'.

Tell that to Dolores McNamara

jimmycrackcorm

NewDubliner wrote: »

'The Lotto is a tax on stupidity'.

"it could be you"

MoominPapa

NewDubliner wrote: »

'The Lotto is a tax on stupidity'.

So whats your opinion on people who regularly gamble in the bookies?

Hagar

Tax the lottery and sales will drop.
If sales drop then funding to the Health Services and charities drop.

Typical short term gain thinking. FF much?

dresden8

Since I didn't win the 126 million I'm all for taxing it.

I may revise my opinion next Friday.

loobylou

MoominPapa wrote: »

So whats your opinion on people who regularly gamble in the bookies?

Stupid.

deco05ie

Kidchameleon wrote: »

NewDubliner Wrote:

'The Lotto is a tax on stupidity'.

Tell that to Dolores McNamara

It still applies to her just as much as all the people who lose.

MoominPapa

deco05ie wrote: »

It still applies to her just as much as all the people who lose.

So you think its stupid of someone to risk about a half of one percent of the average weekly wage industrial by buying a lottery ticket?

Thomas_S_Hunterson

MoominPapa wrote: »

So whats your opinion on people who regularly gamble in the bookies?

Depends if they win or not.:pac:

Bookies are different to the lotto. The lotto always has an expected return of significantly less then the price to play (it's like throwing money away).

However an intelligent punter can take advantage of asymmetric information to increase their expected return with the bookies.

Joey the lips

Darsad wrote: »

Given the current Economic Mess were in is it not time to consider taxing Lotto winning above € 100,000 for example.
At lets say 10% with a guranteed € 2 million Jackpot per draw it would be possible to take in € 400,000 per week . I dont think too many people would object to paying 10% of a 2 Million jackpot or would they. Just think what could be done if an Irish person won this weeks Euro Millions.

Go on be honest your real name is Brien Lenehan isnt it. You looking for another levy! Go on be honest!

Who in there right mind would want to pay more tax!

To many would not object cause generally there is only one winner

Why is this in politics? Is it possible to bore myself to death debating this?

Mr.Micro

I do believe it is taxed in the US, so I suppose its only a matter of time. Why not nationalize the lotto as its the only outfit in Ireland that makes any money at the minute and this pathetic Government is desperate enough.

Where does all that lotto money go week in and out, as its forever rollover week, and that show on RTE on saturdays, spin the wheel or something, is so fixed it is in your face. The ball always jumps out of the big money and now and again half a million is allowed to be won. Pathetic. I would not buy a lotto ticket.

deco05ie

MoominPapa wrote: »

So you think its stupid of someone to risk about a half of one percent of the average weekly wage industrial by buying a lottery ticket?

Yes

Serenity Now!

donegalfella wrote: »

This post has been deleted.

If the government were to tax lottery elements, it wouldn't be on winnings but on the purchase of lottery tickets. Betting tax has never even dented betting's popularity and neither would taxing a lottery ticket.

wasper

Darsad wrote: »

Given the current Economic Mess were in is it not time to consider taxing Lotto winning above € 100,000 for example.
At lets say 10% with a guranteed € 2 million Jackpot per draw it would be possible to take in € 400,000 per week . I dont think too many people would object to paying 10% of a 2 Million jackpot or would they. Just think what could be done if an Irish person won this weeks Euro Millions.

Have they decided to tax gambling & betting? As hundreds of millions if not billions are wasted on this 'leisure'.

heyjude

Mr.Micro wrote: »

Why not nationalize the lotto as its the only outfit in Ireland that makes any money at the minute and this pathetic Government is desperate enough.

The National Lottery Company is owned by An Post, which is owned by the state, so why would the government nationalise something that the state already owns ?

Healio

villager wrote: »

why not reintroduce a small tax levy on bets laid at bookmakers and maybe the same on the lotto ticket too.

I think you'll find its always been there.