Remember good old John Beresford Tipton? .. Just checked the inflation calculator out of curiosity, and it would be like $10 million today. . They would have to call it The Billionaire.
In Las Vegas and I play the WSOP and win $9million I will also not have to pay any tax. Nor will a Canadian. An American will as some other countries(think if you are from Norway you pay 70%) will pay tax Seems that the Americans tax you at the rate of your countries tax rate on gambling winnings. Very odd
This is odder and odder.....No gambling tax is levered in Norway But if you win money abroard the Norway will tax you at 70% but then the Americans tax you as well Wonder when the winner goes home is he taxed again. https://www.gamblingjudge.com/norway-gambling-sites-and-laws/
@Tom Galty It would sound that, for a time, that moron was reasonably happy. The lottery doth both giveth and taketh away.... Frank
If you are British or from Canada you do not pay any Tax. The Americans tax you at the rate that is charged in your country. Both the UK and Canada have no tax on gambling winnings.
It depends. Most lottery payouts can be taken as a lump sum or in installments. Also, the amount of the winnings has to be considered... but the taxes on a substantial lottery win would be hefty.
I'm sure big money would change m and probably for the worse. Time and time again I've seen families torn apart over fewer dollars than. I kI won a large amount, somewhere down the road I'd probably wish I had not won any at all. Don't know, just going by what I see when others have won. But maybe not. We can guess but I think we really don't know.