- #1
Oltz
With all the Hype around the power ball this week I was wondering if anyone had any thoughts about making the "big" pay out games national and directing the funds to Debt repayment?
I would propose that the states all keep the "smaller" games i.e. dailies and scratch offs but that the 2 big games become federal "voluntary" revenue streams.
From what I remember seeing pay out plus administrative costs on those games come to 50% leaving 50% as revenue for the states. So for each 500 Million dollar jackpot the government would also make 500 Million in voluntary taxes.
Some states i.e. Ca and Pa exempt state lottery winnings from state income taxes we could even extend that to the federal level for these federal drawings.
I am not sure the impact taking that revenue from the states would have but IMO it would be minimal since most of it goes to special projects already and is not general budget revenue.
Thoughts? comments? data? I can not look up anything to do with the lottery this network.
Major objections?
I would propose that the states all keep the "smaller" games i.e. dailies and scratch offs but that the 2 big games become federal "voluntary" revenue streams.
From what I remember seeing pay out plus administrative costs on those games come to 50% leaving 50% as revenue for the states. So for each 500 Million dollar jackpot the government would also make 500 Million in voluntary taxes.
Some states i.e. Ca and Pa exempt state lottery winnings from state income taxes we could even extend that to the federal level for these federal drawings.
I am not sure the impact taking that revenue from the states would have but IMO it would be minimal since most of it goes to special projects already and is not general budget revenue.
Thoughts? comments? data? I can not look up anything to do with the lottery this network.
Major objections?