May 26, 2010

Tax lotto wins to raise over €33million pa

Posted in Your Ideas ·
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One quick, easy to impliment, idea to generate substantial revenue income of over €33million per annum would be to put a 10% tax on all lotto wins. The attached spreadsheed shows the figures based on one recent draw.
This figure could be further increased if it were to be implimented on Euro lotto winnings, Prize Bond draws and in fact all betting wins currently not taxed.
The benefit is that it will only affect those who had the disposable income to bet in the first place and the tax is out of money they never had rather than taking it from what they have earned. I don\’t think anybody can really complain about this.
Those who win more pay more so it is fair across the board and should be easy to impliment if retailers etc collect before paying out, its all computerised.
It is too much to ignore and could even be doubled, for a period, in this time of crises if initially brough in at 20% (only the standard tax rate which people are used to paying) while things are so bad. But it should then be eliminated when things improve again otherwise the money will just get lost in the pile like the parking meter money in the Councils, extra income to start with then just part of the budget to waste…

I am sure people will still participate in the draws as to the normal person winning €1.8 million is just as good as winning €2million so the lotto will not suffer and can still generate enough income to support many good causes.

When it was first introduced the lotto helped save many a community project through funding. By taxing the winnings now the lotto can help come to the resuce again…… We need it now more than ever, does it not make sense?
Thanks for your time,
Catherine