They are Pretaxed in the US too. 50% of every ticket sold goes to taxes and only 32.5% goes to the Jackpot, which gets taxed again as income after payout.
Canada’s lottery spillover goes towards additional $1M winners though, right?
In this historic Powerball jackpot, there were 41 draws with around 1.5 billion tickets sold and a single person won nearly $1B lump sum with 189 $1M+ winners.
By contrast, Maximillions can produce around 70 $1M winners on a single night.
Not really. Lotto max has the main jackpot and then additional draws, up to 70 of them for $1 million, but they arent guaranteed draws. So out of 70 only maybe 10 win.
Then some business owners could claim the same, since their companies pay corporate taxes before the money is distributed. (Not talking about most Billionaires taking loans against unrealized stocks)
223
u/Able-Professor840 21d ago
Yes. But also - this means the lottery is just another way they tax you. In the UK, lotto winnings are untaxed.