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State lottery much like illegal racket

Discussion in 'Economics and Financials' started by MikeHoncho, Feb 16, 2015.

  1. MikeHoncho

    MikeHoncho -=| Censored |=- Club Member

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    Not like anyone around these parts is surprised any.

    The "columnist" yanked the info straight out of Wikipedia, but still.

    More
     
  2. Unlucky 13

    Unlucky 13 Team Rosen Staff Member Club Member

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    I read an article recently (sorry no link) that showed how much of a percentage from the lottery truely goes into the schools, and what goes elsewhere. Only three states (among them my home state of WV thankfully) actually use the money in the school system. In a handful, over 80% went into the pockets of the people running it. Most used it legitimately, but not on the schools as was the idea.
     
  3. Ronnie Bass

    Ronnie Bass Luxury Box Luxury Box

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    I use to work in a Deli and scratch-offs are one of the biggest state run scams going, the odds to win are so against you but people are addicted to them and that's what the state banks on to fill their coffers.
     
  4. unluckyluciano

    unluckyluciano For My Hero JetsSuck

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    this is the problem texas had. They started the lottery to help the schools. Before you knew it most wasn't going to schools.
     
  5. MikeHoncho

    MikeHoncho -=| Censored |=- Club Member

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    With scratchoff, the odds are pre calculated and winners "pre selected". Gains for the house are still finite however.

    With the lottery, chances of winning are just impossibly low.


    Both are scams, but worth the lottery there is no limit to the amount the house can fleece from likely already impoverished communities.
     
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  6. Ronnie Bass

    Ronnie Bass Luxury Box Luxury Box

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    I wholeheartedly believe that, there is always one store that has the big winners, and TONS of them, when I worked in that deli we would occasionally would sell a $100 winning scratch off while this one store - a Krauzers - would get $5,000, $10,000, $50,000 winners....consistently.
     
  7. They learned that by making it harder to win it tends to rollover and drivethe pots higher which generates more revenue.

    i generally refuse to playout of principle. Think about this:

    they take 50% off the top and then after you win they take close to 50% more. For every dollar played they take 75cents of it.
     
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  8. padre31

    padre31 Premium Member Luxury Box

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    What boggles me is the fact the State makes $$$ on the front, all of the losers, and back end in the form of a 40% or tax on large winnings.
     
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  9. What really gets my goat is when im waiting in line go pay for my morning coffee and some dingleberry is holdi g me fro going to work to earn some money because he is holding everyone up sl he can donate his money to the state in the form of scratch offs.
     
  10. Unlucky 13

    Unlucky 13 Team Rosen Staff Member Club Member

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    If the revenue is spent properly, this is all wonderful. The lottery is essentially people volunteering to be taxed, and just about every state needs all the revenue that they can get. The issue, as stated, is corruption of course. And since its rigged by those in power, its hard to change it.
     
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  11. Stringer Bell

    Stringer Bell Post Hard, Post Often Club Member

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    These are as big of a scam as mortgages.
     
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  12. padre31

    padre31 Premium Member Luxury Box

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    Disagree, for my pov that is merely coddling the State for dirty dealing.

    Put it this way, can the losers on the scratch offs use them as tax write offs?


    Prolly not

    Yet the minute winners are heavily taxed
     
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  13. MikeHoncho

    MikeHoncho -=| Censored |=- Club Member

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    Good point.
     
  14. Unlucky 13

    Unlucky 13 Team Rosen Staff Member Club Member

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    How in the world could anyone ever buy a house without a mortgage?
     
  15. Ronnie Bass

    Ronnie Bass Luxury Box Luxury Box

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    Actually in NJ you can I believe on the winnings, people use to take old tickets that were tossed out so they could write them off on their winning tickets.

    EDIT: http://taxation.lawyers.com/income-tax/tax-deduction-for-gambling-or-wagering-losses.html
     
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  16. Stringer Bell

    Stringer Bell Post Hard, Post Often Club Member

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    Exactly.
     
  17. Unlucky 13

    Unlucky 13 Team Rosen Staff Member Club Member

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    OK, so whats the alternative? I guess I'm a little lost.
     
  18. padre31

    padre31 Premium Member Luxury Box

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  19. unluckyluciano

    unluckyluciano For My Hero JetsSuck

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    make housing affordable.............
     
  20. Dol-Fan Dupree

    Dol-Fan Dupree Tank? Who is Tank? I am Guy Incognito. Club Member

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    Which is why I say, eliminate all income taxes under 100,000 and just create a bunch of Federal lotteries.
     
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  21. Stringer Bell

    Stringer Bell Post Hard, Post Often Club Member

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    Not buying a house that will financially limit oneself. That's why its such a good racket. You are essentially forced to pay tens of thousands of dollars to banks if you want to own a home, while the government promotes it.
     
  22. MikeHoncho

    MikeHoncho -=| Censored |=- Club Member

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    That clinches it.

    Dol-fan Dupree for President.
     
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  23. Dol-Fan Dupree

    Dol-Fan Dupree Tank? Who is Tank? I am Guy Incognito. Club Member

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    First executive order, Legalize all Drugs and throw a National Rave!
     
  24. MikeHoncho

    MikeHoncho -=| Censored |=- Club Member

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    Not too mention the system itself promotes inflated values.

    A positive feedback loop of generational indebtedness.
     

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