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View Diary: Lotteries Should be Funded with Wealth, Transaction, & Inheritance Taxes (49 comments)

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  •  I don't think it would take that much at all. (2+ / 0-)
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    slothlax, cynndara

    At least divided over the entire base of people who would be paying this tax.  Let's throw out some arbitrary hypothetical numbers - and these are just guesses, so it can be structured any other way you want, so don't say any problems with these numbers invalidate the basic idea:

    Say 1 person per year gets $1 billion, 10 get $100 million, 100 get $10 million, 1,000 get $1 million, 10,000 get $100k, 100,000 get $10k, 1 million get $1k, and 10 million get $100.  Divide another billion among smaller prizes that a good third of the population would win at some point during the year.  That's $9 billion in total - not much in revenue terms, at least for a nationwide lottery (state prizes would be smaller).  And it's not like the money is just disappearing - most of it is going right back into the economy immediately.

    A 1 percentage point tax increase on the rich would more than cover it.  In fact, my numbers there are probably too conservative - maybe there should be more winners at the highest prize levels.

    Pour yourself into the future.

    by Troubadour on Tue Jan 29, 2013 at 08:10:37 PM PST

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