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>They’d had an incredible run: in the final tally, they had grossed nearly $27 million from nine years of playing the lottery in two states. They’d netted $7.75
by syrrim 9y ago
>They’d had an incredible run: in the final tally, they had grossed nearly $27 million from nine years of playing the lottery in two states. They’d netted $7.75 million in profit before taxes, distributed among the players in GS Investment Strategies LLC.
>The lottery had worked how it was designed to work. In fact, as one financial reporter for Reuters would argue in the days after the report’s release, Cash WinFall was possibly more fair than other lottery games, because it attracted rich players as well as poor ones. Instead of taxing only the poor, it taxed the rich too.
If you're making a profit, you aren't being taxed. Winfall is, in fact less fair - because not only do poor people lose money, but rich people gain money.
- josu 9y agoYeah, it makes no sense, I can't believe that the report said this too: >The large groups had bought some $40 million in tickets, $16 million of which was revenue for the state. No, actually it was negative revenue, since the state payed out more than $40 million in prizes.