What is the tax rate on $2 million dollars winnings?

[kayode10]

just of recent I saw it on a Yahoo news that a person won two million Dollars from the lottery. This is a huge amount of money but the problem is that government will always tax this morning.

One of the questions I want to ask you guys is that What is the tax rate on $2 million dollars winnings? I will be glad if anyone here can tell me in the comment section below thanks in advance.

 

[SlotsMaster]

I don't really know the tax rate that will be charged on such a huge amount of money if it is won by a punter in the casino, but I'm very optimistic that the tax is not going to be huge for the punters to bear

 

[kayode10]

I think the person will have to pay 24% of the total money into the cover of the government as a tax. some people believe that this is huge amount of money compared to the losses they have been in Corrie without government support.

 

[Btaliat]

Each government actually has its own rate at which they pay the tax. Sometimes it may involve adopting fixed or progressive tax sysytem. The more the betting return, the more the interest that will be paid on it.

 

[SlotsMaster]

Each government actually has its own rate at which they pay the tax. Sometimes it may involve adopting fixed or progressive tax sysytem. The more the betting return, the more the interest that will be paid on it.

You have a very valid point because different government have variant rate at which they deduct taxes but I don't think that all the winnings are taxable but a huge winning will surely attract minimal taxes.

 

[kayode10]

The last time I was checking it online I thought the person will have to pay about 30% of the money which is about $600000. but I believe this amount is too huge to clean by the government for the fact that the person might have been losing for a very long time before having a break through.

 

[SlotsMaster]

The last time I was checking it online I thought the person will have to pay about 30% of the money which is about $600000. but I believe this amount is too huge to clean by the government for the fact that the person might have been losing for a very long time before having a break through.

That is a huge amount. Receiving 30% as a tax rate is just too much. I've not seen any tax rate reached that level before ever since I've been hearing of tax rates . Do you think that the information is genuine?

 

[Angryseth]

Different countries in the world are going to have different kind of rules that they apply especially when it comes to gambling and casino. There are some countries that charge as high as 40% of the winnings which I think is absolutely ridiculous.

 

[James108]

Tax rates vary depending on your income level and filing status, so it's hard to say exactly what your tax rate would be on $2 million dollars in winnings. If you're lucky enough to win $2 million dollars, i recommend consulting with a tax professional to get a more accurate estimate

 

[Qwert135]

Every countries have different text rates for the lotterys and and you can expect to pay around 25 to 40% of your winnings if you get the chance to win a good amount and that is the standard of industry