Lottery and Gambling Taxes
The lottery is a chance game where the winner is selected randomly and determined by the participants. In the lottery, participants pick their lucky numbers after purchasing a ticket. The amount collected from ticket sales is used to award the winner and pay administrative costs associated with running the lottery. On the contrary, gambling involves the prediction of the outcome of an event. Gamblers invest significant money to harvest huge revenues. However, gaming and lottery require participants to isolate money to participate. The concept of lottery and gambling has evolved over the years. Generally, the lottery can be traced 200 years before Christ’s birth in a game played by a Chinese Dynasty, Western Han. The ‘white pigeon game’ involved the use of birds to communicate the game results. Part of proceeds from the game was used to finance the construction of the Great Wall of China. Consequently, Ancient Romans embraced the lottery to fund public streets’ upkeep. In the middle ages, the lottery was established in the Netherlands and Belgium. The concept resurfaced in other parts of the globe. Ideally, today’s lottery and gambling have been fabricated as it has led to the development of casinos and sports bookmakers. Besides, lottery and gambling have adopted as a source of state revenue. Lottery and gambling have raised mixed reactions to society. In essence, lottery and gambling taxes have been imposed to counter its addiction affects.
The link between gambling addiction and substance abuse
A recent study links gambling addiction to substance abuse. According to the survey, an estimated number of 10 million Americans have been battling gambling addiction. Ideally, gambling addiction is a situation whereby one gambles despite the shortcomings that may affect their well-being, relationships, and finances. The results of an addicted gambler are demoralizing to the family. It has been established that gambling addiction contributes to job loss due to reduced concentration. Addicted gamblers often exhibit failed relationships and increased debts. Mental health problems are common in addicted gamblers due to stress. Consequently, depression mood disorders and anxiety follows. In other cases, victims commit suicide leaving huge debts behind and families. However, addicted gamblers can be successfully rehabilitated and counseled for quick recovery. Therefore, gambling and lottery have diverse effects on the participant’s health as they often lead to addiction whose results are gravy.
Gambling addictions haveled to a yearly loss of over $6 billion, which is costly to the economy. In modern society, many individual bankruptcy cases have been resulted by gambling addictions. Gambling addicts often engage in drug abuse to soothe themselves. Hence, families are affected emotionally and economically. In essence, children raised by gambling addicts have traumatic effects as they are emotionally neglected. Besides, stressed parents often express their anger on children creating unnecessary tension. This affects their academic performance exposing them to future addiction. Therefore, gambling affects families and the community as well. It is for this reason that many states resolved to regulate gambling activities by taxing all the winning participants’ significant amounts. Also, gambling firms have exhibited strict authorization rules to operate in many countries.
The U.S government passed a gambling law that subjects it to legislation at both the federal and state level. This regulates its activities by imposing restrictions on the bookmarkers. Congress is mandated to control interstate gambling. For instance, recent laws have been implemented prohibiting unauthorized lottery tickets’ transportation, limiting gambling among Native Americans, and outlawing bookmarkers. This has enabled each state to impose rules best for citizens to regulate gambling and lottery practices. Restrictions are imposed on the age of participants, and lottery activities allowed. However, taxing gamblers has reduced gambling activities in the state.
In the United States, any money won in wagering or gambling is considered as taxable income by the IRS. Gambling income entails winnings from Bingo, lotteries, game shows, racetracks, casinos, and card games. IRS has set special rules to ensure that all gambling income is subjected to taxes. The regulations require strict bookkeeping. In essence, gambling firms benefit from the losses of their participants, while gamblers benefit from their luck in predicting results of a given game. Therefore, the rules are imposed in such a way that both the firms and participants are taxed.
Participants and gambling firms are required to report their gambling incomes and losses on their state income tax returns. The amount of tax withheld is determined by the winnings, which are subjected to a 24% tax. Non-monetary awards such as cars are taxable based on the fair market value of each item. However, gamblers are allowed to deduct their losses after filing separate reports on winnings and losses. IRS mandates all gamblers to keep all documents related to gambling, such as Form W-2G, statements, payment slips, tickets, and receipts. This enables gamblers to be able to prove their losses and winnings. As a result, gamblers should ensure that the documents bear the winning and loss amounts, details of other people present during the activity, address, and the name of the event and form of gambling activity. Gamblers are required to keep their documents after successful tax files for future use in case of audits. Professional gamblers are taxed as regular employed citizens.
Similarly, the move of the U.S.A has influenced other states to impose taxes on gambling income. For instance, Kenya has imposed a 35% tax rate on lottery operators, gambling firms, and casinos to reduce the youth’s reliability on gambling. This was approved after several incidences of suicide cases related to gambling addiction. The Act has enabled youths to venture on professional careers to fund their living expenses. Also, Germany has strict taxes on gambling firms despite building a strong gambling economy. Tax rates differ from state to state. For instance, Denmark, Luxemburg, France, and Austria have tax rates ranging from 75%-80%. This translates to a few addiction cases related to gambling. Casinos in the UK are taxed up to 50%.
On the contrary, Cambodia has lowered its Gambling Gaming Revenue to attract more gambling investors. This promotes gambling activities whose effects are detrimental in the long run. In Russia, gambling firms pay monthly charges, which are based on their machines. Italy has no tax charges for casinos except for machine revenue. However, Singapore has an outstanding system where casinos are taxed based on their incomes, excepting the participants. Thus, states have imposed gambling rules-based, which are deemed suitable for the welfare of the citizens.
The challenge in controlling gambling
However, controlling online gambling has been challenging for many states. This is because it is hard to monitor online-based bookmarkers. As a result, netizens have shifted their gambling habits to online lottery. Several states have mastered the art of monitoring online gambling by imposing heavy taxes on the firms. The tax burden is transferred to the participants and availed to the relevant authority. This translates to reduced physical and online gambling. Also, the states have put restrictions on the bookmarkers by ensuring that top gamblers’ accounts have restricted deposits. Therefore, countering gambling effects has been achievable in many countries.
States have benefited from regulated gambling through increased tax revenues. Also, addiction rates have decreased significantly over the years. This has countered the unemployment rates related to gambling addiction. Also, there has been increased labor participation over the years, translating to an improved economy. Hence, families are stable financially and emotionally, translating to good parenthood. Therefore, taxes have reduced the rate of gambling and lottery in many states.
In summary, the lottery is a chance game where the winner is selected randomly and determined by the participants. In the lottery, participants pick their lucky numbers after purchasing a ticket. On the contrary, gambling involves the prediction of the outcome of an event. Gamblers invest significant money to harvest huge revenues. It has been established that gambling addiction contributes to job loss due to reduced concentration. Addicted gamblers often exhibit failed relationships and increased debts. Mental health problems are common in addicted gamblers due to stress. Consequently, depression, mood disorders, and anxiety are evident. In other cases, victims commit suicide leaving huge debts behind and families. However, addicted gamblers can be successfully rehabilitated and counseled for quick recovery. Imposing taxes on gambling and lottery activities are the most common policies adopted by states to counter the effects of gambling. The tax rates and regulations vary from state to another. In the U.S, the gambling income is subjected to a 24% tax rate.
Get professional assignment help cheaply
Are you busy and do not have time to handle your assignment? Are you scared that your paper will not make the grade? Do you have responsibilities that may hinder you from turning in your assignment on time? Are you tired and can barely handle your assignment? Are your grades inconsistent?
Whichever your reason may is, it is valid! You can get professional academic help from our service at affordable rates. We have a team of professional academic writers who can handle all your assignments.
Our essay writers are graduates with diplomas, bachelor, masters, Ph.D., and doctorate degrees in various subjects. The minimum requirement to be an essay writer with our essay writing service is to have a college diploma. When assigning your order, we match the paper subject with the area of specialization of the writer.
Why choose our academic writing service?
- Plagiarism free papers
- Timely delivery
- Any deadline
- Skilled, Experienced Native English Writers
- Subject-relevant academic writer
- Adherence to paper instructions
- Ability to tackle bulk assignments
- Reasonable prices
- 24/7 Customer Support
- Get superb grades consistently
Get Professional Assignment Help Cheaply
Are you busy and do not have time to handle your assignment? Are you scared that your paper will not make the grade? Do you have responsibilities that may hinder you from turning in your assignment on time? Are you tired and can barely handle your assignment? Are your grades inconsistent?
Whichever your reason is, it is valid! You can get professional academic help from our service at affordable rates. We have a team of professional academic writers who can handle all your assignments.
Why Choose Our Academic Writing Service?
- Plagiarism free papers
- Timely delivery
- Any deadline
- Skilled, Experienced Native English Writers
- Subject-relevant academic writer
- Adherence to paper instructions
- Ability to tackle bulk assignments
- Reasonable prices
- 24/7 Customer Support
- Get superb grades consistently
Online Academic Help With Different Subjects
Literature
Students barely have time to read. We got you! Have your literature essay or book review written without having the hassle of reading the book. You can get your literature paper custom-written for you by our literature specialists.
Finance
Do you struggle with finance? No need to torture yourself if finance is not your cup of tea. You can order your finance paper from our academic writing service and get 100% original work from competent finance experts.
Computer science
Computer science is a tough subject. Fortunately, our computer science experts are up to the match. No need to stress and have sleepless nights. Our academic writers will tackle all your computer science assignments and deliver them on time. Let us handle all your python, java, ruby, JavaScript, php , C+ assignments!
Psychology
While psychology may be an interesting subject, you may lack sufficient time to handle your assignments. Don’t despair; by using our academic writing service, you can be assured of perfect grades. Moreover, your grades will be consistent.
Engineering
Engineering is quite a demanding subject. Students face a lot of pressure and barely have enough time to do what they love to do. Our academic writing service got you covered! Our engineering specialists follow the paper instructions and ensure timely delivery of the paper.
Nursing
In the nursing course, you may have difficulties with literature reviews, annotated bibliographies, critical essays, and other assignments. Our nursing assignment writers will offer you professional nursing paper help at low prices.
Sociology
Truth be told, sociology papers can be quite exhausting. Our academic writing service relieves you of fatigue, pressure, and stress. You can relax and have peace of mind as our academic writers handle your sociology assignment.
Business
We take pride in having some of the best business writers in the industry. Our business writers have a lot of experience in the field. They are reliable, and you can be assured of a high-grade paper. They are able to handle business papers of any subject, length, deadline, and difficulty!
Statistics
We boast of having some of the most experienced statistics experts in the industry. Our statistics experts have diverse skills, expertise, and knowledge to handle any kind of assignment. They have access to all kinds of software to get your assignment done.
Law
Writing a law essay may prove to be an insurmountable obstacle, especially when you need to know the peculiarities of the legislative framework. Take advantage of our top-notch law specialists and get superb grades and 100% satisfaction.
What discipline/subjects do you deal in?
We have highlighted some of the most popular subjects we handle above. Those are just a tip of the iceberg. We deal in all academic disciplines since our writers are as diverse. They have been drawn from across all disciplines, and orders are assigned to those writers believed to be the best in the field. In a nutshell, there is no task we cannot handle; all you need to do is place your order with us. As long as your instructions are clear, just trust we shall deliver irrespective of the discipline.
Are your writers competent enough to handle my paper?
Our essay writers are graduates with bachelor's, masters, Ph.D., and doctorate degrees in various subjects. The minimum requirement to be an essay writer with our essay writing service is to have a college degree. All our academic writers have a minimum of two years of academic writing. We have a stringent recruitment process to ensure that we get only the most competent essay writers in the industry. We also ensure that the writers are handsomely compensated for their value. The majority of our writers are native English speakers. As such, the fluency of language and grammar is impeccable.
What if I don’t like the paper?
There is a very low likelihood that you won’t like the paper.
Reasons being:
- When assigning your order, we match the paper’s discipline with the writer’s field/specialization. Since all our writers are graduates, we match the paper’s subject with the field the writer studied. For instance, if it’s a nursing paper, only a nursing graduate and writer will handle it. Furthermore, all our writers have academic writing experience and top-notch research skills.
- We have a quality assurance that reviews the paper before it gets to you. As such, we ensure that you get a paper that meets the required standard and will most definitely make the grade.
In the event that you don’t like your paper:
- The writer will revise the paper up to your pleasing. You have unlimited revisions. You simply need to highlight what specifically you don’t like about the paper, and the writer will make the amendments. The paper will be revised until you are satisfied. Revisions are free of charge
- We will have a different writer write the paper from scratch.
- Last resort, if the above does not work, we will refund your money.
Will the professor find out I didn’t write the paper myself?
Not at all. All papers are written from scratch. There is no way your tutor or instructor will realize that you did not write the paper yourself. In fact, we recommend using our assignment help services for consistent results.
What if the paper is plagiarized?
We check all papers for plagiarism before we submit them. We use powerful plagiarism checking software such as SafeAssign, LopesWrite, and Turnitin. We also upload the plagiarism report so that you can review it. We understand that plagiarism is academic suicide. We would not take the risk of submitting plagiarized work and jeopardize your academic journey. Furthermore, we do not sell or use prewritten papers, and each paper is written from scratch.
When will I get my paper?
You determine when you get the paper by setting the deadline when placing the order. All papers are delivered within the deadline. We are well aware that we operate in a time-sensitive industry. As such, we have laid out strategies to ensure that the client receives the paper on time and they never miss the deadline. We understand that papers that are submitted late have some points deducted. We do not want you to miss any points due to late submission. We work on beating deadlines by huge margins in order to ensure that you have ample time to review the paper before you submit it.
Will anyone find out that I used your services?
We have a privacy and confidentiality policy that guides our work. We NEVER share any customer information with third parties. Noone will ever know that you used our assignment help services. It’s only between you and us. We are bound by our policies to protect the customer’s identity and information. All your information, such as your names, phone number, email, order information, and so on, are protected. We have robust security systems that ensure that your data is protected. Hacking our systems is close to impossible, and it has never happened.
How our Assignment Help Service Works
1. Place an order
You fill all the paper instructions in the order form. Make sure you include all the helpful materials so that our academic writers can deliver the perfect paper. It will also help to eliminate unnecessary revisions.
2. Pay for the order
Proceed to pay for the paper so that it can be assigned to one of our expert academic writers. The paper subject is matched with the writer’s area of specialization.
3. Track the progress
You communicate with the writer and know about the progress of the paper. The client can ask the writer for drafts of the paper. The client can upload extra material and include additional instructions from the lecturer. Receive a paper.
4. Download the paper
The paper is sent to your email and uploaded to your personal account. You also get a plagiarism report attached to your paper.
PLACE THIS ORDER OR A SIMILAR ORDER WITH US TODAY AND GET A PERFECT SCORE!!!
