Wednesday, December 10, 2014








SITE: http://www.mercurynews.com/ci_24750944/mega-millions-san-jose-and-state-wont-hit?source=infinite

The California  state lottery act of 1984 was intended to provide more money to schools without imposing extra taxes. Accordingly, the Lottery was required to provide at least 34% of its revenues to public education. 
 Even though one of the two winning tickets for Tuesday night's $648 million Mega Millions prize was sold in San Jose, the city won't be hitting the tax jackpot. But the tax revenue bonanza won't land anywhere near San Jose City Hall because the winnings are taxed as income, and California cities can't charge their own income taxes, unlike in New York or other states. Under New York City's income tax rate, for example, the city would get $6.7 million in taxes if one of the two winners hailed from the Big Apple and took the $173.8 million cash payout.


Q: what do you think out this tax law in other state like New York?

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