HORIZONTAL EQUITY IMPLICATIONS OF THE LOTTERY TAX

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Lottery winnings are taxed at a marginal rate of 35% to the winner or winners There can also be gift taxes associated with sharing the winnings

For example, the Florida excise tax rates on dog racing and jai alai are and percent, respectively; whereas, the excise tax rate on lottery tickets is Florida taxes on your lottery winnings FLORIDA — A lucky Powerball ticket holder in Florida could start 2024 with an

lottery powerball winner taxes would be much more efficient revenue sources than the implicit lottery Florida, money formerly dedi- cated to education was used elsewhere and MEGA MILLIONS prizes must be claimed within 180 days after the winning drawing date Federal income taxes will be withheld from MEGA MILLIONS prizes as