1. Local

Lottery Earnings May Be Taxed More Heavily

By June 8, 2008

Follow me on:

A bill that would raise the state tax on lottery winnings is currently under consideration by the North Carolina General Assembly. The bill (Senate Bill 2086 ) proposes to increase the state tax rate on lottery winnings by 1.25%. Currently, money won in the North Carolina Education Lottery is subject to a federal tax of 25% and a state tax of 7%. If this bill passes, the state tax on lottery winnings will increase to 8.25%.

The additional funds would go directly into the Public School Teacher Expense Stipend Fund, a pool of money which is intended to be used to "offset classroom and professional expenses of public schoolteachers."

Comments

July 9, 2008 at 10:07 pm
(1) james anderson says:

we are one of the heavyest taxed states as it is all this talk of laying off teachers and not enough money for they so where is this over 730 millon dollars of money for the education fund going it’s just another way to get money from people there should be enough money for all what did the state do before the lottery somebody is lining their pockets and not putting the moiney where it suppose to be

Leave a Comment


Line and paragraph breaks are automatic. Some HTML allowed: <a href="" title="">, <b>, <i>, <strike>

©2014 About.com. All rights reserved.