New Gambling Tax Hits New Hampshire

Gambling News - September 27th, 2009 - Written by Glen

Federal taxes always skim large sums off the top of lottery winnings, but New Hampshire has added a new series of taxes to lottery winnings. Any player winning over $600 dollars will also be subjected to a state tax, amounting to 10% of the winnings. While not much, the 10%, on top of the federal tax level of almost half of the winnings of a lump sum, is steep.

New Hampshire, though a small state, had faced large revenues from the lottery. Though this came from the sales of the tickets rather than taxes collected, the newest addition to the state's government is likely to prove lucrative. Though some players, particularly big winners, may complain about the new tax, it is worth mentioning that the lottery's proceeds fund the state's education system.

While many players may disagree with this tax, the truth is that it is here, and it will not be going away. There is an option, however, for those living close to the state's borders - go to another state to purchase tickets.

Lottery sales have seen a decline in recent months, and while New Hampshire's sales remain strong, this new tax may prove to be a burden rather than a cash crop. It is ironic, however, that the state who's motto "Live free or Die" would impose such a tax. Do we not remember what sort of thing what started the American Revolution?

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