The Lottery/Casino Tax
Americans are often blamed for not saving enough money throughout our lifetime. Social
Security’s financial crisis is well documented and each year, there are
changes to when the system will ‘run dry’. Personal savings are
inadequate. We’re told that tax increases are required to fill the void
between what we have and what government will need to pay us upon
retirement. It’s our money, but that’s a story for a later date.
The reality is, that the lotteries and casinos are a tax. They hurt those that need the
money the most. Note the following odds:
Dying in a car accident: 1 in 6000 in a given year.
Getting hit by a meteorite: 1 in 7,000,000
A female giving birth to natural quadruplets: 1 in 15 million
Odds of winning the mega-million: 1 in 175,711,536.
Lotteries are a tax. Casinos are intended for fun and enjoyment, but their
contributions to society are a source of great debate. When you
consider the opportunity cost lost from their location on land better
served for the private sector, the fact that they’re built with tax
payer dollars and that the only way they are a success is if tax payers
lose their shirts, it points to one thing. Casinos are a tax.
Take away the business aspect. March 3-9th, 2013 was Gambling Awareness Week. This
is intended to assist those that have gotten addicted to the casinos
that the tax payers have built.
Don’t tax yourself more than you should. Take those dollars that are spent every
day, throw them in a jar and deposit them at the end of the month or
year. Over a lifetime, or even a decade, you will be much better off.
Mark Schuster, Partner
April 5, 2013