In an earlier post, Gambling On Retirement, I cited a survey done for The Tax Foundation that indicated that 21% of the respondents believe the lottery is a practical way to save for retirement.
The Tax Foundation went on to assert that contrary to many people’s beliefs—and to state governments’ claims—the money that states raise from lotteries is tax revenue; and that lotteries exemplify poor tax policy as a regressive tax. That is, it takes a greater percentage of income from the poor than from the wealthy. Here’s more evidence says The Tax Foundation on the regressive nature of the lottery.
