$97,000,000 Lottery Jackpot Winner

[Spiderman]

http://www.cnn.com/2008/US/05/09/katrina.powerball.ap/index.html?eref=ib_topstories

This guy only walks away with 33.9 Million. That really bites. Seems like government theft to me. Are we sure we are only going to have to pay capital gains tax on our RV Profits???:sweating:

[Fishindinar]

http://www.cnn.com/2008/US/05/09/katrina.powerball.ap/index.html?eref=ib_topstories

This guy only walks away with 33.9 Million. That really bites. Seems like government theft to me. Are we sure we are only going to have to pay capital gains tax on our RV Profits???:sweating:


There is no tax on winnings in England.:nod:

[Spiderman]

Yea unfortunately most of us will be broke again after our big day... at least that's what the the odds say.

[geowhiz]

Yea unfortunately most of us will be broke again after our big day... at least that's what the the odds say.


Sure will be a hell of a ride though while it lasts! :party: :beer: :pizza: :music:

[misty]

There is no tax on winnings in England.:nod:

No tax in Canada either.

[SewerRatt]

http://www.cnn.com/2008/US/05/09/katrina.powerball.ap/index.html?eref=ib_topstories

This guy only walks away with 33.9 Million. That really bites. Seems like government theft to me. Are we sure we are only going to have to pay capital gains tax on our RV Profits???:sweating:

Yeah, I read the Powerball "rules" about a year ago and they dont actually have $97 mil....they only have half that amount......which is what you pay taxes on...25% federal tax...and 5% state. (where I am located). 97 Mil is the advertised annuity payments and that is estimated in what they will earn for you if you take annuity. Just to clear things up. But Hey, he his investment made him rich, which is more than we can say for ours right now(so far).......RIGHT???????

[baz]

Anyone know the guys address?........bought a ream of paper and i have one begging letter left to write.

[wherbie]

here is the rub on lottos......

all the ticket sales, are in CASH.....they have 97 million in cash...if you take a 25 year pay out....its @ 4.7 M a year.....

if they invest the 97 M....at 5 %...they have enough interest to pay you, for 25 years....AND in 25 years.....they still got the original 97 M....and you pay the taxes to the fed's, and states....

if you take the fast payout...of 33 M....they still got 66 M to invest, at 5%...and get to keep the principle, and interest, cause they dont have to send you a check once a year


so this is always been this way with lottos.....SO....after 30 some years of selling lotto tickets, and paying winners like this....why are the states so broke?....look how many lotto winners, per state, ...a year for 30 years,that they havent touched the principle on ?.....

very interesting....government accounting....maybe thats how they can pay 1000 dollars for a government toilet seat purchase....

.

[Howler]

here is the rub on lottos......

all the ticket sales, are in CASH.....they have 97 million in cash...if you take a 25 year pay out....its @ 4.7 M a year.....

if they invest the 97 M....at 5 %...they have enough interest to pay you, for 25 years....AND in 25 years.....they still got the original 97 M....and you pay the taxes to the fed's, and states....

if you take the fast payout...of 33 M....they still got 66 M to invest, at 5%...and get to keep the principle, and interest, cause they dont have to send you a check once a year


so this is always been this way with lottos.....SO....after 30 some years of selling lotto tickets, and paying winners like this....why are the states so broke?....look how many lotto winners, per state, ...a year for 30 years,that they havent touched the principle on ?.....

very interesting....government accounting....maybe thats how they can pay 1000 dollars for a government toilet seat purchase....

.



That about sums it up!
We always complain about the corruption in Iraq. Our government can teach them a thing or two.
If this thing (dinar) pops, I will do my best to steer my daughter into politics. No skeletons in her closet yet, she's only 22! :giggle:

[stinkydinarcrazedidiot]

Lotteries are a tax on stupid people.

[Garf]

There is no tax on winnings in England.:nod:

Here neither !

[Fishindinar]

Lotteries are a tax on stupid people.

I know plenty of bright people that play the lottery. Owners of very large companies.....now try to be nice stinky.

[BrokeForLife]

guess I am one of those stupid people,I rent the dream weekly for a mere dollar.

[War Eagle]

You get the full amount of you take it out in annual over 20-25 years. If you take the cash,you receive 52% of the total.In the USA,the gov. will take 30% immediately-you fill out the tax forms at lottery office,and an internal revenue officer is there with his(or her's)hand out.It's the same at a casino,if you hit it big. Sorry,folks-IF YOU '"DANCE THE DANCE,YOU HAVE GOT TO PAY THE FIDDLER"-In this case-Uncle Sam

[mailman17]

http://www.cnn.com/2008/US/05/09/katrina.powerball.ap/index.html?eref=ib_topstories

This guy only walks away with 33.9 Million. That really bites. Seems like government theft to me. Are we sure we are only going to have to pay capital gains tax on our RV Profits???:sweating:
NO MORE CAPITAL GAINS ON CURRENCy...35% TO UNCLE SAM

[IraqiPaydirt]

The problem with receiving yearly/monthly payments is that if you die before it pays out to completion you're family doesn't continue to collect your payments. Take the money, pay your taxes, and be done with it. If that guy can't live comfortably for the rest of his life and set his kids up to do the same with 33 million, he deserves to be working at Burger King when he's in his 70's! "Ding...fries are done!"

[kelvinchau25]

Yea unfortunately most of us will be broke again after our big day... at least that's what the the odds say.


I agree. They say, that about 80% of people who win the Lottery, after 20 years, are right back where they were before they won. I follow Suze Orman very closely and I will be posting a thread here soon about proper money management.

Bottom line is, if those millions are recurring, like an overpaid CEO, then perhaps a Ferrari is acceptable. If those millions are NOT recurring a BWM is more acceptable. Most people who go broke after the lottery will buy a house with a football field in back of it and lose their money in property taxes and gardeners. The ones who buy the Ferrari will lose their money to Auto Insurance and rapid asset depreciation.

A Break Down of the three classes

1) Poor Class - The Poor class will recieve a pay check, pay all their bills (if they can), have a remaining $200, and think "What can I buy with $200?"

2) Middle Class - The middle class will recieve a pay check, pay all their bills, have a remaining $1000, and think "This extra cash is going into the Jet Ski and Speed Boat Account."

3) Upper Class - The upper class will recieve a pay check, pay all their bills, have a remaining $1000, and think "This extra cash is giong right into a Roth IRA, purchase bonds, purhcase mutual funds, purchase stock, or into the Real-Estate investment account.

Now note, the Wealthy and the Middle class are the same people, except one will purchase assets and the other purchases costs. That is what truly separates the middle and upper class.

Remember, it is not how much you make that is important. It's how much you keep.

[CaddieMan]

The problem with receiving yearly/monthly payments is that if you die before it pays out to completion you're family doesn't continue to collect your payments. Take the money, pay your taxes, and be done with it. If that guy can't live comfortably for the rest of his life and set his kids up to do the same with 33 million, he deserves to be working at Burger King when he's in his 70's! "Ding...fries are done!"

That is why you form a trust. The money will go to the trust fund even if you die. AND you can keep your name out of the papers and know one will know who won. Just send your Lawer to the lotto office and claim the winnings in the name of your trust!

[cradon]

That is why you form a trust. The money will go to the trust fund even if you die. AND you can keep your name out of the papers and know one will know who won. Just send your Lawer to the lotto office and claim the winnings in the name of your trust!



EXACTLY !!! This applies in any state !!!