Posted on 08/21/2017 5:02:02 AM PDT by simpson96
All bets are still on.
The Powerball jackpot has soared to an estimated $650 million, making it the third largest in U.S. history.
The payoff, fueled by intense sales after no one matched the numbers in Saturday’s drawing, rose by $115 million, lottery officials said.
A lump sum cash value, before taxes, would be $411.7 million. The next drawing will be Wednesday night.(snip)
“If you’re unlucky enough to win in New York, this is the most expensive state in the U.S, to win the lottery,” said David Selig, a federal tax practitioner who runs Selig & Associates. “Between the federal and state taxes, you lose more than 50 cents on the dollar. And then there are city taxes, too.”
Lottery winnings are subject to 39.6% federal tax withholding. New York winners would have to pay 8.8% in state tax and the city tax of 3.9%.
After the three layers of taxes, a New York City winner of the lump sum $411.7 million in Wednesday’s drawing would take home just under $200 million.
The odds of winning the whopping payoff are one in 292.2 million, lottery officials said.
(Excerpt) Read more at nydailynews.com ...
I’ll remember the little people when I hit the big time.
A tax on the mathematically challenged.
A person could buy 292.2 million tickets and win?
If that's how many number combinations there are,yes.However,you can't be sure how many others will win a particular drawing.So for a $292 million dollar prize you could spend $292 million (or twice that for Power Ball) and wind up winning $100 million.
> A person could buy 292.2 million tickets and win? <
I guess so. But if other people also hit the winning numbers, there’d be a split. You could end up losing millions.
[I’ll remember the little people when I hit the big time.]
I’ll remember them too.... when I am sitting on a beach, in an undisclosed location enjoying my millions.
I was actually thinking about a report that said several years ago that the government would make more money by buying all the numbers available for a huge lottery, but only if it was near 700 millon dollars or more.
When lotteries were first allowed, there were grants and environmental projects (etc) funded by the take. Not anymore.
That’s good! So you will remember NeverGore!
......and a hefty donation to FreeRepublic....
They’ve got my number :)
I don’t know what the upper limit would be but it would be physically impossible to purchase that many tickets by an individual within the time gap between draws. Even with a vast array of allies it would be extremely difficult.
In South Carolina it goes towards education.
Here's the state-wide breakdown.
Here's the breakdown for my county, Aiken
In NC it is called the NC Education Lottery but the schools always seem broke, teachers aren’t paid enough, trailers serve as classrooms and have to reach into their OWN pockets for school supplies for the children.
No, statically a person could buy 290 million lotto tickets and be sure to loose every time while being hit by lightning twice.
I remember some plug uglies put one of Doc Ziganski’s guys on ice because they wanted his Numbers Racket. Doc was on his stool at the HOJOS in Kenmore Square when they tried to shake him down. Doc said “haven’t you morons heard? There’s a new thing called the Lottery. The Numbers Racket is over”.
It was at about $535 million yesterday afternoon.
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