Get one of these:
You'll be broke soon enough.
Who the hell would be dissatisfied with $313 million?
I’m not against the lottery.
But let’s call it what it is. It’s a poor-tax. Poor people buy hundreds of millions of dollars of lottery tickets each drawing. The IRS then collects every time there’s a winner.
People who play the lottery are getting voluntarily taxed and they don’t even realize it.
[[ or $38,500/day. Think you could live on that?”]]
That’s a new electric vehicle purchase per day- hooray! J/k no way I’d spend it on crap like that
And there is a 50% tax before it even gets to the draw.
The states get 50% of the money spent on tickets and then the winners get taxed on top of that. Somewhere between 2/3 and 3/4 of all lottery money ends up with government at one level or another.
Get one of these:
You'll be broke soon enough.
Dr. Phil had a show about gambling addiction recently. For the last 2 minutes of the show an investment expert said that the best way for the winner to collect was in annual installments. You pay less taxes, and it forces you to be more disciplined in what you do with it, and not blow it all in a short period of time.
I don’t buy lottery tickets for two reasons, the odds are azillion to one and I don’t want to give my money to the government, they have enough.
People would be better investing their lottery money over a 30 year period. Even at nominal rates of return and say $25/week they’d be surprised what they would “win” after 30 years.
Walter Williams said, “If 10% is good enough for the Baptist Church, it ought be good enough for the Government.”
We have had national lotteries for close to 40 years, and most people - including journalists - still have no idea how to calculate the take home pay...
Headline Number - $1.3 billion
Cash Option - $707.9 million
Maximum Income Tax - 37% (starts at $578,000)
Take Home Pay - 707,900,000 X 0.63 = $446 million
If you have ZERO other income in 2023, you will take home an extra $175,000.
When .gov decides to raise the real tax you can bet the fact that peeps have money to throw at the lottery comes into play. Hard ta plead poverty while buying lottery tix and smokes at Patel's Mini-mart. d;^)
New Jersey has a tax in addition to the state income tax, which is a tax on high gambling earnings, which adds a straight 8% to the tax New Jersey will collect on any MegaMillions or Powerball windfall.
I always planned on just banking it and living quite large on a mere 1 to 1.5% interest...
Next drawing is Friday the 13th!
There are additional groups making millions of dollars off of the lottery: The government and the people hired to promote and run the lottery.
I had a 'What if' discussion on that specific subject with a relative, who is an attorney. His response was: Yes, you would have a legitimate case making that claim, but to the jury, you would look like a greed a$$ and would have no sympathy from them.
The IRS gets nothing and nobody gets pestered or threatened by cons and thugs.
Just send it to Zelenskyyyyyyyyyy!
“if the winner selects the $568m immediate cash payout.”
Yeah, I’m thinking only an idiot takes a cash payout on a billion dollar win. I mean, you’ll probably get almost 20 million a year AFTER taxes if you take the long term payout. If that’s not enough for you, you might as well just give the money away right now because you’re hopeless.
I bet you someone in CA or NY wins.
Lazy reporters not bothering to check something that is easily verifiable. Per the Mega Millions website, the cash payout is $707.9 million.
In Washington State they only hold out 28% for Federal taxes even the top rate is 37%, and there is no state or local income taxes.
California does have a state income tax, but lottery winnings are exempt.