Posted on 01/08/2016 8:52:35 AM PST by NRx
$496 million in pre-tax cash.
Realistically, lotteries never pay off, ever. The only way you’re going to win a lottery is if God wants to give you a bunch of money.
That’s it. So don’t kid yourself.
I am waiting for it to top $1 billion, then it will be worth buying some tickets.
It’s the Gov’t who wins at lotto. They tax it when you get it, if you share it with your relatives they’ll tax it again. You end up as a millionaire and your tax bracket causes you to be taxed again, and again, and again. They win on both ends of the prize.
That would be unwise.
Your payout over twenty years would never keep up with inflation.
For that much money, you would hire a team to manage it.
Actually, if I recall correctly, most - if not all - states do not collect income taxes on the lottery winnings themselves. Obviously if you invest it, the gains are taxed, but not the principal.
I ne’er stand the stupid theory. But damn, that would be all star stupid. That would require a spending spree that would be difficult to keep up.
Not in Mass. They will take every nickel up front.
Thanks...I thought Florida was one too.
It has been all over the radio today and I wondered why.
You can see I never play any games!
Most states do collect state income taxes, but some do not, notably CA, FL, PA, and TX. Federal income taxes always apply.
The lottery withholding does not usually cover the entire tax bill.
Cali and Wyoming also have Powerball; I was mistaken earlier.
Florida does not have state income tax, so that’s something for prize winners.
Naaah. Invest in real estate and precious metals. I dropped 4 bux for 2 tickets.
Believe me, if my numbers come up, the first thing I do is call a lawyer and the second is to call an accountant. So I can structure everything in the safest and smartest way possible so I can just focus on enjoying myself and philanthropy.
Max Federal government tax rate + Obamacare Tax (43.4%) = $215,276,000.00
State Taxes: My state (AR) State Income Tax 7.5% = $37,200,000.00
Net after tax winnings = approx. $243,524,000.00
Smart thing to do is to relocate to a state income tax free state (TX, WY, SD, FL, AK, NV, WA) and then:
1) Tithe to God 10%= $49,600,000.00 (yes, God gets 10% gross, and it comes out of your post-tax earnings)
2) Pay off all of YOUR immediate family debt(s):
3) Buy some life insurance, Long Term Care policy, and Health Savings Account.
4) Contact trust attorney, CHCL/CHU/CFP insurance agent, and a CPA/JD
5) Don't buy anything yet. Have your broker buy you tax free municipal bonds and live off the interest for the rest of your life. CALL ME!
6) Gift either $14,000/yr tax free for maximum IRS exclusion, or one time life tax free gift exclusion of $5,430,000.00 to your closest, reliable, mature, and smart relative/friends.
7) Give to FreeRepublic, local RNC, and NRA/GOA/JFPO.
8) Change your phone number.
Let see....800 million... that 498 million cash pre tax... so that what?....say a Buck.98 net?
44 states, DC, PR, VI. No Powerball in AL, AK, HI, MS, NV, and UT.
OK, If I win, I’ll call you; probably in a drunken stupor, but I’ll call you.
Yes CA has had Powerball for some time....
You know, with the lousy stock market today, I think I’d opt for the 20 year payout.
Don’t plan your bets with trust in the government.
And doesn’t state tax it! Amazing.
I'll be calling you!!
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