Posted on 07/27/2022 3:14:05 PM PDT by max americana
A giant Mega Millions lottery jackpot ballooned to $1.02 billion after no one matched all six numbers Tuesday night and won the top prize.
The new estimated jackpot for Friday’s drawing will be the nation’s fourth-largest lottery prize.
The jackpot has grown so large because no one has matched the game’s six selected numbers since April 15. That’s 29 consecutive drawings without a big winner.
Tuesday’s numbers were: 07-29-60-63-66, Mega Ball: 15.
They finally found a tax specific to people who suck at math.
I knew they would get around to that.
You you have/own a charity, just donate all the money to it and bam! No taxes. Just like Gates, and all the Politian’s
I honestly would much rather win $1 million than $1 billion. If you win $1 million you can keep quiet about it and no one will know. If you win $1 billion it will make the national news, every nut job in the country will show up at your doorstep asking you for money, and you and your family will have to live the rest of your lives in an armed compound.
Of course, I don’t have to worry about either since I never buy lotto tickets.
About 30 years ago, I had a connecting flight in Las Vegas. I put a dollar in a slot machine (they had them all over the airport) and won $50. I never played one again. I figured it would be all downhill from there.
I was just joking. Unfortunately, Prime Mistake Castreau convinced XiJinBiden to make it a requirement as of January 22, 2002, that you have at least two shots of the COVID serum, to enter his USSA. Prior to that date, it was just air travellers. Now, it is everyone! (Except, of course, illegal immigrants, oops, I guess that should be ‘irregular visitors’ coming across the Southern border.)
Being ‘pureblood’, I am SOL to enter the US, so I shan’t be able to buy a ticket, or visit the US, for the foreseeable future. Even when the Republicans regain the Presidency in 2024, I don’t expect this to change quickly. The President will be too busy trying to correct the myriad of bad, stupid, and illegal laws, EOs, rules and regulations that affect American citizens, to change an immigration law that does not affect that many.
By that time, I would not be surprised to find myself in a ‘COVID camp’, locked away in the far North, for not taking the magic COVID serum and, most especially, having the audacity to voice my opinion against that juvenile dictator, Castreau.
Hey, I won $4.00!!!! Whoo-hoo!!!
what are your numbers? I am going to buy a ticket with one-off on each one
(if I win I’ll give you a cut)
I just won $40.
i never win a damn thing from those lotteries ... probably because i never buy tickets ...
“I never really played again believe it or not, maybe 2 or 3 times.”
that’s really the only way to stay a winner ...
I am trying to figure out how many times I can be married and divorced before going broke.
Lotteries are taxation for useful idiots.
I can fathom it!
Went to Vegas about 20 years ago. I get the feeling that the gambling machines at the airport are rigged to let the players win a little more often than the machines at the casinos.
On my way home, before I boarded my plane, I spent some of my free time playing the airport gambling machines. I would win one, but instead of playing the same machine that I just won on, I’d switch to another machine, played until I won something, then moved on to another machine, etc. The lady attendant of the machine was laughing at how often and how much I was winning.
I wound up winning back every cent I lost gambling at the casinos.
Thats why I dont play when the jackpot is small. A measly 50 or 100 million just isnt worth the hassle if I win. That and I dont want to waste luck on the little ones so I can save it up to use on these big payouts.
1) Shut the hell up. Tell no one.
2) Assemble your wealthy advisory board to find a CPA TEAM, Series7/63 broker (with CFP), a tax attorney (with at least a dozen court "wins" vs. IRS (settlements don't count), a trust attorney,
a dedicated banker (like Chase Private Client Banker or BOA Platinum Banker), and an insurance pro (with CFU, CHLU, etc) with a huge muni bond portfolio and AA Moody's rating (like NorthWestern Mutual/Met Life).
Because you will have SO much wealth, you'll need LOTS of accounts and instructions on how the dividends and interest move to keep up with the measly FDIC/SIPC insurance protections....thats where an umbrella trust comes in. 3) Go to work and pretend you didn't win as your team gets ready for your income (usually takes 60-180 days to get your winnings).....during that time your team may advise you to move to a zero (0%) income tax state such as WA, TX, FL, etc.
So here is the $1B math:
The first thing that comes out of your $1B will actually go back to the lottery. You'll receive CASH OPTION: $602.5MM. NEVER get the annuity/life payment.
Now you have to take out federal taxes. 37% (37% on $523,601 or more).
Next..dont forget obamacare tax of 2.3%
And don't forget your state tax:
State Highest Tax Bracket
Alabama: 5%
Alaska: No State income tax
Arizona: 4.5%
Arkansas: 6.6%
California: 13.3%!!!!!!!!!!!!!!!!!!!!!!FLEE! RUNAWAY!
Colorado: 4.63%
Connecticut: 6.99%
Delaware: 6.6%
District of Columbia: 8.95%!!!!!!!(but no fed income tax)
Florida No State income tax
Georgia: 5.75%
Hawaii: 11%!!!!!!!!!!!!!!! FLEE
Idaho 6.92%
Illinois 4.95%
Indiana 3.23%
Iowa 8.53%!!!!!!!!!!!
Kansas 5.7%
Kentucky 5%
Louisiana 6%
Maine 7.15%!!!!!!!!!!!!
Maryland 5.75%
Massachusetts 5%
Michigan 4.25%
Minnesota 9.85%!!!!!!!!!!!!!!!
Mississippi 5%
Missouri 5.4%
Montana 6.9%
Nebraska 6.84%
Nevada No State income tax
New Hampshire 5% 5%
New Jersey 10.75%!!!!!!!!!!!!!!!!!!FLEE
New Mexico 4.9%
New York 8.82%!!!!!!!!!!!!!!!!
North Carolina 5.25%
North Dakota 2.9%
Ohio 4.8%
Oklahoma 5%
Oregon 9.9%!!!!!!!!!!!!!!!!!!!FLEE
Pennsylvania 3.07%
Rhode Island 5.99%
South Carolina 7%!!!!!
South Dakota No State income tax
Tennessee 1%
Texas No State income tax
Utah 4.95%
Vermont 8.75%!!!!!!
Virginia 5.75%
Washington No State income tax
West Virginia 6.5%
Wisconsin 7.65%!!!!!!
Wyoming No State income tax
Now for the maths (assuming highest CAa@13.3 AR @ 6.6 (average)and TX @0% (We wont do PR or DC-no fed tax):
California: $605,200,000.00 x 52.6% (Fed+Obama+State)=$318,335,200 paid in taxes
Arkansas: 605,200,000.00 x 45.9%(Fed+Obama+State)=$277,786,800.00 paid in taxes
Texas: $605,200,000.00 x 39.3% (Fed+Obama+State)=$237,843,600.00 paid in taxes
Take home net income after paying taxes (not including cities/counties with income taxes):
California=$286,864,800.00
Arkansas=$327,413,200.00
Texas=$367,356,400.00
Difference between CA and 0% state income tax state = $80,491,600.00
Difference between AR (average)and 0% state income tax state = $39,943,200.00
This is why you should STRONGLY consider forming your financial team and MOVE from high-tax states ASAP. There is a small window to establish legal residency before you have to claim your winnings. Jobs and family are no reason to leave $40-80mm to the G.D. government. You can probably afford to buy your employer and move your entire family.
Now what do you do with your millions?
Being in AR, I would try to move to Texarkana, AR (which has zero% income tax since I am an AR resident. Caveat: gotta reside there 181 days a year and be able to prove it. There are armed investigators at state and federal level that do research citizens using tax loopholes (unless you are a democrat)
With my funds less than 24 hours old, I would buy in $30mm increments (security blocks of $1mm or SIPC protection parameters):
1) Buy $367,356,400.00 worth of tax free muni bonds and never pay the federal government again.
-------------OR--------------
2)DIVERSIFY:
30mm in Treasuries-laddered (taxable income)
30mm in GNMA CMO products (taxable monthly income)
30mm in Federal Agencies (taxable monthly income)
30mm in Tax Free Munis (TAX FREE INCOME)
30mm in Corporate Bonds (taxable income)
30mm in Preferred Stocks and Convertible to Stock Bonds (taxable)
30mm in Taxable muni bonds
30mm in Stocks that George Soros and China/EU cannot manipluate (25mm in US stocks, 4mm in foreign stocks 1mm ETFs-NO MUTUAL FUNDS).
30mm split into commodities 5mm plat, 5mm paladium, 5mm gold, 5mm sil, 5mm copper, 5mm GLD/SLV ETF.
30mm in tangible assets: 10mm in land, 10mm in guns/coins/jewelry, 10mm in opening my own business-luxury guns store like Scottsdale Gun Club.
Lastly, Ill take the 6.7mm remaining and leave in cash (USD, EU, Yuan, Yen, Rand, Rupee) at multiple institutions to take advantage of the FDIC protection (I know, I know, it won't pay).
I wouldn't change anything for at least a quarter or 2 and then pay off my house and all debts with the dividends and interest. I would not give away one cent until my money started working for me. Assuming an after tax average of 3% net after tax yield on 367mm, I'd be receiving approx. $12,000,000.00 a year ($1mm a month!!). Every month I would pay a family member's house, debt, etc if they were worthy (nothing for the commies, let them suck off the teate of govt) and donate 10% to church (actually I would set up investment accounts IN MY NAME as custodian to dispense the funds as I see fit).
Anyways, run my maths and correct me....money and how it can work for you (and through God) is fascinating for me. Yep....God gets 10% (20% if you are Baptist as its a "sin tax" ;)
Have fun dreaming and planning.
Not a good idea if pension obligations bankrupt cities and states. Buy some that are insured, buy some treasuries in a laddered portfolio, but investment grade real estate, buy precious metals, diversify in some overseas government bonds, buy solid corporate equities
OH, and buy a HUGE life insurance permanent policy from a top tiered company, or many, to help with your estate taxes.
About 14 times Thats not including lawyer fees.
1 Billion divide by 2. /2 /2 /2 /2 /2 /2 /2 /2 /2 /2 /2 /2 /2 = $61,035
Thanks. I will ask the last one if she will marry me now that I am broke just for me.
Her reply will NO! : )
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