Posted on 10/07/2023 9:18:30 PM PDT by zeestephen
Cash Out Value - $679.8 Million. Take home pay after 37% federal income tax - $428 Million. State and local income taxes may apply.
(Excerpt) Read more at powerball.com ...
I may have to break down and buy a few tickets. 😏
If it can happen to me, it can happen to you.
It hasn’t happened to me.
First year payment - $46.7 million
First year payment after 37% federal income tax - $29.4 million.
The pre-tax annual payments increase 5% each year, for the last 29 payments.
Thanks. I appreciate these kinds of posts. And that’s because I normally avoid lotteries. They are a sucker’s bet. But when the jackpot gets high enough, perhaps it’s not a sucker’s bet anymore. Perhaps the math now favors the bettor.
One of these days I’m going to work out the math. But not now. I’ve got a few Powerball tickets to buy.
Again, thanks.
I will take one cheque.
My confidence in there being an American government in thirty years is somewhat sedated.
Gambling is an addictive vice, undermines the value of hard work, is not a conservative value, and has been normalized in American culture through clever advertising and by making government a partner in what has traditionally/historically been considered criminal activity.
I think I would want to meet with a damn good accountant before I turned that ticket in.
oh yeah your right
and so is step ball
😆
It is a self-imposed addictive tax millions contribute to which funds an entitlement or welfare benefit for one individual only. It is a contradiction for voters to be opposed to the welfare state, yet to go out and buy lottery tickets the proceeds from which ultimately accrue to and enrich only one individual.
Where do I buy a ticket? I can use 1 billion LOL
These are useful lessons because life itself is a succession of gambles and choices poorly understood. That is why probability -- which was first developed by gamblers -- is so useful a field of mathematics.
Forget the accountant. First you will need 3 armed bodyguards. I just read about a kidnapping who had received $2.2 Millon settlement in court. $1.4 Billion is 636 times bigger than $2.2 million.
Probably won’t buy a ticket. But someone is going to win. Hope they have enough sense to sign the ticket in a Land Trust.
Agreed. Bird in the hand.....
The accountant to advise how to maximize the deductions.
I would want a reputable lawyer to basically give me a credit card to live off of, while he pays it off through his fees, so that I can hide out in a high secure building for a while until I’m forgotten about.
Your revolution was funded through a lottery.
The government just made it illegal in order to monopolize the gambling. Those neighbourhood lotteries had a higher ratio payout than your lotteries through government.
30 years is a long time. I don’t think you can pass the annuity to heirs if you die. Take the cash, invest and your better off And you can pass it on so your Kids can waste it.
“They are a sucker’s bet.”
Maybe. If you buy them in order to win, it is always a sucker’s bet, because the odds of you winning (as opposed to the odds of someone winning) are infinitesimal. If you buy them to experience the thrill of the possibility of winning and what that would be like, then you are paying for entertainment, like buying a movie ticket to experience what it would be like to pilot a fighter jet.
Lotteries are taxation for people who can’t do math.
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