Damn The Govt. Takes That Lottery Money Don't They? - GoFuckYourself.com

Robbie · 08-09-2013, 02:15 AM

Just saw one of the guys who won Powerball. He was holding up a check for over 148 MILLION DOLLARS.

Then the news guy said that after taxes he will have 53 million left.

Wow. The govt. is going to take almost 2/3 of the money. Wow.

Yngwie · 08-09-2013, 02:25 AM

that's a huge fucking chunk. 2/3 is insane.

kane · 08-09-2013, 02:38 AM

Quote:

Originally Posted by Robbie

Just saw one of the guys who won Powerball. He was holding up a check for over 148 MILLION DOLLARS.

Then the news guy said that after taxes he will have 53 million left.

Wow. The govt. is going to take almost 2/3 of the money. Wow.

I can't be 100% sure of this because it may be different depending on the state and the lottery, but many of those lotteries if you decide to take the lump payout they only give you half of the total and then tax that.

So if you won 200 million and wanted to take the lump one time payout you would only get 100 million before taxes.

That might be what happened here.

Robbie · 08-09-2013, 02:40 AM

It's a ripoff no matter how you look at it.

Of course that guy (or you or me) would be happy as hell with 50 million dollars. But goddamn....2/3's of his money?

And it shouldn't matter if he wants it all at once (which is the way it should be). The govt. just finds a way to screw you no matter what.

kane · 08-09-2013, 02:50 AM

Quote:

Originally Posted by Robbie

It's a ripoff no matter how you look at it.

Of course that guy (or you or me) would be happy as hell with 50 million dollars. But goddamn....2/3's of his money?

And it shouldn't matter if he wants it all at once (which is the way it should be). The govt. just finds a way to screw you no matter what.

Another shitty thing is that they don't tell you this up front when you buy the ticket. So you win 200 million and think you are getting 200 million then end up with 45 million. Still it is a ton of money, but its a ripoff.

Most states will pay you the full amount if you take the annual payments over 25 years. They probably force the lump payouts to take half because they don't want to come up with it all at once.

Phoenix · 08-09-2013, 02:54 AM

shouldnt they have it all before they hold a raffle to give it away?
lol

I know here you get it all..no tax. However you will pay tax going forward on income earned from the money of course.

spads · 08-09-2013, 02:59 AM

If the guy decided to take a lump sum instead of installments then he's only getting half of the 148 mil at most. Aside from France, no government is stupid enough to think that taxation over 50% will work. Also, even if they did take 2/3 of the total in taxes, it's not like the guy worked for the money. He got lucky picking numbers at random. Lastly, it's the government's game which means they make the rules. No one forces you to play the state controlled lottery. If you don't like how much of a share they take (and tax revenue is why they have the game in the first place) go to Vegas and play at a craps table. You'll have better odds and free booze as well.

- Jesus Christ - · 08-09-2013, 03:05 AM

Quote:

Originally Posted by spads

No one forces you to play the state controlled lottery.

Are you fucking joking?

They point guns at the heads of anyone who would try to run a similar lottery on their turf.

Mutt · 08-09-2013, 03:38 AM

Lottery AND gambling/poker winnings are tax free in Canada.

Manfap · 08-09-2013, 03:41 AM

Used to be taxfree in Spain, now they sting you for 20%, but now if you keep receipts you can also claim back losses against winnings.

keysync · 08-09-2013, 04:26 AM

Welcome to the USSA

Grapesoda · 08-09-2013, 04:36 AM

Quote:

Originally Posted by kane

Another shitty thing is that they don't tell you this up front when you buy the ticket. So you win 200 million and think you are getting 200 million then end up with 45 million. Still it is a ton of money, but its a ripoff.

Most states will pay you the full amount if you take the annual payments over 25 years. They probably force the lump payouts to take half because they don't want to come up with it all at once.

don't think you can pass the payout to your kids or whatever if you drop dead though...

CamTraffic · 08-09-2013, 04:45 AM

Poor man's tax!

Quote:

Total expenditures for public schools in fiscal year 2007-08 exceeded $12 billion. Lottery proceeds make up less than one percent of current spending on education

I am still confused on where the Lottery tax is going...

tony286 · 08-09-2013, 05:45 AM

yep a rip off spent $2 on someone thing he thought he would never get and got 48 million.

PR_Glen · 08-09-2013, 05:50 AM

Quote:

Originally Posted by - Jesus Christ -

Are you fucking joking?

They point guns at the heads of anyone who would try to run a similar lottery on their turf.

yeah, that still isn't considered forcing people to play the lottery, but bravo for arguing like a 15 year old...

You going to bring up the nazis next?

SuckOnThis · 08-09-2013, 05:51 AM

Vegas does the same thing. A lot of progressive jackpots on slot machines are paid in 20 - 25 year installments.

MontrealDave · 08-09-2013, 05:51 AM

Lottery payments in the US are based on 20 annuities, so if you want your money up front, you will get the principal that if left untouched for 20 years would amount to your lottery win less the taxes. Usually 20 to 30% taxes depending on your residency status and State where you won...

L-Pink · 08-09-2013, 06:00 AM

Quote:

Originally Posted by MontrealDave

Lottery payments in the US are based on 20 annuities, so if you want your money up front, you will get the principal that if left untouched for 20 years would amount to your lottery win less the taxes. Usually 20 to 30% taxes depending on your residency status and State where you won...

Correct. Originally you HAD to take the winnings over time. And most probably should.

slapass · 08-09-2013, 06:10 AM

Quote:

Originally Posted by L-Pink

Correct. Originally you HAD to take the winnings over time. And most probably should.

Based on how this normally works out, the long term payout options is best.

dyna mo · 08-09-2013, 06:52 AM

it's a ripoff to have your free money taxed? wow.

PornDiscounts-V · 08-09-2013, 06:56 AM

53 million? What a ripoff. Not.

DTK · 08-09-2013, 07:04 AM

Quote:

Originally Posted by MontrealDave

Lottery payments in the US are based on 20 annuities, so if you want your money up front, you will get the principal that if left untouched for 20 years would amount to your lottery win less the taxes. Usually 20 to 30% taxes depending on your residency status and State where you won...

Pretty much this. If you take the lump sum, the payout is about 50% of the jackpot amount.

TheSquealer · 08-09-2013, 07:30 AM

Quote:

Originally Posted by Robbie

Just saw one of the guys who won Powerball. He was holding up a check for over 148 MILLION DOLLARS.

Then the news guy said that after taxes he will have 53 million left.

Wow. The govt. is going to take almost 2/3 of the money. Wow.

This must be a lie. The lowest common denominator keeps telling me that rich people don't pay taxes.

96ukssob · 08-09-2013, 07:36 AM

Quote:

Originally Posted by Robbie

Just saw one of the guys who won Powerball. He was holding up a check for over 148 MILLION DOLLARS.

Then the news guy said that after taxes he will have 53 million left.

Wow. The govt. is going to take almost 2/3 of the money. Wow.

That's because he's taking the lump sum payment.

$445 million divided by 3 winners = $148 million each, IF they chose to take the non-lump payment.

The lump sum was a total of $223 million.

Divide that by three winners (regardless of their payment option), the end result would be he gets $74.3 million cash or $148 over 20 years.

so getting $53 million after taxes REALLY isn't all that bad, so 29% take.

btw, each state has a % they take, NJ is 3%. PA is 0%!!!

http://www.usamega.com/powerball-jackpot.asp

Choopa_Pardo · 08-09-2013, 07:40 AM

http://www.autoblog.com/2013/08/08/p...a-nsx-off-cra/

The guy from Minnesota is doing it right!

Tom_PM · 08-09-2013, 07:47 AM

You can pass winnings to family if it's in a trust of some kind which the smart winners do (and remain anonymous). Not as normal inheritance though.

tony286 · 08-09-2013, 07:49 AM

Quote:

Originally Posted by Choopa_Pardo

http://www.autoblog.com/2013/08/08/p...a-nsx-off-cra/

The guy from Minnesota is doing it right!

He looks like a really good guy. Good for him.

xxxcoupon · 08-09-2013, 07:55 AM

in my state ( texas ) lottery taxes go to the school system

_Richard_ · 08-09-2013, 08:43 AM

Quote:

Originally Posted by Choopa_Pardo

http://www.autoblog.com/2013/08/08/p...a-nsx-off-cra/

The guy from Minnesota is doing it right!

Socks · 08-09-2013, 08:50 AM

I imagine most of these powerball winners go to get some legal and tax advice before coming forward, and yet just about everyone always takes the lump sum. That means that their counsel is telling them to take the lump sum.

Why would they recommend that?

Tom_PM · 08-09-2013, 09:11 AM

Quote:

Originally Posted by Socks

I imagine most of these powerball winners go to get some legal and tax advice before coming forward, and yet just about everyone always takes the lump sum. That means that their counsel is telling them to take the lump sum.

Why would they recommend that?

I would like to try to take a crack at an answer.

gimme gimme gimme gimme now now now now gimme gimme gimme gimme now now now now gimme gimme gimme gimme now now now now!!!!!1 asdasdfsdfjhgeuy~!!!!!!

DomainPimpMark · 08-09-2013, 09:37 AM

Everyone gets after new money, too new to know, too rich to care

wehateporn · 08-09-2013, 09:43 AM

In the UK wins are tax free, but I still wouldn't recommend it

wehateporn · 08-09-2013, 09:48 AM

During The Best Period Of Economic Growth In U.S. History There Was No Income Tax And No Fed

http://www.infowars.com/during-the-b...ax-and-no-fed/

Robbie · 08-09-2013, 10:12 AM

Quote:

Originally Posted by Socks

I imagine most of these powerball winners go to get some legal and tax advice before coming forward, and yet just about everyone always takes the lump sum. That means that their counsel is telling them to take the lump sum.

Why would they recommend that?

My feeling would be:
1. You can't trust that the govt. will pay you your money over decades. Hell, they could go bankrupt. That's the first thought I would have.

2. I get in a car wreck and die tomorrow. So I never got to enjoy that money.

So the state lottery wins because of that. I mean heck...what if I'm 70 years old? I want my money NOW because I ain't gonna be around long enough for them to slowly give it to me at their leisure.

Robbie · 08-09-2013, 10:23 AM

Quote:

Originally Posted by dyna mo

it's a ripoff to have your free money taxed? wow.

I think so. The state govt. that does the lottery already took their money off the top (and are supposed to use it for schools...not sure anybody really knows what they actually do with it lol)

Then millions of people buy their tickets and try their luck.

You make the win of a lifetime and only get 1/3 of what you thought you were getting.

Where is the rest of the money? The govt. has it.

Seems kinda shitty to me. And again...we were all told that the State Lottery was going to send massive amounts of money to the schools. When I lived in Fla. and South Carolina we were told that.

And still the schools were strapped financially. Despite property taxes, federal money, AND the state lottery they still barely had enough money to run. Makes you wonder where all that money is really going (probably "administrative" costs and salaries for bureaucrats)

Axeman · 08-09-2013, 10:35 AM

There is a reason they say the lotto is the biggest tax on the poor.

Tom_PM · 08-09-2013, 10:46 AM

With that kind of cash they can move to where they feel a better government is. I'm betting they'll all stay here, but I'm just putting it out there.

woj · 08-09-2013, 11:01 AM

Quote:

Originally Posted by Socks

I imagine most of these powerball winners go to get some legal and tax advice before coming forward, and yet just about everyone always takes the lump sum. That means that their counsel is telling them to take the lump sum.

Why would they recommend that?

because unless you are a complete idiot you can make more by investing the $$ yourself...

Robbie · 08-09-2013, 11:06 AM

Quote:

Originally Posted by Tom_PM

With that kind of cash they can move to where they feel a better government is. I'm betting they'll all stay here, but I'm just putting it out there.

If I won I'd be living in the Bahamas so fast it would make your head spin. Mansion right on the ocean, and wouldn't ever look back.

seeandsee · 08-09-2013, 11:31 AM

they should tax it right away and show real prize to players, this is not good!

baddog · 08-09-2013, 11:59 AM

It is income, it is going to be taxed as such. He can also write off his gambling expenses.

sandman! · 08-09-2013, 12:02 PM

nothing new been like this for ages

its still free $$$ in the end

kane · 08-09-2013, 12:04 PM

Quote:

Originally Posted by Grapesoda

don't think you can pass the payout to your kids or whatever if you drop dead though...

I think it depends on the state. In my state you can will the payouts to other people, but that may not be the case with other places.

kane · 08-09-2013, 12:09 PM

Quote:

Originally Posted by CamTraffic

Poor man's tax!

I am still confused on where the Lottery tax is going...

I was a teenager when they finally passed the law that allowed a lottery in my state. They sold it as being something that would help the school because they would use the proceeds from the lottery to help fund the schools.

Now they run commercials that show what the lottery money is doing and it includes things like helping a dying business expand, training workers for new jobs and building some trail in the forest. A bunch of stuff that has nothing to do with schools. Meanwhile half the schools in my state can't get the voters to pass their budgets.

Robbie · 08-09-2013, 12:12 PM

Yep, somehow bureaucrats and politicians always find a way to scam money.
Social Security, Schools, Infrastructure...the money never seems to really get there, but ends up in the pockets of politicians cronies everytime.

RyuLion · 08-09-2013, 12:49 PM

Quote:

Originally Posted by baddog

It is income, it is going to be taxed as such. He can also write off his gambling expenses.

JP-pornshooter · 08-09-2013, 12:53 PM

dont forget lottery is already set up by government, they take a chunk out even before the winnings.
my guess they take a higher total % compared to your average slot machine.
however usually the money is spent on something worthwhile, like funding the federal police force

L-Pink · 08-09-2013, 04:26 PM

Let me tell you what I regularly see at local gas/connivence stores … An energy drink, slice of pizza or junk food charged on ebt card then cash spent on powerball or scratch-off tickets.

Fucking pitiful.

.

Eric · 08-09-2013, 06:02 PM

Quote:

Originally Posted by Socks

I imagine most of these powerball winners go to get some legal and tax advice before coming forward, and yet just about everyone always takes the lump sum. That means that their counsel is telling them to take the lump sum.

Why would they recommend that?

I can make this answer easy and simple for you

$148,000,000 taken over 25 years vs 53,000,000 taken today

http://investor.gov/tools/calculator...est-calculator

Plug in the $53,000,000

Then put in 4.5% interest paid out 12 times, or once a month. This is the approx payout of a fund such as FCAVX that pays you State and Federally tax free. Yes, NO TAXES ON THE INTEREST GAINED.

Now run that out 25 years and you get:
$162,908,353.99

This fund is ULTRA conservative. So ALWAYS take the lump sum. Stay ULTRA conservative and have approx $2.5 Million Tax Free Income per year and NEVER touch your principle.

And now you know why these people ALL takes the lump sum when being advised by some of the best lawyers and accountants on the planet.

08-09-2013, 02:15 AM	#1
Robbie Leaner, Meaner, Faster Industry Role: Join Date: Aug 2002 Location: Vegas Posts: 20,959	Damn The Govt. Takes That Lottery Money Don't They? Just saw one of the guys who won Powerball. He was holding up a check for over 148 MILLION DOLLARS. Then the news guy said that after taxes he will have 53 million left. Wow. The govt. is going to take almost 2/3 of the money. Wow. __________________ -Robbie ClaudiaMarie.Com

08-09-2013, 02:40 AM	#4
Robbie Leaner, Meaner, Faster Industry Role: Join Date: Aug 2002 Location: Vegas Posts: 20,959	It's a ripoff no matter how you look at it. Of course that guy (or you or me) would be happy as hell with 50 million dollars. But goddamn....2/3's of his money? And it shouldn't matter if he wants it all at once (which is the way it should be). The govt. just finds a way to screw you no matter what. __________________ -Robbie ClaudiaMarie.Com

08-09-2013, 02:54 AM	#6
Phoenix BACON BACON BACON Industry Role: Join Date: Nov 2002 Location: Poems everybody, the laddie fancies himself a poet Posts: 35,457	shouldnt they have it all before they hold a raffle to give it away? lol I know here you get it all..no tax. However you will pay tax going forward on income earned from the money of course. __________________ Skype Phoenixskype1 Telegram PhoenixBrad https://quantads.io

08-09-2013, 03:38 AM	#9
Mutt Too lazy to set a custom title Industry Role: Join Date: Sep 2002 Posts: 34,431	Lottery AND gambling/poker winnings are tax free in Canada. __________________ I moved my sites to Vacares Hosting. I've saved money, my hair is thicker, lost some weight too! Thanks Sly!

08-09-2013, 03:41 AM	#10
Manfap Confirmed User Industry Role: Join Date: Jan 2013 Posts: 2,622	Used to be taxfree in Spain, now they sting you for 20%, but now if you keep receipts you can also claim back losses against winnings. Last edited by Manfap; 08-09-2013 at 03:42 AM..

08-09-2013, 02:25 AM	#2
Yngwie I am an Alien from space Industry Role: Join Date: May 2003 Location: Ontario, Canada Posts: 11,118	that's a huge fucking chunk. 2/3 is insane.

08-09-2013, 02:59 AM	#7
spads Confirmed User Industry Role: Join Date: Mar 2013 Posts: 344	If the guy decided to take a lump sum instead of installments then he's only getting half of the 148 mil at most. Aside from France, no government is stupid enough to think that taxation over 50% will work. Also, even if they did take 2/3 of the total in taxes, it's not like the guy worked for the money. He got lucky picking numbers at random. Lastly, it's the government's game which means they make the rules. No one forces you to play the state controlled lottery. If you don't like how much of a share they take (and tax revenue is why they have the game in the first place) go to Vegas and play at a craps table. You'll have better odds and free booze as well.

08-09-2013, 04:26 AM	#11
keysync Living the Dream Industry Role: Join Date: Sep 2011 Location: Murica Posts: 2,375	Welcome to the USSA __________________

08-09-2013, 05:45 AM	#14
tony286 lurker Industry Role: Join Date: Aug 2002 Location: atlanta Posts: 57,021	yep a rip off spent $2 on someone thing he thought he would never get and got 48 million.

08-09-2013, 05:51 AM	#16
SuckOnThis So Fucking Banned Join Date: Oct 2003 Location: In my head Posts: 6,844	Vegas does the same thing. A lot of progressive jackpots on slot machines are paid in 20 - 25 year installments.

08-09-2013, 05:51 AM	#17
MontrealDave Save a tree, love a pussy Industry Role: Join Date: Jul 2012 Location: Montreal Posts: 200	Lottery payments in the US are based on 20 annuities, so if you want your money up front, you will get the principal that if left untouched for 20 years would amount to your lottery win less the taxes. Usually 20 to 30% taxes depending on your residency status and State where you won... __________________ EvaCash - Now in BETA & Accepting Webmasters

08-09-2013, 06:52 AM	#20
dyna mo The People's Post Industry Role: Join Date: Dec 2008 Location: invisible 7-11 Posts: 65,092	it's a ripoff to have your free money taxed? wow.

08-09-2013, 06:56 AM	#21
PornDiscounts-V Confirmed User Industry Role: Join Date: Oct 2003 Location: L.A. Posts: 5,744	53 million? What a ripoff. Not. __________________ Blog Posts - Contextual Links - Hardlinks on 600+ Blog Network * Handwritten * 180 C Class IPs * Permanent! * Many Niches! * Bulk Discounts! GFYPosts /at/ J2Media.net

08-09-2013, 07:40 AM	#25
Choopa_Pardo Confirmed User Industry Role: Join Date: Apr 2012 Location: NJ Posts: 1,629	http://www.autoblog.com/2013/08/08/p...a-nsx-off-cra/ The guy from Minnesota is doing it right! __________________ AIM - thePardovich Email - [email protected] A World Wide Leader In Hosting! * CHOOPA.COM * Order Now!

08-09-2013, 07:47 AM	#26
Tom_PM Porn Meister Industry Role: Join Date: Feb 2005 Posts: 16,443	You can pass winnings to family if it's in a trust of some kind which the smart winners do (and remain anonymous). Not as normal inheritance though. __________________ 43-922-863 Shut up and play your guitar.

08-09-2013, 07:55 AM	#28
xxxcoupon Confirmed User Industry Role: Join Date: Dec 2012 Posts: 172	in my state ( texas ) lottery taxes go to the school system __________________ To get listed on our site please email us at [email protected]

08-09-2013, 08:50 AM	#30
Socks Confirmed User Industry Role: Join Date: May 2002 Location: Toronto Posts: 8,475	I imagine most of these powerball winners go to get some legal and tax advice before coming forward, and yet just about everyone always takes the lump sum. That means that their counsel is telling them to take the lump sum. Why would they recommend that?

08-09-2013, 09:37 AM	#32
DomainPimpMark Registered User Industry Role: Join Date: Jul 2013 Location: Las Vegas, NV Posts: 76	Everyone gets after new money, too new to know, too rich to care __________________ Mark Bowles - Chief Ambassador DomainPimp - We Got What You Need - Open a Player Account & Get Busy Buy & Sell Hot Domain Names - ICQ: 605992802 - Email: mark 'at' domainpimp 'dot' net

08-09-2013, 09:43 AM	#33
wehateporn Promoting Debate on GFY Industry Role: Join Date: Apr 2007 Posts: 27,173	In the UK wins are tax free, but I still wouldn't recommend it __________________ Sexy Girls Teasing

08-09-2013, 09:48 AM	#34
wehateporn Promoting Debate on GFY Industry Role: Join Date: Apr 2007 Posts: 27,173	During The Best Period Of Economic Growth In U.S. History There Was No Income Tax And No Fed http://www.infowars.com/during-the-b...ax-and-no-fed/ __________________ Sexy Girls Teasing

08-09-2013, 10:35 AM	#37
Axeman Confirmed User Join Date: Feb 2004 Location: Swamp Posts: 5,201	There is a reason they say the lotto is the biggest tax on the poor. __________________ XXXRewards - Karups - Boyfun - Jawked. Paying on time since 1997. Contact me at brent [at] xxxrewards.com

08-09-2013, 10:46 AM	#38
Tom_PM Porn Meister Industry Role: Join Date: Feb 2005 Posts: 16,443	With that kind of cash they can move to where they feel a better government is. I'm betting they'll all stay here, but I'm just putting it out there. __________________ 43-922-863 Shut up and play your guitar.

08-09-2013, 11:31 AM	#41
seeandsee Check SIG! Industry Role: Join Date: Mar 2006 Location: Europe (Skype: gojkoas) Posts: 50,945	they should tax it right away and show real prize to players, this is not good! __________________ BUY MY SIG - 50$/Year Contact here

08-09-2013, 11:59 AM	#42
baddog So Fucking Banned Industry Role: Join Date: Apr 2001 Location: the beach, SoCal Posts: 107,089	It is income, it is going to be taxed as such. He can also write off his gambling expenses.

08-09-2013, 12:02 PM	#43
sandman! Icq: 14420613 Industry Role: Join Date: Mar 2001 Location: chicago Posts: 15,432	nothing new been like this for ages its still free $$$ in the end __________________ Need WebHosting ? Email me for some great deals [email protected]

08-09-2013, 12:12 PM	#46
Robbie Leaner, Meaner, Faster Industry Role: Join Date: Aug 2002 Location: Vegas Posts: 20,959	Yep, somehow bureaucrats and politicians always find a way to scam money. Social Security, Schools, Infrastructure...the money never seems to really get there, but ends up in the pockets of politicians cronies everytime. __________________ -Robbie ClaudiaMarie.Com

08-09-2013, 12:53 PM	#48
JP-pornshooter Confirmed User Join Date: Sep 2006 Location: westcoast usa Posts: 4,007	dont forget lottery is already set up by government, they take a chunk out even before the winnings. my guess they take a higher total % compared to your average slot machine. however usually the money is spent on something worthwhile, like funding the federal police force __________________ "Obscenity is whatever gives the Judge an erection." -- Author Unknown

08-09-2013, 04:26 PM	#49
L-Pink working on my tan Industry Role: Join Date: Mar 2005 Location: Florida/Kentucky Posts: 39,151	Let me tell you what I regularly see at local gas/connivence stores … An energy drink, slice of pizza or junk food charged on ebt card then cash spent on powerball or scratch-off tickets. Fucking pitiful. .