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Unemployed N.Y. Man Wins $14 Million Lottery
Norway Member #9692 December 10, 2004 696 Posts Offline |
| Posted: April 22, 2008, 5:27 pm - IP Logged |
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A 65% tax on lottery winnings? That sounds like way too much.
Or is it that the lump sum reduces the winning to half and he pay taxes on that: $2,000,000?
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Sunny SW Florida United States Member #25708 November 5, 2005 4026 Posts Offline |
| Posted: April 22, 2008, 5:42 pm - IP Logged |
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A 65% tax on lottery winnings? That sounds like way too much.
Or is it that the lump sum reduces the winning to half and he pay taxes on that: $2,000,000? I believe this was mentioned in the news article.
"He had opted to take a lump sum, which means that after taxes he will receive $5,052,675."
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United States Member #61017 April 21, 2008 122 Posts Offline |
| Posted: April 22, 2008, 6:42 pm - IP Logged |
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I absolutely love to hear stories like this. I'm so glad someone that deserved and needed it it so much won.
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United States Member #4963 May 30, 2004 2239 Posts Offline |
| Posted: April 22, 2008, 7:03 pm - IP Logged |
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I believe this was mentioned in the news article.
"He had opted to take a lump sum, which means that after taxes he will receive $5,052,675." SOS what is the PROBLEM ???????????????
when HILL or O'BABA get's to be PRESIDENT>>>we will HAVE change
in ALL our POCKET'$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$I
IF I have any spare CHANGE???then I will play the LOTTERY!
LITTLE PEOPLE can live-off GOODWILL & foodbank's and they kan
say>>>>>>>>screw taxes>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
I'm>>>>>GONNA WIN de LOTTERY and BE
free>>>>>free>>>>>>@@@@ LAST>>FREE!
give too "GOODWILL" and
dee "SALVATION ARMY" 2
LOL
PSYKOMO
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United States
Member #59651
March 8, 2008
174 Posts
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| Posted: April 22, 2008, 7:07 pm - IP Logged |
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A 65% tax on lottery winnings? That sounds like way too much.
Or is it that the lump sum reduces the winning to half and he pay taxes on that: $2,000,000? Remember, he is a resident of NY State. Their scartch-off tags are always annuity. So, unless you are amongst the rarist people in the universe, you loose 50% by choosing cash (liump sum). Blink, and the $14M became $7M. Then come the tax people. There is 6.85% for the state, gone with the second blink. Then the feds, who will grab around 38-42% with another blink. When you look at the shiny lure, you blink, and every time you blink, your win drops. If he is lucky, the city, county, or other muncipality won't get more.
This is why a lot of lottery winners go broke. They lose track of what they really win. All those rich people, the Liberals love to tax, and tax, and tax, becomes a lottery winner biggest nightmare. Go out and buy that luxury house, pay a huge tax. Go out and buy a couple of those luxury cars, pay a huge tax. Give your family members a couple hundred thousand, money gone forever. Even if you donate a tone of money, that specific ton of money is also gone forever. Next thing you know, that $5M is colleteral for a loan.
Based on his credit card debt, he has zero idea of how to manage his money. Hopefully, he will find a certified financial adviser - and L-I-S-T-E-N to that person. If not, he'll soon be on the internet as a man who lost $14M; when he NEVER had $14M to start with!
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United States Member #4963 May 30, 2004 2239 Posts Offline |
| Posted: April 22, 2008, 7:41 pm - IP Logged |
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YES>>yes>>>>>>>SENIOR P:
YOU have TIME to move to FLORDIA or any country U-wish>>before
the GREAT CONTEST>>>>>>>>>>>take's PLACE>>>>>>>>>BUTT
vote for O'BAMA>>>>>>>>>>>>>>TAKE CHANGE>in UR LIFE$$$$$
HELP AMERICA>>>>>>>>>>>>>>>PLEASE HELP the POOR people
vote for a DEMOCRAT>>>>>>>PLEASE>>>PLEASE!
LOL
PSYKOMO
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Albuquerque, New Mexico United States Member #5219 June 18, 2004 232 Posts Offline |
| Posted: April 22, 2008, 7:52 pm - IP Logged |
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And then...there are the lucky -- and there are the damn lucky! Imagine, being out of work, spending some of your tax refund, and hitting the jackpot. Life doesn't get any better than that, does it?  -- Bye, bye! When you win, may you glow as brightly as the
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United States Member #61017 April 21, 2008 122 Posts Offline |
| Posted: April 22, 2008, 8:50 pm - IP Logged |
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Remember, he is a resident of NY State. Their scartch-off tags are always annuity. So, unless you are amongst the rarist people in the universe, you loose 50% by choosing cash (liump sum). Blink, and the $14M became $7M. Then come the tax people. There is 6.85% for the state, gone with the second blink. Then the feds, who will grab around 38-42% with another blink. When you look at the shiny lure, you blink, and every time you blink, your win drops. If he is lucky, the city, county, or other muncipality won't get more.
This is why a lot of lottery winners go broke. They lose track of what they really win. All those rich people, the Liberals love to tax, and tax, and tax, becomes a lottery winner biggest nightmare. Go out and buy that luxury house, pay a huge tax. Go out and buy a couple of those luxury cars, pay a huge tax. Give your family members a couple hundred thousand, money gone forever. Even if you donate a tone of money, that specific ton of money is also gone forever. Next thing you know, that $5M is colleteral for a loan.
Based on his credit card debt, he has zero idea of how to manage his money. Hopefully, he will find a certified financial adviser - and L-I-S-T-E-N to that person. If not, he'll soon be on the internet as a man who lost $14M; when he NEVER had $14M to start with! I thing the last part of your post is unfair. He did just lose his job. He may have had to go into credit card debt to feed his family. :(
Correct me if i'm wrong but I think the article also said he had an advisor and lawyer teamed up already. Sounds like he has a decent head on his shoulders. The only thing I would have done differently would have been to take an annuity.
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Margaritaville United States Member #58035 January 9, 2008 89 Posts Offline |
| Posted: April 22, 2008, 9:34 pm - IP Logged |
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Congrats to the guy. It is heartwarming to hear him say he would take care of those who helped him when he needed it most - his mother and mother-in-law. Here's wishes that he handles his winnings with intelligent decisions.
GamerMom - just curious, why would you have optioned the annuity? Just in this instance, or is it your preference? ..........................
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Pennsylvania United States Member #17377 June 10, 2005 1046 Posts Offline |
| Posted: April 22, 2008, 9:35 pm - IP Logged |
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Thank you gamermom for your commentary. The previous poster made an overgeneralized *ASSUMPTION* based on one part of the mans finance. Heaven forbid if that guy saw some of my finance. If I said I am 60k in debt most would shutter, yet maybe its from a mortgage, a car payment and a hospital bill for an ailing relative . ....all which get paid monthly as agreed ...yet its still a debt none the less....
ANyways the guy DOES have his head on right by saying he is helping those that helped him during his rough time. Bravo for him and I hope he enjoys his new found wealth! Ohh and congrats to the NY lottery for taking their chunk too! I'm sure they like being partnered with winners.... kindness is a small gesture accepted by another
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