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$185 MILLION: Huge Powerball lottery jackpot set for Wednesday

Topic closed. 66 replies. Last post 2 years ago by KY Floyd.

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Piaceri's avatar - sarsony1
Wannabe Won Percenter
Republic of Texas
United States
Member #57557
January 9, 2008
1004 Posts
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Posted: November 11, 2012, 11:40 pm - IP Logged

ÌΓîŠΗcoffee¡Green laugh

Nope.

Italian Blend

face

singlewinnersinglewinnersinglewinner   

    megan81's avatar - 1348597904
    NJ
    United States
    Member #133274
    September 25, 2012
    40 Posts
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    Posted: November 11, 2012, 11:56 pm - IP Logged

    There are some players here who claim they buy all their tickets that way for every drawing.  We only have their word for it because so far no news paper has thought it was worth writing about.

    As mcginnin56 said, I was implying that my story will be newsworthy when I win. And, as a professional writer, I will write the press release myself!

      Piaceri's avatar - sarsony1
      Wannabe Won Percenter
      Republic of Texas
      United States
      Member #57557
      January 9, 2008
      1004 Posts
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      Posted: November 11, 2012, 11:57 pm - IP Logged

      Weren't the really good tax rates for rich people who earned their money from investments?  Lottery winners are taxed at the higher rate as people who actually worked for their money.  I would talk to a tax lawyer to get some advice on the best ways of gaming the system.

      Lower tax rates 2 ways. Dividend income, which also affects anyone with a MM or 401k no matter how rich.  And Long Term Capital Gains which also affects anyone with a MM or 401k no matter how rich. It affects the rich more because they earn more off investments (both dividends and capital gains) because... they have more invested. Duh. Plus high paid executives can take pay in stock, hold it for a year, then cash out for capital gains tax rate. This is why Mitt Romney makes $13m and pays a lower effective tax rate than many. His income is made up of capital investment/capital gains and dividends.  But we want capital gains taxes low because we want investors investing in the economy. Dividends should be taxed lower because, well, because I said so and I'm the mom. Wait.. sorry. Wrong people. Forgot I was on LP for a moment there.

      Personally, I think interest income should be nontaxable for first $10k income for those earning less than $300k. It would encourage people to save more, putting more money into the banks who then will then loan more out.

      Lottery winnings are ordinary income, so in 2013 tax rates will affect if you claim in 2013. It does not matter when you WIN, it matters when you CLAIM. Win in 2012, claim in 2013, you are subject to 2013 tax rates. Individual tax payers are on a cash basis. 

       

      Did I make any sense? Hippy It's late. Aggies beat Bama! The Texans won! Amazingly the Cowboys won. Woooo! Hyper And my coffee has long wore off. I'm patiently (barely) waiting The Walking Dead to replay after these grown men finish talking about comic books on AMC.

      face

      singlewinnersinglewinnersinglewinner   


        United States
        Member #111446
        May 25, 2011
        6323 Posts
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        Posted: November 12, 2012, 12:20 am - IP Logged

        Lower tax rates 2 ways. Dividend income, which also affects anyone with a MM or 401k no matter how rich.  And Long Term Capital Gains which also affects anyone with a MM or 401k no matter how rich. It affects the rich more because they earn more off investments (both dividends and capital gains) because... they have more invested. Duh. Plus high paid executives can take pay in stock, hold it for a year, then cash out for capital gains tax rate. This is why Mitt Romney makes $13m and pays a lower effective tax rate than many. His income is made up of capital investment/capital gains and dividends.  But we want capital gains taxes low because we want investors investing in the economy. Dividends should be taxed lower because, well, because I said so and I'm the mom. Wait.. sorry. Wrong people. Forgot I was on LP for a moment there.

        Personally, I think interest income should be nontaxable for first $10k income for those earning less than $300k. It would encourage people to save more, putting more money into the banks who then will then loan more out.

        Lottery winnings are ordinary income, so in 2013 tax rates will affect if you claim in 2013. It does not matter when you WIN, it matters when you CLAIM. Win in 2012, claim in 2013, you are subject to 2013 tax rates. Individual tax payers are on a cash basis. 

         

        Did I make any sense? Hippy It's late. Aggies beat Bama! The Texans won! Amazingly the Cowboys won. Woooo! Hyper And my coffee has long wore off. I'm patiently (barely) waiting The Walking Dead to replay after these grown men finish talking about comic books on AMC.

        Excellent summation Piaceri! Hurray!

        And because your the mom, dividends should be taxed lower!

        Lover  the Walking Dead also. It's where gore meets comedy meets more gore!  Hyper

          Avatar
          Texas
          United States
          Member #132460
          September 4, 2012
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          Posted: November 12, 2012, 2:08 am - IP Logged

          I can't wait to see who would be the lucky winner for Wednesday's draw.  It seems that everybody hopes to win the jackpot prize, I myself will be in constant watch of the lottery draws.  Good luck to all of us.

            LottoGuyBC's avatar - Lottery-050.jpg
            British Columbia
            Canada
            Member #116105
            September 4, 2011
            3638 Posts
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            Posted: November 12, 2012, 9:14 am - IP Logged

            I think the jackpot will continue to grow til Turkey

            then it's time to 

             &  White Bounce

            "You have to be in it to win it!"

              Avatar
              Ga
              United States
              Member #120459
              December 20, 2011
              116 Posts
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              Posted: November 12, 2012, 5:02 pm - IP Logged

              $85 million would be a very nice christmas present for myself, family and a few friends.

                weshar75's avatar - Lottery-042.jpg
                Mcminnville, Oregon
                United States
                Member #3013
                December 13, 2003
                2421 Posts
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                Posted: November 12, 2012, 8:54 pm - IP Logged

                Now that the jackpot is this big I am going to take the annuity because I am optimistic that I can live for the 30 years needed to claim the jackpot.  Good luck to me on wednesday night!  Hooray me!  Yippie!-weshar75

                US Flag

                  foemill's avatar - nw scandix.jpg
                  TN
                  United States
                  Member #109931
                  April 22, 2011
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                  Posted: November 13, 2012, 3:11 am - IP Logged

                  I will be doing everything within my power to keep it from rolling again, weshar75, Good Lord willin' and the creek don't rise.

                  I Agree!

                    Avatar
                    NY
                    United States
                    Member #23835
                    October 16, 2005
                    2864 Posts
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                    Posted: November 13, 2012, 3:23 am - IP Logged

                    Lower tax rates 2 ways. Dividend income, which also affects anyone with a MM or 401k no matter how rich.  And Long Term Capital Gains which also affects anyone with a MM or 401k no matter how rich. It affects the rich more because they earn more off investments (both dividends and capital gains) because... they have more invested. Duh. Plus high paid executives can take pay in stock, hold it for a year, then cash out for capital gains tax rate. This is why Mitt Romney makes $13m and pays a lower effective tax rate than many. His income is made up of capital investment/capital gains and dividends.  But we want capital gains taxes low because we want investors investing in the economy. Dividends should be taxed lower because, well, because I said so and I'm the mom. Wait.. sorry. Wrong people. Forgot I was on LP for a moment there.

                    Personally, I think interest income should be nontaxable for first $10k income for those earning less than $300k. It would encourage people to save more, putting more money into the banks who then will then loan more out.

                    Lottery winnings are ordinary income, so in 2013 tax rates will affect if you claim in 2013. It does not matter when you WIN, it matters when you CLAIM. Win in 2012, claim in 2013, you are subject to 2013 tax rates. Individual tax payers are on a cash basis. 

                     

                    Did I make any sense? Hippy It's late. Aggies beat Bama! The Texans won! Amazingly the Cowboys won. Woooo! Hyper And my coffee has long wore off. I'm patiently (barely) waiting The Walking Dead to replay after these grown men finish talking about comic books on AMC.

                    Some of it made sense, but there's one thing where I think people are just buying into the hype.

                    "we want capital gains taxes low because we want investors investing in the economy."

                    Simply "investing in the economy" doesn't really do anything. What matters is producing, selling and buying products or services.  Buying stock that's owned by another investor doesn't do anything more for the economy than moving money from your savings account to your checking account.  If the investor you bought from (or the broker who earned a commission) spends the money it will do something useful, but there's no guarantee that the money will be spent. They may just buy another investment, and the money just moves around without being used to do anything.

                    By comparison, if you spend $25k on a new car instead of stock you'll definitely be doing something for the economy. The dealer gets money to pay their bills, and the manufacturer makes  a profit and (presumably) builds another car to maintain inventory. Occasionally the government offers incentives to buy a car, but nobody seems to make the argument that there should always be a tax break for it because it helps the economy.

                    Like you, people sometimes suggest a modest tax break on dividend or interest income, but I don't often see legislators (or lobbyists) saying such income should routinely be taxed at a lower rate because that would encourage people to "invest in the economy". The reality is that almost anything you do with the money it's being invested in the economy. If you put it in the bank instead of buying stocks or bonds the bank will invest it so that they can earn enough to pay you interest and make their profit. Spending it will increase the production and sale of goods or services.

                    I only see a few alternatives to investing in the economy. If you just put the money in your mattress is doesn't do anything to help anyone, including you. Ironically, the other way to not invest in the econom that come to mind is buying gold or some other commodity that  is already owned by another investor and putting that in the equivalent of your matteress. Other than a modest benefit from any comission paid to a broker there's no benefit to the economy, but if you can sell for a profit later on you'll get that capital gains rate that you deserve for investing in the economy.

                      Avatar
                      Elgin, IL
                      United States
                      Member #93544
                      July 2, 2010
                      318 Posts
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                      Posted: November 14, 2012, 3:21 am - IP Logged

                      Say hello to America's newest millionaire. That dream shopping spree is long overdue. White Bounce

                        Nikkicute's avatar - nnjx1k
                        RIGHT HERE!!
                        United States
                        Member #123295
                        February 17, 2012
                        2273 Posts
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                        Posted: November 15, 2012, 1:46 am - IP Logged

                        No winners tonight so Play On!!!!!! and keep dreaming of the win!!!

                        ...the secret to Luck is never to trust it...

                        2012 wins:$20 loss:$200  2013 wins:$100 loss:$270.00

                        2014 Jan $0 (no play) Feb $0/$46 March $280/$58 April $80/$47 May $0/$35 June $0/$32

                                 July $0/$11 August (no play) Sep $0/$5.50 Oct $0/$12 Nov $0/$26.50

                        -$263.50

                          zinniagirl's avatar - flower avatar_0026.jpg
                          nc
                          United States
                          Member #99522
                          October 26, 2010
                          236 Posts
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                          Posted: November 15, 2012, 10:27 am - IP Logged

                          I hope i win so i can put some home heating oil in my tank.I"m down to one arm and one leg after last winter's heat season...lol

                          I hear you!   My house is at 59' as I type this.   Can't afford to heat it any warmer!   But, hey that's what sweaters are for.

                           

                          Good luck to everyone who plays PB.   I'll see you when you play MM again!


                            United States
                            Member #111446
                            May 25, 2011
                            6323 Posts
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                            Posted: November 15, 2012, 2:35 pm - IP Logged

                            I hear you!   My house is at 59' as I type this.   Can't afford to heat it any warmer!   But, hey that's what sweaters are for.

                             

                            Good luck to everyone who plays PB.   I'll see you when you play MM again!

                            Sorry to hear that zinniagirl, if I could spare it I would have someone fill up your tank today.

                            Good luck this Saturday!  Lep


                              United States
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                              September 7, 2011
                              20244 Posts
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                              Posted: November 17, 2012, 7:39 pm - IP Logged

                              Now that the jackpot is this big I am going to take the annuity because I am optimistic that I can live for the 30 years needed to claim the jackpot.  Good luck to me on wednesday night!  Hooray me!  Yippie!-weshar75

                              US Flag

                              Why not take the cash and buy your own annuity??

                              Annuities are not the greatest of investment vehicles but at least it would be yours and not the states.