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Eastern Time (GMT-5:00) | Florida Powerball winner claims $50 million jackpotWindermere, FL/Franklin, TN United States Member #50670 March 1, 2007 494 Posts Offline | | Posted: January 14, 2013, 5:27 pm - IP Logged | |
I love the idea of tax free lottery winnings. The reason behind my belief is that winner will spend that money in this economy and will end up paying sales taxes, property taxes, excise taxes, capital gains taxes and dividend taxes, interest taxes   But unfortunately our Government loves getting these tax dollars so they can waste it among themselves.
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Ridge Runner - Oracle of the Appalachians Way back up in them dadgum hills, son! United States Member #74415 April 28, 2009 12623 Posts Offline | | Posted: January 14, 2013, 5:42 pm - IP Logged | |
I love the idea of tax free lottery winnings. The reason behind my belief is that winner will spend that money in this economy and will end up paying sales taxes, property taxes, excise taxes, capital gains taxes and dividend taxes, interest taxes Well thank God they ain't no tax on moonshine! That's what I heard anyway. I really wouldn't know. Never seen the stuff around here, that's for sure. Probably ain't none around here for a hundred miles. Never will be neither. | | |
U$A United States Member #106693 February 22, 2011 8887 Posts Offline | | Posted: January 14, 2013, 6:23 pm - IP Logged | |
Sheesh, with that much being taxed, and at only 30 yrs old, you'd be hard pressed to live large on $16m for the rest of your life. Comfortable yes. Congrats to the winners, and congrats for living in a state with no income tax. 
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U$A United States Member #106693 February 22, 2011 8887 Posts Offline | | Posted: January 14, 2013, 6:24 pm - IP Logged | |
Well thank God they ain't no tax on moonshine! That's what I heard anyway. I really wouldn't know. Never seen the stuff around here, that's for sure. Probably ain't none around here for a hundred miles. Never will be neither. 
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New Hampshire United States Member #136501 December 12, 2012 202 Posts Offline | | Posted: January 14, 2013, 7:13 pm - IP Logged | |
Well thank God they ain't no tax on moonshine! That's what I heard anyway. I really wouldn't know. Never seen the stuff around here, that's for sure. Probably ain't none around here for a hundred miles. Never will be neither. I don't know, I think you bear a striking resemblance to one of the dudes on the Discovery Channel reality series "Moonshiners". | | |
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United States Member #106162 February 13, 2011 13 Posts Offline | | Posted: January 14, 2013, 7:13 pm - IP Logged | |
He's not taxed on $50 Million. $50 Million is an ANNUITIZED jackpot, the lottery doesn't hide that. He is taxed on his $34.2 Million. This is something you'd think you wouldn't have to explain to people on a lottery website, but people like riling themselves up for whatever reason. Cash payouts (before state income tax) are 75% of the advertised CASH VALUE. Mega Millions CASH VALUE is usually around 56-58% of the advertised annutized jackpots. There's a "Jackpot Analysis" link on the main page (if you come from USAMEGA) that gives a breakdown of payouts for different states. That information has only been on USAMEGA since forever. | | |
5+1 Winner Arizona United States Member #116287 September 7, 2011 16198 Posts Offline | | Posted: January 14, 2013, 7:37 pm - IP Logged | |
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5+1 Winner Arizona United States Member #116287 September 7, 2011 16198 Posts Offline | | Posted: January 14, 2013, 7:37 pm - IP Logged | |
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5+1 Winner Arizona United States Member #116287 September 7, 2011 16198 Posts Offline | | Posted: January 14, 2013, 7:40 pm - IP Logged | |
He's not taxed on $50 Million. $50 Million is an ANNUITIZED jackpot, the lottery doesn't hide that. He is taxed on his $34.2 Million. This is something you'd think you wouldn't have to explain to people on a lottery website, but people like riling themselves up for whatever reason. Cash payouts (before state income tax) are 75% of the advertised CASH VALUE. Mega Millions CASH VALUE is usually around 56-58% of the advertised annutized jackpots. There's a "Jackpot Analysis" link on the main page (if you come from USAMEGA) that gives a breakdown of payouts for different states. That information has only been on USAMEGA since forever. Thx fer splainin.......... | | |
5+1 Winner Arizona United States Member #116287 September 7, 2011 16198 Posts Offline | | Posted: January 14, 2013, 7:42 pm - IP Logged | |
I don't know, I think you bear a striking resemblance to one of the dudes on the Discovery Channel reality series "Moonshiners". You can be certain, that's just a stunt double....... | | |
United States Member #73404 March 30, 2009 23 Posts Offline | | Posted: January 14, 2013, 8:00 pm - IP Logged | |
Actually, the cash payout is not a certain percentage. It is the amount of cash, invested in "secured" gov't bonds today, it would take to make the annuity payments. Because the interest on gov't bonds is so low, the present cash value has increased dramatically. I think you should ALWAYS take the cash option because gov't bonds may become useless in the future, ESPECIALLY at the rate America is currently spending money... | | |
5+1 Winner Arizona United States Member #116287 September 7, 2011 16198 Posts Offline | | Posted: January 14, 2013, 8:04 pm - IP Logged | |
Actually, the cash payout is not a certain percentage. It is the amount of cash, invested in "secured" gov't bonds today, it would take to make the annuity payments. Because the interest on gov't bonds is so low, the present cash value has increased dramatically. I think you should ALWAYS take the cash option because gov't bonds may become useless in the future, ESPECIALLY at the rate America is currently spending money... Finally, someone with a brain speaks up.... Thank you rooster8786 | | |
mid-Ohio United States Member #9 March 24, 2001 16131 Posts Offline | | Posted: January 14, 2013, 8:05 pm - IP Logged | |
He's not taxed on $50 Million. $50 Million is an ANNUITIZED jackpot, the lottery doesn't hide that. He is taxed on his $34.2 Million. This is something you'd think you wouldn't have to explain to people on a lottery website, but people like riling themselves up for whatever reason. Cash payouts (before state income tax) are 75% of the advertised CASH VALUE. Mega Millions CASH VALUE is usually around 56-58% of the advertised annutized jackpots. There's a "Jackpot Analysis" link on the main page (if you come from USAMEGA) that gives a breakdown of payouts for different states. That information has only been on USAMEGA since forever. "This is something you'd think you wouldn't have to explain to people on a lottery website" No one has to explain anything around here but someone is always volunteering to do so. This is the place to be if you don't know much. * The fundamentals of winning a lottery jackpot *
* play a lottery you can win *
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5+1 Winner Arizona United States Member #116287 September 7, 2011 16198 Posts Offline | | Posted: January 14, 2013, 8:08 pm - IP Logged | |
"This is something you'd think you wouldn't have to explain to people on a lottery website" No one has to explain anything around here but someone is always volunteering to do so. This is the place to be if you don't know much. Lots of voluntary explaining going on round here....... | | |
Texas United States Member #56363 October 23, 2007 2466 Posts Offline | | Posted: January 14, 2013, 8:22 pm - IP Logged | |
Well thank God they ain't no tax on moonshine! That's what I heard anyway. I really wouldn't know. Never seen the stuff around here, that's for sure. Probably ain't none around here for a hundred miles. Never will be neither. Hey ridge, when you sending my next shipment of 'shine??? I put the check in the mail! OOPS! Never mind everybody. Nevermind. (Uh...ridge, I'll send you a pm). CAN'T WIN IF YOU'RE NOT IN A DOLLAR AND A DREAM (OR $2)
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