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Florida Powerball winner claims $50 million jackpot

Topic closed. 60 replies. Last post 2 years ago by golfer1960.

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Windermere, FL/Franklin, TN
United States
Member #50210
March 1, 2007
839 Posts
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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 Thumbs Down

I Agree! But unfortunately our Government loves getting these tax dollars so they can waste it among themselves.

    rdgrnr's avatar - walt
    -Ridge Runner- Oracle of the Appalachians
    Way back up in them dadgum hills, son!
    United States
    Member #73904
    April 28, 2009
    14903 Posts
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    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 Thumbs Down

    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.

      helpmewin's avatar - dandy
      u$a
      United States
      Member #106669
      February 22, 2011
      17268 Posts
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      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. Thumbs Up

      I Agree!

                       

        helpmewin's avatar - dandy
        u$a
        United States
        Member #106669
        February 22, 2011
        17268 Posts
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        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.

        Cheers

                         

          msharkey2001's avatar - animal shark.jpg
          New Hampshire
          United States
          Member #136497
          December 12, 2012
          218 Posts
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          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".Cheers

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            United States
            Member #106137
            February 13, 2011
            17 Posts
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            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.


              United States
              Member #116272
              September 7, 2011
              20244 Posts
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              Posted: January 14, 2013, 7:37 pm - IP Logged

              I Agree!

                     I Agree!


                United States
                Member #116272
                September 7, 2011
                20244 Posts
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                Posted: January 14, 2013, 7:37 pm - IP Logged

                Cheers

                       Cheers


                  United States
                  Member #116272
                  September 7, 2011
                  20244 Posts
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                  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..........Yes Nod


                    United States
                    Member #116272
                    September 7, 2011
                    20244 Posts
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                    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".Cheers

                    You can be certain, that's just a stunt double.......

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                      United States
                      Member #72894
                      March 30, 2009
                      23 Posts
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                      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...


                        United States
                        Member #116272
                        September 7, 2011
                        20244 Posts
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                        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

                          RJOh's avatar - chipmunk
                          mid-Ohio
                          United States
                          Member #9
                          March 24, 2001
                          17903 Posts
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                          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.

                          * you don't need more tickets, just the right ticket * 
                          * your best chance at winning a lottery jackpot is to buy a ticket * 
                               Wink 


                            United States
                            Member #116272
                            September 7, 2011
                            20244 Posts
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                            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.

                            I Agree! Lots of voluntary explaining going on round here.......

                              rcbbuckeye's avatar - Lottery-043.jpg
                              Texas
                              United States
                              Member #55889
                              October 23, 2007
                              3360 Posts
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                              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)