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Oil company employees win $54 million Canada 6/49 lottery jackpot

Topic closed. 26 replies. Last post 11 years ago by Chewie.

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United States
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June 5, 2002
11296 Posts
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Posted: November 1, 2005, 2:52 pm - IP Logged

ADDENDUM:

The Canadians have it made.........NO TAXATION ON LOTTERY WINNINGS.......HHHHMMMMM....

Must be very nice....................

Lurking

Why won't somebody introduce a bill in the US Congress to end federal taxes on gambling winnings? The revenue can be made up elsewhere.

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    Bethesda, Maryland
    United States
    Member #16901
    June 6, 2005
    446 Posts
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    Posted: November 2, 2005, 5:26 pm - IP Logged

    NOVEMBER...2ND......5:25 PM EST

    CASH:.......You know Congress is far toooooo greeeedy to give up this "extremely easy way" of making more revenue.....let's face it....it's impossible to waste money which you don't have.

    AND:when it comes down to the "Fleecing Of America" no group of "self important people" has ever wasted money to the magnitude of our US Congress........Everytime one of us "hits" the Lottery in this Country.....Congress hits it tooooooooo...............Patriot

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      United States
      Member #11562
      February 17, 2005
      24 Posts
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      Posted: November 2, 2005, 6:14 pm - IP Logged

      OCTOBER 31ST..........6:15 PM ESTMail For You

      HEY.THERE......."LOTTOPHENE".....pleeeezzzzzzeeeee....speak for yourself  alone.......

      As an American Woman, who plays both the "MM & Powerball"......even when it's only $15-20Mil let me  say those "low millions" look very good to me, and it would be $15 million more than I had when I walked into the store to play the game in the Fst place.  Admittedly, I am pampered in other ways, but not where money is conerned. LOLOLOLOLOLO

      Okay, alright, okay, alright Ms Libra . . . . . . . so only a few of us knuckleheads are spoiled. I just think $54 million is small fries, especially after September's $250 million plus MM, last month's PB doozy and the current MM. Of course any of us would settle for $54 million as a warm-up. Wink

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        Sparta, NJ
        United States
        Member #18331
        July 9, 2005
        1977 Posts
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        Posted: November 2, 2005, 6:24 pm - IP Logged

        OCTOBER 31ST..........6:15 PM ESTMail For You

        HEY.THERE......."LOTTOPHENE".....pleeeezzzzzzeeeee....speak for yourself  alone.......

        As an American Woman, who plays both the "MM & Powerball"......even when it's only $15-20Mil let me  say those "low millions" look very good to me, and it would be $15 million more than I had when I walked into the store to play the game in the Fst place.  Admittedly, I am pampered in other ways, but not where money is conerned. LOLOLOLOLOLO

        Okay, alright, okay, alright Ms Libra . . . . . . . so only a few of us knuckleheads are spoiled. I just think $54 million is small fries, especially after September's $250 million plus MM, last month's PB doozy and the current MM. Of course any of us would settle for $54 million as a warm-up. Wink

        Please check the usamega.com pages for the differences between annuity and cash; and the difference between $54 million tax free and $250 million in thirty years - paying taxes the whole time.  Your acceptance of the term knucklehead is obviously without any limitations.

        Be glad the branding, on the forehead, has long been banned. Perhaps, you should consider a Platinum Membership so that you can tell the difference between taxes and no taxes and annuity and cash. You might win some day, and I whould hate to see you have a heart attack when you learn the difference.

        Cheers

        |||::> *'`*:-.,_,.-:*''*:--->>> Chewie  <<<---.*''*:-.,_,.-:*''* <:::|||

        I only trust myself - and that's a questionable choice

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          United States
          Member #11562
          February 17, 2005
          24 Posts
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          Posted: November 3, 2005, 5:57 pm - IP Logged

          OCTOBER 31ST..........6:15 PM ESTMail For You

          HEY.THERE......."LOTTOPHENE".....pleeeezzzzzzeeeee....speak for yourself  alone.......

          As an American Woman, who plays both the "MM & Powerball"......even when it's only $15-20Mil let me  say those "low millions" look very good to me, and it would be $15 million more than I had when I walked into the store to play the game in the Fst place.  Admittedly, I am pampered in other ways, but not where money is conerned. LOLOLOLOLOLO

          Okay, alright, okay, alright Ms Libra . . . . . . . so only a few of us knuckleheads are spoiled. I just think $54 million is small fries, especially after September's $250 million plus MM, last month's PB doozy and the current MM. Of course any of us would settle for $54 million as a warm-up. Wink

          Please check the usamega.com pages for the differences between annuity and cash; and the difference between $54 million tax free and $250 million in thirty years - paying taxes the whole time.  Your acceptance of the term knucklehead is obviously without any limitations.

          Be glad the branding, on the forehead, has long been banned. Perhaps, you should consider a Platinum Membership so that you can tell the difference between taxes and no taxes and annuity and cash. You might win some day, and I whould hate to see you have a heart attack when you learn the difference.

          Branding . . . not a candidate pal, try again.  Seems you’ve taken the liberty of imposing some unspecified details to the argument. Since clarity’s begging I would lean towards a $250 million taxed (oh let’s say 30%), cash jackpot over $54 million tax-free if left choosing.  Duh . . wouldn’t you?!

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            Sparta, NJ
            United States
            Member #18331
            July 9, 2005
            1977 Posts
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            Posted: November 3, 2005, 6:36 pm - IP Logged

            OCTOBER 31ST..........6:15 PM ESTMail For You

            HEY.THERE......."LOTTOPHENE".....pleeeezzzzzzeeeee....speak for yourself  alone.......

            As an American Woman, who plays both the "MM & Powerball"......even when it's only $15-20Mil let me  say those "low millions" look very good to me, and it would be $15 million more than I had when I walked into the store to play the game in the Fst place.  Admittedly, I am pampered in other ways, but not where money is conerned. LOLOLOLOLOLO

            Okay, alright, okay, alright Ms Libra . . . . . . . so only a few of us knuckleheads are spoiled. I just think $54 million is small fries, especially after September's $250 million plus MM, last month's PB doozy and the current MM. Of course any of us would settle for $54 million as a warm-up. Wink

            Please check the usamega.com pages for the differences between annuity and cash; and the difference between $54 million tax free and $250 million in thirty years - paying taxes the whole time.  Your acceptance of the term knucklehead is obviously without any limitations.

            Be glad the branding, on the forehead, has long been banned. Perhaps, you should consider a Platinum Membership so that you can tell the difference between taxes and no taxes and annuity and cash. You might win some day, and I whould hate to see you have a heart attack when you learn the difference.

            Branding . . . not a candidate pal, try again.  Seems you’ve taken the liberty of imposing some unspecified details to the argument. Since clarity’s begging I would lean towards a $250 million taxed (oh let’s say 30%), cash jackpot over $54 million tax-free if left choosing.  Duh . . wouldn’t you?!

            Only if I admitted to being a knucklehead first.

            30%, you obviously have no concept of tax laws.  I can't believe you actually typed that number. It has to be a typo.  Have you slept through the years of threads on taxes for the mega-rich?  Your wag (defininetly not a swag) is not even close. Have you ever looked at your W2? A puny paycheck, with a taxable income below $250K comes to way over 39%; remember, most states consider $100K as rich; anything over that become open season. Try the OMB website for education.

            No matter how you managed to manipulate the formal tax impact, you would still have to (1) give it away to charaties, etc., or (2) spread it out over extensive periods (trusts) where you would not have access to it in your lifetime.  Money not accessable during your lifetime is money you do not have; unless that concept confuses you. Even if you played the "off shore" game, like Ted Kennedy does with his $500M in trusts, you still have that expense - and inaccessabity factor.

            Since lawyers and accountants that deal with the multimillions, deal in percentages, the cost of those individuals, plus other long term expenses will have to counted as an impact to the base - take home - value. Unless, of course, you are an expert and don't need those expenses (hehehehehehe).  The cummlative losses, for 30-years, would overrule the $250M (after 30 years) over the immediate tax free.

            Take your $250M, spread it over 30-years, (if the projected investment in an unknown 30-year market works out) and pay the IRS to monitor your every inhale and exhale, while you spend money after money protecting funds you will never see. I'll take the $54M, pay not a single penney in taxes, enjoy it all in my lifetime.  I won't have to wait any longer then the time it takes to go into the buiilding and claim it all- every single penny. I'll have the whole $54M to invest, or just plain give away. How much of the $250M will you have, each year, to spend, give away, or just look at? I think you will be spending the last 30-days of each year watching the bank deposits, so you can finally say, ahh, another small percentage is now mine - then start writing the annual checks to the lawyers, accountants, and who ever else has a hand in your pocket. 30-years if check writing, to stay out of jail.

            Cheers

            |||::> *'`*:-.,_,.-:*''*:--->>> Chewie  <<<---.*''*:-.,_,.-:*''* <:::|||

            I only trust myself - and that's a questionable choice

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              United States
              Member #11562
              February 17, 2005
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              Posted: November 4, 2005, 5:39 pm - IP Logged

              Chewie,

              Mr. CPA / tax assessor / platinum badgeholder:

              Rigmarole aside, just tell me that a $54 million tax-free item has more upfront value than a $250 million, CASH (not annuitized), 30% taxed item. If so then I will  concede this exchange.

               

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                Sparta, NJ
                United States
                Member #18331
                July 9, 2005
                1977 Posts
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                Posted: November 4, 2005, 6:09 pm - IP Logged

                Chewie,

                Mr. CPA / tax assessor / platinum badgeholder:

                Rigmarole aside, just tell me that a $54 million tax-free item has more upfront value than a $250 million, CASH (not annuitized), 30% taxed item. If so then I will  concede this exchange.

                 

                Curious, where you gonna get this $250M cash? Remember, U.S. Federal limit is $500M; and the lottery people choose to use annuity as their base. I easily see $54M in an out of U.S. lottery, $250M isn't impossible, but then neither is Angelina Jolie adopting me as her third child. Could happen!

                Cheers

                |||::> *'`*:-.,_,.-:*''*:--->>> Chewie  <<<---.*''*:-.,_,.-:*''* <:::|||

                I only trust myself - and that's a questionable choice

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                  United States
                  Member #11562
                  February 17, 2005
                  24 Posts
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                  Posted: November 7, 2005, 3:39 pm - IP Logged

                  Chewie,

                  Mr. CPA / tax assessor / platinum badgeholder:

                  Rigmarole aside, just tell me that a $54 million tax-free item has more upfront value than a $250 million, CASH (not annuitized), 30% taxed item. If so then I will  concede this exchange.

                   

                  Curious, where you gonna get this $250M cash? Remember, U.S. Federal limit is $500M; and the lottery people choose to use annuity as their base. I easily see $54M in an out of U.S. lottery, $250M isn't impossible, but then neither is Angelina Jolie adopting me as her third child. Could happen!

                  $250 million, cash value $125 million (low-balling it). Minus $37.5 million at 30% = approx. $87,500,000.00 > $54,000,000.00. What moron expects to clear $250 million from a US game?!?

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                    Sparta, NJ
                    United States
                    Member #18331
                    July 9, 2005
                    1977 Posts
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                    Posted: November 7, 2005, 9:09 pm - IP Logged

                    The only person that fits the description, you! By definition.

                    Cheers

                    |||::> *'`*:-.,_,.-:*''*:--->>> Chewie  <<<---.*''*:-.,_,.-:*''* <:::|||

                    I only trust myself - and that's a questionable choice

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                      United States
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                      February 17, 2005
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                      Posted: November 8, 2005, 2:44 pm - IP Logged

                      The only person that fits the description, you! By definition.

                      I'm not yer daddy!

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                        Sparta, NJ
                        United States
                        Member #18331
                        July 9, 2005
                        1977 Posts
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                        Posted: November 9, 2005, 10:53 am - IP Logged

                        The only person that fits the description, you! By definition.

                        I'm not yer daddy!

                        That is a given, he never called himself, or considered himself, a knucklehead. 

                        Cheers

                        |||::> *'`*:-.,_,.-:*''*:--->>> Chewie  <<<---.*''*:-.,_,.-:*''* <:::|||

                        I only trust myself - and that's a questionable choice