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

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.

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...............

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. 

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.

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?!?

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.