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$102 million lottery winners - 17 years later

Topic closed. 50 replies. Last post 4 years ago by Lucky5of5.

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rdgrnr's avatar - walt
Way back up in them dadgum hills, son!
United States
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April 28, 2009
14903 Posts
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Posted: May 26, 2012, 10:56 am - IP Logged

THAT is the only advantage in getting the annuity.  If you go crazy the first year or so (buying houses, Lamborghini sports cars in triplicate to fill your 3-garage homes, jewelry, with hangers-on asking for money), then you still have time to come to your senses.  You run out of money Year1, Year 2, by Year 3 you start getting smart.   They were getting $3.5 million per year for 20 years.  Nowadays the annuites are like 25 - 30 years.

The drawback nowadays about annuities, of course, if the political talk about higher TAXES on the "rich".  You don't know what they tax rate will be 5 or 10 years from now -- could be 50% or higher on "millionaires". 

I used to think it would be smarter to take the annuity, just so you can't go too crazy and spend it all.  But now I might take the cash.

Jackpot winners face the prospect of having a huge portion of their winnings confiscated by the government in taxes depending on the outcome of the upcoming Presidential Election.

Because if you win, you automatically become one of the evil, hated "rich people".

We all need to keep that in mind when we vote.

Will it be all yours or will the government be "entitled" to take 75% of it off the top?


                                             
                     
                                         

 

 

 

 

                                                                                                   

"The only thing necessary for evil to triumph is for good men to do nothing"

                                                                                            --Edmund Burke

 

 

    maximumfun's avatar - Lottery-030.jpg
    Lavender Rocket

    United States
    Member #124616
    March 16, 2012
    2642 Posts
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    Posted: May 26, 2012, 12:09 pm - IP Logged

    Jackpot winners face the prospect of having a huge portion of their winnings confiscated by the government in taxes depending on the outcome of the upcoming Presidential Election.

    Because if you win, you automatically become one of the evil, hated "rich people".

    We all need to keep that in mind when we vote.

    Will it be all yours or will the government be "entitled" to take 75% of it off the top?

    criminy... i thought it was only going to be 70%...

      maximumfun's avatar - Lottery-030.jpg
      Lavender Rocket

      United States
      Member #124616
      March 16, 2012
      2642 Posts
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      Posted: May 26, 2012, 12:18 pm - IP Logged

      Jackpot winners face the prospect of having a huge portion of their winnings confiscated by the government in taxes depending on the outcome of the upcoming Presidential Election.

      Because if you win, you automatically become one of the evil, hated "rich people".

      We all need to keep that in mind when we vote.

      Will it be all yours or will the government be "entitled" to take 75% of it off the top?

      ok... correct me if i am wrong... but tax law is passed in October for the CURRENT year... so you could - potentially - win now and then end up owing your 70-odd % in taxes retroactively this year... 

      that would really be a new variety of ugly.

        rdgrnr's avatar - walt
        Way back up in them dadgum hills, son!
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        Posted: May 26, 2012, 12:49 pm - IP Logged

        ok... correct me if i am wrong... but tax law is passed in October for the CURRENT year... so you could - potentially - win now and then end up owing your 70-odd % in taxes retroactively this year... 

        that would really be a new variety of ugly.

        Yep, politicians love that word - retroactive.


                                                     
                             
                                                 

         

         

         

         

                                                                                                           

        "The only thing necessary for evil to triumph is for good men to do nothing"

                                                                                                    --Edmund Burke

         

         

          Jill34786's avatar - Lottery-006.jpg
          Windermere, FL/Franklin, TN
          United States
          Member #50210
          March 1, 2007
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          Posted: May 26, 2012, 1:10 pm - IP Logged

          Yep, politicians love that word - retroactive.

          Most Politicians have no real world skills hence the entitlements given to them by our beloved government.

            Jill34786's avatar - Lottery-006.jpg
            Windermere, FL/Franklin, TN
            United States
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            March 1, 2007
            843 Posts
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            Posted: May 26, 2012, 1:19 pm - IP Logged

            criminy... i thought it was only going to be 70%...

            If our current administation has it's way the top Federal tax rate would 91% which was in effect from 1945-1963...and that was a reduction from 94% which was in place during President FDR's final years.

              rdgrnr's avatar - walt
              Way back up in them dadgum hills, son!
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              Posted: May 26, 2012, 2:18 pm - IP Logged

              If our current administation has it's way the top Federal tax rate would 91% which was in effect from 1945-1963...and that was a reduction from 94% which was in place during President FDR's final years.

              Holy Moly, I didn't know that.

              "6 cents for you, 94 cents for me"  ~Uncle Sam

              Yeah, I think they'd like that real good.


                                                           
                                   
                                                       

               

               

               

               

                                                                                                                 

              "The only thing necessary for evil to triumph is for good men to do nothing"

                                                                                                          --Edmund Burke

               

               

                CDanaT's avatar - tiger avatar_04_hd_pictures_169016.jpg
                TX
                United States
                Member #121193
                January 4, 2012
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                Posted: May 26, 2012, 3:24 pm - IP Logged

                I see much hasn't changed in 17 years with demands from winners except even more people(slugs) with their hands out towards today's winners.No No <big sigh> oh well, I will be leaving the state permanently about 2 weeks before I head up to collect the big check.  Yes Nod

                Stay Positive, Believe and good things will come your way

                  mediabrat's avatar - 18z0typ
                  upstate NY
                  United States
                  Member #108791
                  March 31, 2011
                  549 Posts
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                  Posted: May 26, 2012, 4:42 pm - IP Logged

                  Oh goody, the tax man paranoia is back.  Criminy, I could set my watch to this babble.

                  No tax rate in the United States of America will EVER reach WWII levels.  Heck, I'll eat my hat if it ever gets back to 50%, which it was during your beloved President Reagan's first term.

                  Seriously, folks, get a grip.

                  Patriot

                    rdgrnr's avatar - walt
                    Way back up in them dadgum hills, son!
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                    April 28, 2009
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                    Posted: May 26, 2012, 6:19 pm - IP Logged

                    Oh goody, the tax man paranoia is back.  Criminy, I could set my watch to this babble.

                    No tax rate in the United States of America will EVER reach WWII levels.  Heck, I'll eat my hat if it ever gets back to 50%, which it was during your beloved President Reagan's first term.

                    Seriously, folks, get a grip.

                    I can understand why exorbitant tax rates don't bother you a bit, mediabratwurst.

                    Being a Slushee Slinger at the 7-11 and firmly entrenched in the bottom 47% of wage earners who pay zero taxes, you have absolutely nothing to worry about.

                    Your rage for the rich comes from a sense of inferiority and jealousy.

                    But you have no skin in the game so it really doesn't matter what you think.


                                                                 
                                         
                                                             

                     

                     

                     

                     

                                                                                                                       

                    "The only thing necessary for evil to triumph is for good men to do nothing"

                                                                                                                --Edmund Burke

                     

                     

                      mediabrat's avatar - 18z0typ
                      upstate NY
                      United States
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                      March 31, 2011
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                      Posted: May 26, 2012, 7:02 pm - IP Logged

                      I can understand why exorbitant tax rates don't bother you a bit, mediabratwurst.

                      Being a Slushee Slinger at the 7-11 and firmly entrenched in the bottom 47% of wage earners who pay zero taxes, you have absolutely nothing to worry about.

                      Your rage for the rich comes from a sense of inferiority and jealousy.

                      But you have no skin in the game so it really doesn't matter what you think.

                      You assume many things.  As usual, you assume incorrectly.

                      If it matters at all, I ended up owing both the feds and the state on this year's tax return.  And I already told you you're wrong about what I do for a living, but you never let facts get in the way of a good drunken sneer-fest.

                      Speaking of facts, the top tax bracket encompasses about the top 10% of earners.  I highly doubt you're a part of that.

                      Why Do People Pay No Federal Income Tax?

                      "Commentators have often misinterpreted that percentage as indicating that nearly half of Americans pay no taxes. In fact, however, many of those who don’t pay income tax do pay other taxes—federal payroll and excise taxes as well as state and local income, sales, and property taxes."

                      "For example, a couple with two children earning less than $26,400 will pay no federal income tax this year because their $11,600 standard deduction and four exemptions of $3,700 each reduce their taxable income to zero. The basic structure of the income tax simply exempts subsistence levels of income from tax."

                      Ooooh, yeah, all those evil people who unfortunately struggle just to get by despite their hard work.  Yeah, they're the ones who are the problem.  A-yup.

                      Patriot

                        rdgrnr's avatar - walt
                        Way back up in them dadgum hills, son!
                        United States
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                        April 28, 2009
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                        Posted: May 26, 2012, 7:31 pm - IP Logged

                        You assume many things.  As usual, you assume incorrectly.

                        If it matters at all, I ended up owing both the feds and the state on this year's tax return.  And I already told you you're wrong about what I do for a living, but you never let facts get in the way of a good drunken sneer-fest.

                        Speaking of facts, the top tax bracket encompasses about the top 10% of earners.  I highly doubt you're a part of that.

                        Why Do People Pay No Federal Income Tax?

                        "Commentators have often misinterpreted that percentage as indicating that nearly half of Americans pay no taxes. In fact, however, many of those who don’t pay income tax do pay other taxes—federal payroll and excise taxes as well as state and local income, sales, and property taxes."

                        "For example, a couple with two children earning less than $26,400 will pay no federal income tax this year because their $11,600 standard deduction and four exemptions of $3,700 each reduce their taxable income to zero. The basic structure of the income tax simply exempts subsistence levels of income from tax."

                        Ooooh, yeah, all those evil people who unfortunately struggle just to get by despite their hard work.  Yeah, they're the ones who are the problem.  A-yup.

                        Did you throw in a few thousand extra on your taxes for the government to "invest" for you?

                        You know, I never understood you people who love high taxes - why you don't contribute more voluntarily.

                        There's no law against it, you know. You can give as much as you want.

                        Give 'em an extra few thousand and watch it disappear in seconds on interest for the money we borrowed from the Chinese to send some anxious Democrat men over to Zimbabwe to "study" how Zimbabwean men wash their genitals.

                        Oh, I forgot, silly me, you just love high taxes for other people, not you.


                                                                     
                                             
                                                                 

                         

                         

                         

                         

                                                                                                                           

                        "The only thing necessary for evil to triumph is for good men to do nothing"

                                                                                                                    --Edmund Burke

                         

                         

                          DC81's avatar - batman39
                          MI
                          United States
                          Member #54830
                          August 31, 2007
                          985 Posts
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                          Posted: May 27, 2012, 3:17 am - IP Logged

                          Right!

                          When the "Bunky" won his 80+ million dollar jackpot  in Maryland, someone placed a hugh Safe on his front lawn.

                          How someone did that without being seen or noticed was puzzling.

                          And I couldn't understand what that message was.

                          I thought that was some bank or "wealth management" group?

                          You can't predict random.

                            DC81's avatar - batman39
                            MI
                            United States
                            Member #54830
                            August 31, 2007
                            985 Posts
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                            Posted: May 27, 2012, 3:19 am - IP Logged

                            THAT is the only advantage in getting the annuity.  If you go crazy the first year or so (buying houses, Lamborghini sports cars in triplicate to fill your 3-garage homes, jewelry, with hangers-on asking for money), then you still have time to come to your senses.  You run out of money Year1, Year 2, by Year 3 you start getting smart.   They were getting $3.5 million per year for 20 years.  Nowadays the annuites are like 25 - 30 years.

                            The drawback nowadays about annuities, of course, if the political talk about higher TAXES on the "rich".  You don't know what they tax rate will be 5 or 10 years from now -- could be 50% or higher on "millionaires". 

                            I used to think it would be smarter to take the annuity, just so you can't go too crazy and spend it all.  But now I might take the cash.

                            Unless you take out loans against the annuity or sell it like some fools have done which then usually follows with their getting into tax problems. Neither way is exactly safe really.

                            You can't predict random.


                              United States
                              Member #111442
                              May 25, 2011
                              6323 Posts
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                              Posted: May 27, 2012, 5:53 am - IP Logged

                              Unless you take out loans against the annuity or sell it like some fools have done which then usually follows with their getting into tax problems. Neither way is exactly safe really.

                              Excellent point DC. It's the old adage, a fool and his money are soon parted.  Jack-in-the-Box