|Posted: May 15, 2013, 12:20 am - IP Logged|
Actually if you want to end up with a net payout of $350M you most likely need to hit a billion dollar jackpot. A $350 million jackpot will net you roughly $130 million after all tax obligations are finalized. The 25% Federal tax initially withheld is just the beginning...you will owe PLENTY more by April, 2014
No. I meant $350 - $500 JP, not the payout. I'm aware that after the total 39.6% federal tax and 5, 6, 7% state tax, $350 would really be $120 or so, give or take. Even on a billion dollar JP, you'd only end up (*laughs* ONLY) end up with maybe $350 after the cash payout and taxes. But Joe Schmoe won't look at you as a multimillionaire. He'd look at you as a billionaire, and that change from an "m" to a "b" will make people do crazy things.
Do you know how many comments I've read on news articles about Oprah or Bill Gates where people actually eschew virulent hatred that any one person can be a billionaire? I've actually seen this phrase over and over "it's a sin to be that rich" or "no one needs that much money" and those are the tame comments. No matter how much money these people give away, it's never enough for them. Why is Oprah helping those girls in Africa? there are poor people here. Why is Gates donating so much to science, doesn't he know people have no homes? Who cares about the rainforest when children are hungry?
Now worse, you've gotten that money from dumb luck, at least Gates earned his wealth and they hate you for being the one to win it instead of them. Why was it you and not them? I believe that way of thinking + that amount of money will cause unhinged and jealous people to try something crazy. Lottery winners have been murdered before, and recently, for a whole lot less than that.