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Man buys wrong lottery ticket, wins $169 million

Topic closed. 65 replies. Last post 6 years ago by golfer1960.

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United States
Member #141028
April 2, 2013
1481 Posts
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WRONG

Only 9 countries give it tax free (Australia, Canada, Finland, Germany, Ireland, Italy, Liechentstein, New Zealand, and the UK).   

Agree with stupid total BS

Seek and ye shall find -Matt. 7:7 ...Ask and ye shall receive -John 16:24 ...Give and it shall be given unto you -Luke 6:38 ...Be careful what you ask for!!! -Mypiemaster 1:1

Having Money Solves Problems That Not Having Money Creates Yes Nod ****John Carlton****

    rcbbuckeye's avatar - Lottery-062.jpg
    100
    Texas
    United States
    Member #55887
    October 23, 2007
    13284 Posts
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    Wow I didn't know that. I guess I would want to take 30 year annuinty to make sure I get all "my money" lol. So you have to pay taxes on your win every year as well? Time to figure out how those celebrities and 1% beat paying out their tax each year.

    You get your money either way. The cash value is the true jackpot amount. They invest the cash amount to pay an annuity for 25, 30 years, whatever. You would be getting the money over a period of years. If you elect to take the cash, you just invest it on your own.

    CAN'T WIN IF YOU'RE NOT IN

    A DOLLAR AND A DREAM (OR $2)

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      Simpsonville
      United States
      Member #163182
      January 22, 2015
      2878 Posts
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      +Austria, Poland, Hungary, Czech republic, Denmark, Sweden, Norway, Iceland, Ireland, Netherlands, Belgium, Luxemburg, Malta, Gibraltar, Hong Kong, China, Japan, Taiwan...

      It's awful that you have pay taxes, IMO, on big lottery wins.  It is basically a voluntary  tax buying tickets.  Too bad our Congress, which writes IRS laws, are so money hungry they don't realize that folks will stimulate the economy even to a higher  level if weren't for Federal taxes.

       

      I can remember to this day when IRS big wigs were dining lunch in the D.C. area and then realized time to tax the heck out of the underpaid waiters/waitresses/servers.  This was in the 80's while stationed in the DC area for eight years.  This is so wrong but they got their way.  A flat tax would abolish the bloated bureaucracy IRS.  What truly amazes me is the shambles it seems to be in.  People getting fraudulently obtained tax returns.  Most of the blame goes to their antiquated computer system.  Millions spent on it and it is still broken. Oh well, life goes on.

        TheMeatman2005's avatar - lightening
        Brooklyn, NY
        United States
        Member #169716
        October 29, 2015
        1558 Posts
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        Wow I didn't know that. I guess I would want to take 30 year annuinty to make sure I get all "my money" lol. So you have to pay taxes on your win every year as well? Time to figure out how those celebrities and 1% beat paying out their tax each year.

        Watch this video, it will explain the difference between cash value and annuity.

        Either way you decide to collect a lottery win, you always get "all your money" If you select cash value, you receive the cash on hand from selling tickets, without the interest from investing the money. But, if you choose the annuity, you get the full amount of the annuitized jackpot amount broken down over many years to come. Watch the video!

        The Meatman 🥩🍗🍔🍖🍤🌭

        “The quickest way to double your money is to fold it in half and put it in your back pocket.” Will Rogers

        Winning happens in a flash, Like A Bolt Of Lightning!  Patriot

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          Simpsonville
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          Member #163182
          January 22, 2015
          2878 Posts
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          hurray for that brother in blue--congrats to my fellow staten islander also --it appears the NYPD just got another resignation --veryy good sgt viola --enjoy prosper god bless!!!!Party

          Hope he throws in the towel as a police officer.  His picture plastered all over the place certainly is not too safe for him or his family.

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            United States
            Member #135798
            November 29, 2012
            417 Posts
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            It's awful that you have pay taxes, IMO, on big lottery wins.  It is basically a voluntary  tax buying tickets.  Too bad our Congress, which writes IRS laws, are so money hungry they don't realize that folks will stimulate the economy even to a higher  level if weren't for Federal taxes.

             

            I can remember to this day when IRS big wigs were dining lunch in the D.C. area and then realized time to tax the heck out of the underpaid waiters/waitresses/servers.  This was in the 80's while stationed in the DC area for eight years.  This is so wrong but they got their way.  A flat tax would abolish the bloated bureaucracy IRS.  What truly amazes me is the shambles it seems to be in.  People getting fraudulently obtained tax returns.  Most of the blame goes to their antiquated computer system.  Millions spent on it and it is still broken. Oh well, life goes on.

            How will it stimulate even more? All I read on this site is people not spending, not being like those stories in which people blow it all. Just like the wealthy upper-income do in society now, most who win big jackpots would just hoard money, so how would removing taxes on lottery wins (which by the way you in no way earned and didn't even have the day before winning so it's $X million more than you had) be a better outcome?

              Drenick1's avatar - villiarna
              USA
              United States
              Member #152792
              February 25, 2014
              1111 Posts
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              I just re-read the entire article written by the NY Daily News which is an ultra left wing outlet and they insinuate that the husband only bought the $1 mega million and none of the PB tickets that his wife requested. Several other articles not written by the Daily News mention that he bought $20 worth of Powerball tickets thus leaving him with a dollar in his wallet and at that point decided to spend it on a MM ticket.

              Articles like this use selective editing in order to glorify a set of events to make it sound as incredible as possible. Bottom line is the husband did purchase the wrong ticket with the left over dollar but only after buying $20 worth of PB to begin with.

              This is still a feel good story but I find it very misleading when certain facts are intentionally omitted in order to present a different narrative. 

              On a side note, the winning ticket was claimed in early March but this story didn't come out until late June thereby giving the lucky couple over 3 months lead time to relocate and start enjoying their new life...it would be nice if other states followed suit.

                rcbbuckeye's avatar - Lottery-062.jpg
                100
                Texas
                United States
                Member #55887
                October 23, 2007
                13284 Posts
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                I just re-read the entire article written by the NY Daily News which is an ultra left wing outlet and they insinuate that the husband only bought the $1 mega million and none of the PB tickets that his wife requested. Several other articles not written by the Daily News mention that he bought $20 worth of Powerball tickets thus leaving him with a dollar in his wallet and at that point decided to spend it on a MM ticket.

                Articles like this use selective editing in order to glorify a set of events to make it sound as incredible as possible. Bottom line is the husband did purchase the wrong ticket with the left over dollar but only after buying $20 worth of PB to begin with.

                This is still a feel good story but I find it very misleading when certain facts are intentionally omitted in order to present a different narrative. 

                On a side note, the winning ticket was claimed in early March but this story didn't come out until late June thereby giving the lucky couple over 3 months lead time to relocate and start enjoying their new life...it would be nice if other states followed suit.

                I took journalism in high school in the early 70's. My teacher would not recognize what is called journalism today. It's all deception and slanted.

                CAN'T WIN IF YOU'RE NOT IN

                A DOLLAR AND A DREAM (OR $2)

                  music*'s avatar - DiscoBallGlowing
                  Fresno, California
                  United States
                  Member #157849
                  August 2, 2014
                  3959 Posts
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                   Vote with you dollars. Stop buying the newspapers, magazines, and do not buy what is advertised on the tv news shows.Cussing Face

                   "We are all in this together!" 

                    music*'s avatar - DiscoBallGlowing
                    Fresno, California
                    United States
                    Member #157849
                    August 2, 2014
                    3959 Posts
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                     Vote with you dollars. Stop buying the newspapers, magazines, and do not buy what is advertised on the tv news shows.Cussing Face

                    Decline the press availability and the "grip and grin photo" shoot. The media will learn and listen.

                     "We are all in this together!" 

                      Drenick1's avatar - villiarna
                      USA
                      United States
                      Member #152792
                      February 25, 2014
                      1111 Posts
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                      I took journalism in high school in the early 70's. My teacher would not recognize what is called journalism today. It's all deception and slanted.

                      Very sad state of affairs as even blogs are considered news outlets.

                        savagegoose's avatar - ProfilePho
                        adelaide sa
                        Australia
                        Member #37135
                        April 11, 2006
                        3341 Posts
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                        Australia isnt totally tax free, the winnings are, but there is a gambling tax paid at time of the tickets purchase, for every ticket. 1/11th of the  bet, its a gambling tax the gov charges all gambling operations. but yeah we get our advertised Jackpots

                        " Still swinging, still missing "
                        2014 = -1016; 2015= -1409; 2016  = -1171; 2017 = -1257 ; 2018 = - 1380 =  TOT =  - 6233

                        keno historic = -2291 ; 2015= -603; 2016= -424; 2017 =-427; 2018= -223   TOT = -3968

                        :

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                          United States
                          Member #164717
                          March 12, 2015
                          1300 Posts
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                          About 6 years ago, there was a death that the MSM was trying to make political (it was suicide). I read the local small town news reports and they would include direct quotes from officials. The MSM would remove the quotes, rewrite the statements, and thereby give it the opposite meaning of that was conveyed by the speaker. 

                          So, any time you read a news account where they have he said/he stated, etc., instead of quotes -- be suspicious. 

                            RedStang's avatar - laughing chimp.gif
                            NY
                            United States
                            Member #121955
                            January 21, 2012
                            3169 Posts
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                            Watch this video, it will explain the difference between cash value and annuity.

                            Either way you decide to collect a lottery win, you always get "all your money" If you select cash value, you receive the cash on hand from selling tickets, without the interest from investing the money. But, if you choose the annuity, you get the full amount of the annuitized jackpot amount broken down over many years to come. Watch the video!

                            These days annuity is pointless. You still end up paying taxes on the interest. If you get a good stock broker, they could probably get you at least a 6-8% APY where most banks are 1%. I'd like to know what Bank the MUSL uses to figure out their cash value.

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                              * In hot pursuit of $ *
                              White Shores- California
                              United States
                              Member #136471
                              December 12, 2012
                              6800 Posts
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                              Their  came in. Plain and simple. Congrats!!

                               * Voice of Reason *   

                              * People who say it cannot be done should not interrupt those who are doing it- George Bernard Shaw.