How much would this be??

Reply #10

rcbbuckeye — Sun, 10 Oct 2010 14:29:37 GMT

I don't usually get on a soapbox, but we can start CHANGING that this November. (Obama loves that word, and I'm starting to like it now also).

Reply #9

rdgrnr — Sat, 09 Oct 2010 21:08:23 GMT

You're sick in the head.

I like that.

Reply #8

Raven62 — Sat, 09 Oct 2010 20:06:47 GMT

The government taxes you until they have it all or until 9 months after your death

Reply #7

HoLeeKau — Sat, 09 Oct 2010 18:40:51 GMT

The maximum federal tax rate is 35%. The lottery takes out 25% of that before they give it to you so if you don't have any tax minimizing strategies you can plan on paying them another 10% for a total of 7 million. Then you pay state taxes if any. As someone already mentioned, CA doesn't tax lottery winnings. So a Californian would keep approximately 13 million of the original 20.

Reply #6

Coin Toss — Sat, 09 Oct 2010 17:03:07 GMT

Good use indeed. There are still so many places Michelle hasn't taken the kids to see.

And oh yeah, have you heard about the 720 dead people in Chicago that got the stimulus payments

Reply #5

savagegoose — Sat, 09 Oct 2010 14:44:08 GMT

so you're saying some sort of discretionary trust or family trust , with estate planning involved. hehe way i see it kids are a pack of useless moochers most of the time and i wouldnt want to leave anything to them anyhow. now gov aRE EVEN BIGGER MOOCHERS, so im kinda stuck between a rock and a hard place.

a discretianary trust sounds the go, so you dont have to give anyone anything if the mood doesnt take you. and income accumulates at company tax rates.

although a trust in usa and a trus... [ More ]

Reply #4

OwlCreekBridge — Sat, 09 Oct 2010 14:40:34 GMT

That is exactly why I would keep the money in a safe with C4 explosives. The detonator would be activated via remote control with a heart monitor. If my heart ever stopped beating the detonator would set off the explosives in the safe destroying all the money. If I can't have my money no one else will.

Reply #3

rdgrnr — Sat, 09 Oct 2010 13:06:38 GMT

And if he dies after January 1st, they will take 55% of what he has left too.

But it will be put to good use, I'm sure.

I heard they're going to fund a study of why left-handed, bi-polar Nuns in Outer Mongolia don't join bowling leagues on Wednesdays.

It's a question that has plagued mankind for centuries.

These things would never be studied if it were not for our government (and the people who gladly allow it to confiscate their money).

So we should be thankful.... [ More ]

Reply #2

OwlCreekBridge — Sat, 09 Oct 2010 12:47:10 GMT

I'm assuming this question is in regards to the California SuperLotto Plus which is currently at an advertized jackpot of $30 million. If you won and opted for the lump sum, the lotto commision will give you a check for about $14.9 million. That is the lump sum amount ($19.9 million) minus 25 percent federal withholding tax.

Unfortunately, you will not be completely off the hook with taxes. By April 2011 you will have to file for income tax and I guaranty you will have to pay even more tax. T... [ More ]

Reply #1

garyo1954 — Sat, 09 Oct 2010 06:44:22 GMT

If you take the Cash Value Option 45% to 55% of the announced jackpot. Depends on your income and whether there is a state tax on lottery winnings.

How much would this be??

victorl3ichiban — Sat, 09 Oct 2010 06:11:42 GMT

in a case you won $30 million dollars and take a lump sum of $20 million. How much will you actually get in the hand in full amount. How many time does the government tax you