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In Cali...

Topic closed. 4 replies. Last post 7 years ago by rdgrnr.

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Nino224's avatar - Lottery-013.jpg
Miami, FLA
United States
Member #62793
July 9, 2008
678 Posts
Posted: October 1, 2009, 3:38 am - IP Logged

I'm curious,

California is flat broke. In fact, they're paying some of their debts with i.o.u's.

If you're a jackpot winner in California, and opted for the annuity payments, are there any guarantees the state won't keep your money to cover its budget shortfalls?

"...a chance to push everything aside, the circumstances that've controlled our lives, and do it our way now. Good, bad or otherwise. You'll maybe get lost in it, tied up in it a little bit, but if you work your way through that the real you shows up, I think. Maybe what's at your core deep down, maybe that comes out. Maybe that's what it's about." Mike Pace 

    Raven62's avatar - binary
    New Jersey
    United States
    Member #17843
    June 28, 2005
    50995 Posts
    Posted: October 1, 2009, 5:52 am - IP Logged

    No guarantees at all: NJ now dips into Lottery Winnings (11% Tax) when it was Chartered to be State Income Tax Free!

    A mind once stretched by a new idea never returns to its original dimensions!

      Grovel's avatar - f800e6a39fbfea795d1dcbb09f2244
      Little Rock, AR
      United States
      Member #68365
      December 19, 2008
      241 Posts
      Posted: October 1, 2009, 6:24 am - IP Logged

      I would be piss, if my state decided to dip into my lottery winnings.

      Off topic, but I am not sure why California doesn't just legalize and tax marijuana. They already tax medical marijuana. Why not just take it one step further?

        Coin Toss's avatar - shape barbed.jpg
        Zeta Reticuli Star System
        United States
        Member #30470
        January 17, 2006
        10389 Posts
        Posted: October 1, 2009, 9:23 am - IP Logged

        No guarantees at all: NJ now dips into Lottery Winnings (11% Tax) when it was Chartered to be State Income Tax Free!

        Good point, Raven62.

        Sound like yet another reason, nd a really strong one, to opt for the cash. What if an annuity kept getting taxed at a higher and higher rate?

        Those who run the lotteries love it when players look for consistency in something that's designed not to have any.


        There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

          rdgrnr's avatar - walt
          Way back up in them dadgum hills, son!
          United States
          Member #73904
          April 28, 2009
          14903 Posts
          Posted: October 2, 2009, 2:48 am - IP Logged

          A good rule of thumb is to never, ever, ever, trust the government with money, especially YOUR money. That's my opinion anyway.

          They spend everyday, all day trying to come up with new ways to take more away from us. No use making it easier for them.

          And with the financial state CA is in, there's no telling what they might do.







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

                                                                                                      --Edmund Burke