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If you can choose to give up your winnings in exchange for being never hungry or homeless...

Topic closed. 33 replies. Last post 4 years ago by Teddi.

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United States
Member #142489
May 13, 2013
45 Posts
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Posted: May 15, 2013, 5:05 pm - IP Logged

Okay so here's an interesting thought that came to my mind and wanted to see what the LP community thought.

 

Option 1 - You had to give up all your winnings. And you give them up to great charities, (NOT the government since that would just be a 100% tax) so to places like Doctors Without Borders, Red Cross, NPR, PBS, cancer research, etc. And in exchange you will have all your basic needs taken care of like food, shelter, clothing, transportation to job, etc. So basically you will never be hungry or homeless or destitute. You obviously will still have to work but in this case if you lose your job or the economy goes down...you're mortgage/rent will be taken care of as well as utilities and food. And no you cannot just simply sit at home and play video games all day, you have to be reasonably and gainfully employed. Also any debt you have at this time is all paid for (mortgages, student loans) and also any college tuition or educational experience (say if you want to go to police academy or flight school or something like that) you need will also be paid for.

 

Option 2 - You keep all your winnings. But due to new regulations and new laws on the 1% of society(which you are now part of due to your JP winning) your taxes go up tremendously in all areas. So the lump sum tax is higher (80%-90% immedaite reduction). And the annuity payments are also taxed heavily in a similar manner (80%  - 90%).  And every investment or money you make off of interest will also be taxed heavily (something like 60% to 70%). Also financial services industry is heavily regulated after the 2008 fiasco and wealth management firms and financial advisors are required to charge lot higher to handle client's money (5-10%) because there is very heavy oversight and regulation. We can call this another form of tax as well.

 

Which would you pick and why?

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

    United States
    Member #124616
    March 16, 2012
    2642 Posts
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    Posted: May 15, 2013, 5:10 pm - IP Logged

    well if those are the only 2 options... then I will have to choose option 3... take the winnings in annuity form... then I'm not in the 1%... and not taxed at 80-90% but rather are taxed at 50%+... and then I can give AND spend...

     

    so... if only options 1 & 2... then I choose 3


      United States
      Member #142489
      May 13, 2013
      45 Posts
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      Posted: May 15, 2013, 5:12 pm - IP Logged

      well if those are the only 2 options... then I will have to choose option 3... take the winnings in annuity form... then I'm not in the 1%... and not taxed at 80-90% but rather are taxed at 50%+... and then I can give AND spend...

       

      so... if only options 1 & 2... then I choose 3

      LOL. Okay man that's cheating. The annuity will also be heavily taxed every year since the govt wants to tax the super rich and those with 1M+ annual income.

       You can only choose option 1/2. I will have to update my post to reflect the annuity option as well. Also it's no fun if people just take Option 3. Point of this post is to make you think about choosing between two very tough choices.

       

      I think I may go for Option 1. Also I want to add that any outstanding debt you have will be wiped away with Option 1 and also any college or educaitonal expenses will be paid for with option 1.

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

        United States
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        Posted: May 15, 2013, 5:16 pm - IP Logged

        hmm... college or educational expenses willl be paid for... 

        a.  for all direct kids and g'kids as well?

        b.  would a class in 'knife skills' (for better cooking) be covered or only classes that are 'on some list'?

         

        if yes for both a & b... then I will cheat no more and I will chose option 1.

          rdgrnr's avatar - walt
          Way back up in them dadgum hills, son!
          United States
          Member #73904
          April 28, 2009
          14903 Posts
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          Posted: May 15, 2013, 5:18 pm - IP Logged

          Okay so here's an interesting thought that came to my mind and wanted to see what the LP community thought.

           

          Option 1 - You had to give up all your winnings. And you give them up to great charities, (NOT the government since that would just be a 100% tax) so to places like Doctors Without Borders, Red Cross, NPR, PBS, cancer research, etc. And in exchange you will have all your basic needs taken care of like food, shelter, clothing, transportation to job, etc. So basically you will never be hungry or homeless or destitute. You obviously will still have to work but in this case if you lose your job or the economy goes down...you're mortgage/rent will be taken care of as well as utilities and food. And no you cannot just simply sit at home and play video games all day, you have to be reasonably and gainfully employed. Also any debt you have at this time is all paid for (mortgages, student loans) and also any college tuition or educational experience (say if you want to go to police academy or flight school or something like that) you need will also be paid for.

           

          Option 2 - You keep all your winnings. But due to new regulations and new laws on the 1% of society(which you are now part of due to your JP winning) your taxes go up tremendously in all areas. So the lump sum tax is higher (80%-90% immedaite reduction). And the annuity payments are also taxed heavily in a similar manner (80%  - 90%).  And every investment or money you make off of interest will also be taxed heavily (something like 60% to 70%). Also financial services industry is heavily regulated after the 2008 fiasco and wealth management firms and financial advisors are required to charge lot higher to handle client's money (5-10%) because there is very heavy oversight and regulation. We can call this another form of tax as well.

           

          Which would you pick and why?

          NPR?  LOL

          PBS?  LOL

          Why'd you leave out the DNC?  LOL

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            Toronto
            Canada
            Member #138397
            January 26, 2013
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            Posted: May 15, 2013, 5:19 pm - IP Logged

            Whats the amount? for example if you win a billion, even at 90% tax you're still doing pretty good. So it depends on the amount. 

             

            Also, for option 1, can I eat anything I want, live where I want? A big mac a day in a 1 bedroom apartment is very different from living in scottsdale in a 

            12 mil mansion eating foie gras and wagyu every day. 

             

            If I could get 150 bucks a day on food, around a 2 mil house in scottsdale or similar city, I might consider option 1. 

             

            But I'd say option 2 for any lumpsum amount > 100 mil almost for sure.


              United States
              Member #142489
              May 13, 2013
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              Posted: May 15, 2013, 5:19 pm - IP Logged

              hmm... college or educational expenses willl be paid for... 

              a.  for all direct kids and g'kids as well?

              b.  would a class in 'knife skills' (for better cooking) be covered or only classes that are 'on some list'?

               

              if yes for both a & b... then I will cheat no more and I will chose option 1.

              Yup, Option 1 is all about having basic neccessary life and self-improvement. Kids and Gkids can have their college paid for as well. And yes any skills classes would be covered under educational expenses so yeah if you want to get better at cooking that's fine. Of course there will be greay area when it comes to "fun" classes like learning to shoot guns or learning to skydive...haha

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

                United States
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                Posted: May 15, 2013, 5:21 pm - IP Logged

                Yup, Option 1 is all about having basic neccessary life and self-improvement. Kids and Gkids can have their college paid for as well. And yes any skills classes would be covered under educational expenses so yeah if you want to get better at cooking that's fine. Of course there will be greay area when it comes to "fun" classes like learning to shoot guns or learning to skydive...haha

                so... if i am learning knife skills while skydiving that would be ok but shooting guns while skydiving would not?  :)


                  United States
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                  Posted: May 15, 2013, 5:25 pm - IP Logged

                  NPR?  LOL

                  PBS?  LOL

                  Why'd you leave out the DNC?  LOL

                  Just examples of what people could choose to donate to. You can donate to whatever charity/organization you'd like. If NPR/PBS is too liberal/left-wing for their taste then that's fine by me.


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                    Posted: May 15, 2013, 5:26 pm - IP Logged

                    so... if i am learning knife skills while skydiving that would be ok but shooting guns while skydiving would not?  :)

                    If you can learn knife skills while skydiving that would be impressive and likely covered expense. :D

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

                      United States
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                      March 16, 2012
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                      Posted: May 15, 2013, 5:31 pm - IP Logged

                      If you can learn knife skills while skydiving that would be impressive and likely covered expense. :D

                      whoo-hoo!  sign me up!

                        rdgrnr's avatar - walt
                        Way back up in them dadgum hills, son!
                        United States
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                        Posted: May 15, 2013, 5:35 pm - IP Logged

                        Just examples of what people could choose to donate to. You can donate to whatever charity/organization you'd like. If NPR/PBS is too liberal/left-wing for their taste then that's fine by me.

                        OK.

                        I recommend St Jude's Children's Hospital, The Salvation Army, Wounded Warriors, The Smile Train, Tea Party Patriots, Oath Keepers, The 10th Amendment Foundation, the NRA, the GOA, your local Church, Catholic Charities, your local hospice and your local no-kill animal shelter.

                        Giving to NPR or PBS, who already take money out of our checks every week whether we like it or not, is nuts.

                          whiteballz's avatar - Lottery-015.jpg
                          Nutley, New Jersey
                          United States
                          Member #131058
                          August 1, 2012
                          875 Posts
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                          Posted: May 15, 2013, 6:16 pm - IP Logged

                          In this scenario how much would each lottery ticket cost? What would the matrix be like for this game? If you were to say the ticket price stays the same at $2 each and the matrix stays the same with having to match all 6 white balls out of 59 and then matching the red powerball out of 35, then I would stop playing the lottery. I would also imagine lottery sales would plummet sharply and the lottery goes out of business in 2 months.

                          For me to spend $2 per ticket and go up against ridiculous odds, I would need a huge payoff. Neither of those two options would appeal to me so I would vote with my wallet and never play the lottery again. Don't get me wrong, i like the idea of giving money to charity but I was the one that took all the risk by spending my own money to buy $2 tickets and then take on about 176 million to 1 odds against me. If I some how managed to beat the odds I would like to be the main recipient of the jackpot.

                          .


                            United States
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                            July 25, 2012
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                            Posted: May 15, 2013, 6:22 pm - IP Logged

                            Okay so here's an interesting thought that came to my mind and wanted to see what the LP community thought.

                             

                            Option 1 - You had to give up all your winnings. And you give them up to great charities, (NOT the government since that would just be a 100% tax) so to places like Doctors Without Borders, Red Cross, NPR, PBS, cancer research, etc. And in exchange you will have all your basic needs taken care of like food, shelter, clothing, transportation to job, etc. So basically you will never be hungry or homeless or destitute. You obviously will still have to work but in this case if you lose your job or the economy goes down...you're mortgage/rent will be taken care of as well as utilities and food. And no you cannot just simply sit at home and play video games all day, you have to be reasonably and gainfully employed. Also any debt you have at this time is all paid for (mortgages, student loans) and also any college tuition or educational experience (say if you want to go to police academy or flight school or something like that) you need will also be paid for.

                             

                            Option 2 - You keep all your winnings. But due to new regulations and new laws on the 1% of society(which you are now part of due to your JP winning) your taxes go up tremendously in all areas. So the lump sum tax is higher (80%-90% immedaite reduction). And the annuity payments are also taxed heavily in a similar manner (80%  - 90%).  And every investment or money you make off of interest will also be taxed heavily (something like 60% to 70%). Also financial services industry is heavily regulated after the 2008 fiasco and wealth management firms and financial advisors are required to charge lot higher to handle client's money (5-10%) because there is very heavy oversight and regulation. We can call this another form of tax as well.

                             

                            Which would you pick and why?

                            I'd go for option one....but if I could only work for myself...have my own business

                              Coin Toss's avatar - shape barbed.jpg
                              Zeta Reticuli Star System
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                              Posted: May 15, 2013, 6:28 pm - IP Logged

                              Option 2 and work to put those passing those taxes out of office.

                              PS,

                              One of those 'great charities' you mentioned, NPR, was paying one of their station managers $750,000 a year. That sound like a charity to you?

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

                              Lep

                              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.