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The maximum tax bracket!

Topic closed. 6 replies. Last post 4 months ago by TheMeatman2005.

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Inland Empire
United States
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October 22, 2011
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Posted: July 28, 2016, 1:38 pm - IP Logged

I can live with 25% tax withholding but seriously? I can do a lot of good things with the additional 15% of tax bracket. 

Since I live near LA and many of my friends are animators, maybe I can setup a non-profit animation studio that does a lot of research on new graphics technology?

As for those who oppose the idea, well...at least I am creating jobs.

    LiveInGreenBay's avatar - driver
    Green Bay
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    Posted: July 28, 2016, 5:33 pm - IP Logged

    Non-profit animation studio?  LOL!  Good luck with that.  When I hear non-profit I usually think of charities...But then thats just me.  BTW what does this have to do with the lottery?

    Never give up.  Banana

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      Inland Empire
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      Posted: July 28, 2016, 5:46 pm - IP Logged

       You know, the aftermath of a jackpot called the tax.

       And there are many non profit film production companies. And same with animation studios.

        realtorjim's avatar - images q=tbn:ANd9GcT7U3t20NgScoPlxOqLT6TR0vQeJNBV3_tTswe1XeFDTsdw3NLZ

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        Posted: July 28, 2016, 10:18 pm - IP Logged

        I can live with 25% tax withholding but seriously? I can do a lot of good things with the additional 15% of tax bracket. 

        Since I live near LA and many of my friends are animators, maybe I can setup a non-profit animation studio that does a lot of research on new graphics technology?

        As for those who oppose the idea, well...at least I am creating jobs.

        Yes, the tax that will come due above the tax taken at the time of claim is a considerable amount when considering lottery jackpot wins.  I agree, much could be done with this additional tax, however, there is not a choice in the matter.  The taxman is alive and well.  Setting up a non-profit will not balance this burden.  One must look at the actual net amount they won and not dwell on the taxes as an amount they think they lost.

          I'm feeling a jackpot win coming my way!

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          LA Ca.
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          Posted: July 28, 2016, 10:43 pm - IP Logged

          Instead of a non-profit animation studio, you might want to consider a non-profit animation school.

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            Inland Empire
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            October 22, 2011
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            Posted: July 29, 2016, 12:39 am - IP Logged

            Instead of a non-profit animation studio, you might want to consider a non-profit animation school.

             Or simply an art school that actually teaches how to draw, paint, and sculpt to get an actual job in the industry!!!!

              TheMeatman2005's avatar - lightening
              Brooklyn, NY
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              Posted: July 29, 2016, 5:04 am - IP Logged

              Currently, the maximum federal tax is 39.6%. At the time you win, the IRS collects 25% leaving you to owe the remaining 14.6% on April 15 the following year. 

              Just take the amount equal to 14.6% of your winnings an invest it so it will make interest. At least you end up making something with it before you have to pay up.

              $330.6 x 14.6% is about $48 mil. That can generate a lot of interest if invested correctly.

              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