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Half.

Topic closed. 10 replies. Last post 12 years ago by LottoFan.

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MetroPlex's avatar - 619631
Richmond, VA
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Posted: July 16, 2004, 11:30 am - IP Logged

Why is it you only get half of what you win...like ets say you win $200 Million...you will only see half that...if you take the lump sum.



Do you agree with this?

MP

Putting The Damage On.

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    boston
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    Posted: July 16, 2004, 1:18 pm - IP Logged



    Thats a good thing I dont mind some money going to the government to pay for social services.

      MetroPlex's avatar - 619631
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      Posted: July 16, 2004, 2:39 pm - IP Logged
      Quote: Originally posted by tony2222 on July 16, 2004

      Thats a good thing I dont mind some money going to the government to pay for social services.






      There is some and then there is half. If you look at how governments spend money, I'd rather give the money or help people who needs it. I mean anything is better than nothing.

      MP

      Putting The Damage On.

        Todd's avatar - Cylon 2.gif
        Chief Bottle Washer
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        Posted: July 16, 2004, 3:54 pm - IP Logged

        MP: Check out the BigGameLottery.com FAQ, which talks about why it is "half".  (It's not really half, it's the whole thing.)

        tony: I would rather 100% go to the prize pool, rather than social services.  The government gets enough of my money.  They should tighten the belt and learn to be more efficient rather than digging deeper into everyone's pocket.

         

        Check the State Lottery Report Card
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        Sign the Petition for True Lottery Drawings
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          NBey6's avatar - pyramid
          $$ Notaphilist $$

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          Posted: July 16, 2004, 3:57 pm - IP Logged
          Quote: O

          I am a money magnet. 

          12062016

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            Posted: July 16, 2004, 4:11 pm - IP Logged



            I agree, too. If someone should make a pention on lottery, it should be "No Taxes". Any state lottery should not be taxed, as the Goverment or lottery officials make enough money, and make more than enough on the losing lottery tickets than winning. Winning the lottery is not something someone works for, they may work for that dollar to buy a ticket, however, they did not work for that $290 million they had won. They just want to tax the heck out of everything, so the goverment and lottery officials can get more money, as if they need it! A month later, they're just going to say they're broke.

             

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              Posted: July 16, 2004, 5:16 pm - IP Logged

              Quote: Originally posted by Todd on July 16, 2004







              MP: Check out the BigGameLottery.com FAQ, which talks about why it is "half".  (It's not really half, it's the whole thing.)

              tony: I would rather 100% go to the prize pool, rather than social services.  The government gets enough of my money.  They should tighten the belt and learn to be more efficient rather than digging deeper into everyone's pocket.





              In a sane society that's how it would work.  But as http://www.costofwar.com/ shows, this is not a sane society. The war machine must be fed.


               

                Todd's avatar - Cylon 2.gif
                Chief Bottle Washer
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                Posted: July 16, 2004, 5:29 pm - IP Logged

                tg636:  I stand by what I said.  The government gets enough.  I am for tax cuts for everyone, and no taxes on the lottery.

                I disagree with those who try to demonize the war in Iraq.

                 

                Check the State Lottery Report Card
                What grade did your lottery earn?

                 

                Sign the Petition for True Lottery Drawings
                Help eliminate computerized drawings!

                  MetroPlex's avatar - 619631
                  Richmond, VA
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                  Posted: July 17, 2004, 12:52 pm - IP Logged

                  So if I win $2 Million t&

                  Putting The Damage On.

                    hypersoniq's avatar - 8ball
                    Pennsylvania
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                    Posted: July 18, 2004, 3:36 pm - IP Logged

                    using PB as an example...

                    Announced jackpot for wednesday...

                    $27,000,000 (estimated and based on a 30 year annuity)

                    Cash (lump sum) value...

                    $14,500,000 (estimated, based on current jackpot amount + projected sales)

                    now, the fun begins...

                    After federal taxes (35%)...

                    $9,425,000

                    now, depending on your state and local tax policies, you may have to pay state and local taxes also

                    for my particular situation, PA allows lottery winnings of PA residents to be exempt of state AND local taxes, so If I win on wednesday, I have 9.4 million after taxes... regardless of who wins the jackpot, the states and federal government ALWAYS win.

                    Playing more than one ticket per game is betting against yourself.

                      LottoFan's avatar - nw sorc2.jpg
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                      Posted: July 20, 2004, 4:22 pm - IP Logged

                      I've been wondering about this 30 year pay-out schedule.  If the PB jackpot is $27 mil, how can the lump sum payout be $14.5 mil?  Meaning:  If you safely invest your money, and the "rule" of 9 or 10 is that your money doubles every 9 or 10 years, why is the PB lump sum payout so high?  Wouldn't $14.5 mil become $29 mil after 10years?  And then $29 mil would become $58 mil after 20 years....and wouldn't $58 mil would become $116 mil after 30 years?  One would think that the lump sum payout for $27 mil would be closer to $3 mil.