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• MetroPlex

  

  Richmond, VA
  United States
  Member #5,360
  July 1, 2004
  93 Posts
  Offline
  Jul 16, 2004, 11:30 am

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  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.
• tony2222

  

  boston
  United States
  Member #5,586
  July 12, 2004
  198 Posts
  Offline
  Jul 16, 2004, 1:18 pm

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

  

  Richmond, VA
  United States
  Member #5,360
  July 1, 2004
  93 Posts
  Offline
  Jul 16, 2004, 2:39 pm

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  Quote: Originally posted by tony2222 on July 16, 2004

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

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  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

  

  50

  Chief Bottle Washer

  New Jersey
  United States
  Member #1
  May 31, 2000
  28,192 Posts
  Online
  Jul 16, 2004, 3:54 pm

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  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.

   

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• NBey6

  

  100

  The Carolinas
  United States
  Member #4,290
  April 9, 2004
  21,283 Posts
  Offline
  Jul 16, 2004, 3:57 pm

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  Quote: O

  ** WWG1WGA **
  

  121, 126, 221, 306, 312, 427, 430, 519, 615, 616, 730, 807

  918, 923, 0918, 1007, 1011, 1031, 1125, 1206, 1216, 1228

   
  

  
  
  
• Kristin

  

  United States
  Member #1,178
  February 22, 2003
  632 Posts
  Offline
  Jul 16, 2004, 4:11 pm

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  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.

   
• tg636

  

  United States
  Member #972
  December 30, 2002
  468 Posts
  Offline
  Jul 16, 2004, 5:16 pm

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  Quote: Originally posted by Todd on July 16, 2004

  
  

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  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.

  
  

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  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

  

  50

  Chief Bottle Washer

  New Jersey
  United States
  Member #1
  May 31, 2000
  28,192 Posts
  Online
  Jul 16, 2004, 5:29 pm

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  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

  

  Richmond, VA
  United States
  Member #5,360
  July 1, 2004
  93 Posts
  Offline
  Jul 17, 2004, 12:52 pm

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  So if I win $2 Million t&

  Putting The Damage On.
• hypersoniq

  

  Pennsylvania
  United States
  Member #1,340
  April 6, 2003
  2,648 Posts
  Offline
  Jul 18, 2004, 3:36 pm

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  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.

  Have an EXCELlent day!
• LottoFan

  

  Arizona
  United States
  Member #4,595
  May 6, 2004
  57 Posts
  Offline
  Jul 20, 2004, 4:22 pm

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  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.