morningsong said:

KingBAD said:

on top of the state you have the city, county, fed,

and any other 'local' taxes they can hit you with...

always comin after the rich...

Here there are no local taxes only federal taxes on winnings, the monies deductated are not only taxes but fees incurred by the lottery itself what those fees are is anybody's guess is all I'm saying.

but that is only for the lotteries the state takes part in.

KingBAD said:

KingBAD said:

OnlyNDaUsa said:

KingBAD said:

I saw that on facebook. Me and one of my sisters was clownin on that one.

And some people think that god doesn't mess with people(joke).

I know a Married couple that won $100,000 playing one of those $100K Scratch off's....They're upper-middle class so whatever...LOL...But the scratch-offs tend to be legit but it's all about Luck....I'm terrible at the Lottery...I've won prolly $8 bucks in my 39yr lifetime..

KingBAD said:

JoeyC said:

KingBAD said:

I saw that on facebook. Me and one of my sisters was clownin on that one.

And some people think that god doesn't mess with people(joke).

although i know it's a fotoshop

my first thoughts were... they may as well die

it is an absolutely strange twist of fate that would set this up

and after this trick, the only way it could best itself at dudes expense

is to hit him with lightenin three times in a row and let him live to talk about it....

THEN IT GETS WORSE!!!

Yes, the lottery is fixed here in the U.S. Back in the 90s, here in Michigan, lottery host Aggie Usely called a number a couple of seconds before the ball popped up. I thought I was the only one who noticed but it was the talk of the town the next day.

KingBAD said:

RodeoSchro said:

No, the government only taxes the present value of the cash flow. If you don't know what that means, let me know.

I think the tax rate was 35% or something like that, same as the highest bracket for personal income.

on top of the state you have the city, county, fed,

and any other 'local' taxes they can hit you with...

always comin after the rich...

We don't have a state tax in Texas, nor does the local sales tax apply.

Lol..................somebody can't count.

[Edited 1/11/16 12:06pm]

morningsong said:

RodeoSchro said:

No, the government only taxes the present value of the cash flow. If you don't know what that means, let me know.

I think the tax rate was 35% or something like that, same as the highest bracket for personal income.

Now Rodeo you know 36million out of 126 million ain't no 65% the winner is receiving. Whole lotta other things going on. Break it down.

That's because he took a lump sum, which is the present value of future cash flows. What that means is:

Assume he was to take $126 million over 20 years. That's $6,300,000 per year. Receiving $6.3 million per year for 20 years is called a "cash flow".

(Also, keep in mind that the lottery is a state event, and the Powerball is a lottery that is participated in by all the states. But to simplify things. I will refer to the entity that pays the money as "the state".)

Now, the state isn't going to put $126,000,000 in the bank and just send $6,300,000 of that to the winner each year. What they will figure out is this: How much do we (the state) have to put in the bank TODAY that earn us enough interest over time so that we will always have enough money to make our payment to the winner?

The amount they have to start with in the bank is called the "present value". Or you've probably heard it referred to as the "lump sum".

You have the option when you buy a lottery ticket to choose whether you want the money paid over 20 or 25 years, or if you want the "lump sum" amount up front. Most people choose the lump sum, which is what my friend did.

In his case, the present value/lump sum was something like $55,000,000. Then, he had to pay income tax on that amount. 35% of $55,000,000 is about $19,384,000. The IRS took that money off the top, and the state handed my friend a check for something like $36,000,000.

That's how "present value" works.

KingBAD said:

You were almost there.

214 said:

KingBAD said:

You were almost there.

I wasted $10.00 on this nonsense.

I could have given that to someone who needed it.

Graycap23 said:

214 said:

You were almost there.

I wasted $10.00 on this nonsense.

I could have given that to someone who needed it.

Graycap23 said:

214 said:

You were almost there.

I wasted $10.00 on this nonsense.

I could have given that to someone who needed it.

YEAH!!!! you coulda gave em one of them tickets...

RodeoSchro said:

KingBAD said:

JoeyC said:

I saw that on facebook. Me and one of my sisters was clownin on that one.

And some people think that god doesn't mess with people(joke).

although i know it's a fotoshop

my first thoughts were... they may as well die

it is an absolutely strange twist of fate that would set this up

and after this trick, the only way it could best itself at dudes expense

is to hit him with lightenin three times in a row and let him live to talk about it....

THEN IT GETS WORSE!!!

morningsong said:

RodeoSchro said:

That's because he took a lump sum, which is the present value of future cash flows. What that means is:

Assume he was to take $126 million over 20 years. That's $6,300,000 per year. Receiving $6.3 million per year for 20 years is called a "cash flow".

(Also, keep in mind that the lottery is a state event, and the Powerball is a lottery that is participated in by all the states. But to simplify things. I will refer to the entity that pays the money as "the state".)

Now, the state isn't going to put $126,000,000 in the bank and just send $6,300,000 of that to the winner each year. What they will figure out is this: How much do we (the state) have to put in the bank TODAY that earn us enough interest over time so that we will always have enough money to make our payment to the winner?

The amount they have to start with in the bank is called the "present value". Or you've probably heard it referred to as the "lump sum".

You have the option when you buy a lottery ticket to choose whether you want the money paid over 20 or 25 years, or if you want the "lump sum" amount up front. Most people choose the lump sum, which is what my friend did.

In his case, the present value/lump sum was something like $55,000,000. Then, he had to pay income tax on that amount. 35% of $55,000,000 is about $19,384,000. The IRS took that money off the top, and the state handed my friend a check for something like $36,000,000.

That's how "present value" works.

Ok that's what with that bond business. So technically the winnings are say a $126mil bond whose immediate cash out value is say $55mil which the feds take their percentage of that amount and then the winner gets what's left. Long term the bond matures to cover the $126mil winnings, therefore the winner is actually paying fed taxes on a mature bond.

No.

RodeoSchro said:

Curse of the Lottery

from: http://www.nydailynews.co...-1.2492941

.

Curse of the lottery: Tragic stories of big jackpot winners

Winning isn’t everything.

It's more likely you’ll get struck by lightning than ... Powerball — but if you do win, there is an even better chance that you'll go broke.

Nearly 70% of lottery winners end up broke within seven years. Even worse, several winners have died tragically or witnessed those close to them suffer.

'HOOKERS AND COCAINE': MAN'S HILARIOUS RESPONSE ...L QUESTION

Edward Ugel, author of the book “Money for Nothing: One Man's Journey Through the Dark Side of Lottery Millions,” told the Daily Beast of the thousands of lottery winners he's known, few were happy and only a small number lived happily ever after.

"You would be blown away to see how many winners wish they'd never won," Ugel said.

One of those unlucky winners was Abraham Shakespeare. Just weeks before Shakespeare was killed, he told his mother he wished he never won.

Abraham Shakespeare: Murdered by a newfound friend

Chris Urso/AP

Dee Dee Moore was convicted of first-degree murder in the slaying of lottery winner Abraham Shakespeare.

Shakespeare hit big for $30 million in 2006, causing friends and family to hound him for money.

MELO'S WINNING TICKET? SHARING THE POWERBALL, ER, BASKETBALL

He befriended Dorice (Dee Dee) Moore who tricked Shakespeare into believing she was trying to protect him from the greedy people around him.

DeeDee Moore found guilty, sentenced to life in prison

Tampa Bay Times

Moore convinced the lottery winner to transfer his assets to her before he went missing in 2009. In 2012, she was sentenced to mandatory life without parole for his murder by a judge who called her “cold, calculating and cruel.”

Here are more tragic tales of lottery winners:

David Lee Edwards: Lived in human feces before his death

TONY GUTIERREZ/AP

Powerball winner David Edwards stands in his home a few years before he lost everything.

Edwards — a former drug addict and felon — won a $27 million jackpot in 2001 while unemployed in South Florida.

He quickly blew through the money by purchasing a $1.6 million house in Palm Beach Gardens, three race horses, a fiber optics company, a Lear Jet, a limo business, a $200,000 Lamborghini Diablo and a multitude of other luxuries.

Edwards and his wife returned to drug use and had numerous run-ins with police for posession of crack cocaine, pills and heroin.

JACKPOT FIXING SCANDAL ISN'T STOPPING POWERBALL'S SUCCESS

He lost of all his money in just a few years and ended up living in a storage unit surrounded by human feces.

He later died in hospice care at age 58.

Jeffrey Dampier: Shot to deathby his in-law

Jeffrey Dampier won $20 million in the Illinois lottery before his own family turned against him. The millionaire showered his family with cash and gifts, but that just wasn't enough for his sister-in-law, Victoria Jackson.

Dampier was kidnapped and shot in the back of his head by Jackson and her boyfriend around seven years after winning the jackpot. The couple was charged in his murder and are each serving a life sentence in prison.

Urooj Khan: Poisoned with cyanide

Uncredited/ASSOCIATED PRESS

Urooj Khan holds a ceremonial check in Chicago for $1 million just one day before he dropped dead.

JOHN GRESS/REUTERS

The body of Chicago lottery winner Urooj Khan is carried to a hearse for a forensic autopsy.

The 46-year-old Chicagoan dropped dead the day after he won $1 million in 2012. An autopsy revealed that Kha... poisoning. Both his sister-in-law and her father were suspected to be involved in his death but no one was ever charged.

Khan's winnings and properties were divided between his daughter and his widow.

Man poisoned with cyanide after winning lottery

NewsFix

Michael Carroll: Blew it all on cocaine and hookers

Norfolk Police/EPA

National Lottery jackpot winner Michael Carroll was ordered to complete a 12-month drug testing and treatment order after admitting possessing cocaine with a street value of more than 1,500 euros.

Carroll, 26, won $15 million U.S. dollars in a British jackpot back in 2002.

He was soon left with nothing after dishing out cash on parties, cocaine, hookers and cars.

He was nicknamed "the lotto lout" and also reportedly spent his former fortune on a villa in Spain, quad bikes, demolition-derby cars and flashy jewelry.

POWERBALL'S $1.5B WINNER WOULD JOIN 'ONE PERCENT'

Carroll was jailed in 2006 following an altercation and was later convicted of drug possession.

William "Bud" Post III: Betrayed by his own brother

Just two weeks after winning $16.2 million in the Pennsylvania lottery, Post had blown through $300,000 on a car lot, restaurant and even an airplane — although he couldn't fly. He was $1 million in debt one year after winning.

Not only was he broke and forced to declare bankruptcy, but his own brother was arrested for hiring a man to kill him.

"I wish it never happened. It was totally a nightmare," he once said of winning the lottery.

Post was later jailed for firing a gun over the head of a bill collector.

He was on food stamps before dying at age 66.

Jack Whittaker: A series of unfortunate events

JEFF GENTNER/AP

Record Powerball winner Jack Whittaker, 57, entered a no contest plea on a misdemeanor assault charge and was ordered to start attending weekly meetings of Alcoholics Anonymous.

Jack Whittaker of West Virginia was already worth around $17 million when he won a $315 million multi-state Powerball jackpot back in 2002. Whittaker used most of his winnings for good — like building churches and donating 10% to Christian charities.

POWERBALL JACKPOT SO BIG DUE TO RECENT CHANGES IN GAME

He also launched the Jack Whittaker foundation to provide clothes and food to low-income families before his life began to fall apart.

CHIP ELLIS/AP

Powerball winner Jack Whittaker, right, rests on a curb in the parking lot of a strip club as sheriff's deputies investigate a theft. Someone broke into Whittaker's sport utility vehicle, right, outside the strip club Tuesday morning and stole about $545,000, but the money was later recovered.

Whittaker was arrested for drunk driving and threatening a bartender after hitting it big. A woman also sued him for groping her at a racetrack. On two separate occasions, thieves robbed him, once outside of a strip club for $500,000 and another for $200,000.

He and his wife divorced after he became an alcoholic. After supplying his 17-year-old granddaughter with a weekly allowance of $2,100 she died of a drug overdose, as did her boyfriend. And Whittaker's daughter later died of unknown causes.

Both Whittaker and his wife said they wished he had torn the ticket up.

Evelyn Adams: Won twice and lost it all

Evelyn Adams of New Jersey wins the lottery for the second time.

A New Jersey woman won the lottery back-to-back in 1985 and 1986.

But Evelyn Adams was too cocky with her luck and headed to Atlantic City where she gambled her winnings away.

After losing it all, Adams started a new life in a trailer park.

Billie (Bob) Harrell Jr.: Shot himself in the head

In less than than two years, Bob Harrell lost all of his $31 million winnings.

POWERBALL EXEC QUITS AS NATIONWIDE SCANDAL GROWS

He donated his money to those in need and lended some of his cash to those close to him, but his generosity proved to work against him.

Being broke led to a split from his wife and the Texas man was found dead in his home with a gunshot wound to his head.

Before commiting suicide, he said, “winning the lottery is the worst thing that ever happened to me.”

nbitette@nydailynews.com

Such tragic stories.

The average person has no idea what do to with large assets.

XxAxX said:

Curse of the Lottery

from: http://www.nydailynews.co...-1.2492941

.

Curse of the lottery: Tragic stories of big jackpot winners

B

bluegangsta said:

luv4u said:

Where I live lottery winnings are tax free

Is that really a good thing?

Yes, it is a good thing. In Canada lottery winnings cap out at 60 million. If the pot goes larger then it becomes 60 mill plus x number of 1 million dollar draws.

[Edited 1/14/16 10:22am]

Too many tragic stories. I would like to think I would keep my sanity....as long as I bought a mountain in the middle of fucking nowhere, changed my identity and lived without human contact. seriously tho...my biological family would be some blood thirsty bastards....

oh...and I do know one individual who won 1 million but it was on a scratch ticket. Mass Millions for some years was found to be fixed and supposedly the game has been revamped

StillGotIt said:

oh...and I do know one individual who won 1 million but it was on a scratch ticket. Mass Millions for some years was found to be fixed and supposedly the game has been revamped

On a scratch ticket? You could never win that amount over here. 100.000 maximum, if even that.

JustErin said: