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(Chron)   $144M Texas lottery winner to give 60% of winnings to charity: "The greatest gift my parents gave me was to be raised a Christian, and God told me I could get by on only $58M"   (chron.com) divider line 199
    More: Sappy, charity, Mega Millions, gifts, nuns, Houston Chronicle  
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6168 clicks; posted to Main » on 05 Feb 2010 at 11:30 PM (4 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2010-02-06 12:16:46 AM
Korovyov: EL_FABREZ: cryinoutloud: Isn't that how much he's going to have after the IRS takes their share, anyway?

It's like 35%, but there's also a huge penalty for not taking yearly payments. So you're not even close to getting $144 million when they advertise it.

Half off seems to be the usual penalty for lump sum, but I wouldn't know if Texas does it that way. The article does a poor job of explaining whether the $144M is before or after any such reduction other than implying that it's pretax.

*snort* If he were in California or Oregon, he'd also lose about 10-11% or so to state income tax, IIRC.



It was a $144 million jackpot/pretax. It was the Mega Millions. I know because I pay the stupid tax.
 
2010-02-06 12:16:46 AM
He's already going to be giving most of it away... to the IRS and others. Plus if you take a lump sum, the Lotto folks will only pay a percentage.

He'll still get a nice amount, but kinda sucks having to pay the govt. millions for not being involved in any way in the risk.
 
2010-02-06 12:19:37 AM
Fluff Girl: God also told you you should receive a handjob from an athletic 37-year old woman who knows her way around a hardon. the fee for that should be around two million dollars.

Don't fark with god. You know about his wrath and stuff.

And yes. For 2M I would whip your peen into I Can't Believe It's Not Butter.


What'll fifty bucks get me? :P
 
2010-02-06 12:19:41 AM
"You got five dollars and you gotta give somebody two-fifty? Tahts a lot of money"

/half is lots
 
2010-02-06 12:19:59 AM
Good. The Pope needs a few new hats.
 
2010-02-06 12:20:03 AM
If I ever win the lottery, I'll be donating a sizable chunk to animal rescues and no - kill shelters.
 
2010-02-06 12:20:04 AM
If I ever won the lottery I would do something very similar. Probably not 60% of my take, but a large percentage would be put into interest earning accounts that would be donated to various charities every year.

I think this guy has the right idea, He can comfortably live on 10-15 million and spoil his family and friends, why shouldn't he share his good luck with people or charities he thinks deserve it.
 
2010-02-06 12:20:25 AM
He's given away by far a much larger percent than Bill Gates who got a huge thread of people praising him the other day.
 
2010-02-06 12:20:37 AM
The Icelander: Flissss: Want to make a difference? Set up scholarships to colleges. We need more educated people, not the opposite.

Supply side education policy makes as much sense as supply side economic policy.

A better idea would be to invest in a small business that does something you like. That would increase demand for engineers and make it more compelling for people to get an education.


i could easily and would do that with less then that

2 or 3 paqckages of cad software, 20-30k, faro arm with the laser scanne ? 10k-15k+? reverse engineering software 25k, server, laptop, desktop, probably 20k, office space + small warehouse/shop? and at at least 2 3dprinters/rapid prototyping machines
 
2010-02-06 12:22:05 AM
Benevolent Misanthrope: Awesome T-Shirt: Britney Spear's Speculum: tax churches

Then they get an active voice in government. No thanks.

You make it sound as if they don't have one already. Please.


if they're saying to endorse a candidate, please tell the IRS
 
2010-02-06 12:23:15 AM
ThrobblefootSpectre: He's given away by far a much larger percent than Bill Gates who got a huge thread of people praising him the other day.

Bill gates didn't give his money to an already wealthy church to cover for their child molestation payouts.
 
2010-02-06 12:23:36 AM
jimi32: can you delete a fark account?

perhaps if your name is drew curtis, or moderator
 
2010-02-06 12:25:06 AM
loonatic112358: Benevolent Misanthrope: Awesome T-Shirt: Britney Spear's Speculum: tax churches

Then they get an active voice in government. No thanks.

You make it sound as if they don't have one already. Please.

if they're saying to endorse a candidate, please tell the IRS


IRS lets them. Really has for decades.
 
2010-02-06 12:25:30 AM
Korovyov: *snort* If he were in California or Oregon, he'd also lose about 10-11% or so to state income tax, IIRC.

From the CA lottery website:
Are prizes taxable?
All prizes are subject to Federal income taxes and other offsets required by law. However, there are no state/local taxes.
 
2010-02-06 12:25:48 AM
God obviously didn't tell this individual about the effect taxes would have on their winnings.
 
2010-02-06 12:26:45 AM
ThrobblefootSpectre: He's given away by far a much larger percent than Bill Gates who got a huge thread of people praising him the other day.

Gates is trying to wipe out malaria by funding science and medicine. Giving all the money in the world to priests and shamans so that they can pray (prey) over the sick cannot compare.
 
2010-02-06 12:27:52 AM
jebusfreak: Dear God,

If you bless me with a lottery winning of $144 million, I will donate 99% to charity.

Sincerely,
jebusfreak


I'm going to toss the money in the air, whatever god catches he can keep.
 
2010-02-06 12:28:57 AM
The_Terminator: God obviously didn't tell this individual about the effect taxes would have on their winnings.

"The greatest gift my parents gave me was to be raised a Christian. I plan to give 60 percent of all after-tax winnings to charity," Kiefer, 59, said in a statement released Friday by the Texas Lottery Commission.


I'm beginning to think he should have said "fark it" and started a literacy campaign for farkers.
 
2010-02-06 12:29:11 AM
Britney Spear's Speculum: tax churches
=============================================

YES PLEASE!

/Course, the part they then donate to charity can then be written off.
//Everything they keep for themselves... tax it!
 
2010-02-06 12:29:20 AM
Give money to the taxman or jeebus, taxman or jeebus. Hmm... My boss is a BEATLE!

img534.imageshack.us
 
2010-02-06 12:29:31 AM
loonatic112358: if they're saying to endorse a candidate, please tell the IRS

There was this ballot initiative one time. Perhaps you've heard of it.
 
2010-02-06 12:30:33 AM
I agree with this. I don't play the lottery (I think it's a waste of money), but I can't see keeping that kind of money. What would I do with $50 million? I could extremely comfortably keep 5 million (or much less) in the bank and live off the interest (including setting up a retirement fund). I'd likely give it out in smaller increments spread over many organizations to keep any one group from getting too big of a windfall. It also would be nice to give out money to friends and family, or anyone who seemed like they needed a hand.

I think it's terrific that he's giving so much money away, and I expect he'll give more of his winnings too (in the form of family and friends). Hopefully he sets aside money for himself so he doesn't run out like too many "winners" do.


JoeShow: If I ever won the lottery I would do something very similar. Probably not 60% of my take, but a large percentage would be put into interest earning accounts that would be donated to various charities every year.

I think this guy has the right idea, He can comfortably live on 10-15 million and spoil his family and friends, why shouldn't he share his good luck with people or charities he thinks deserve it.
 
2010-02-06 12:31:39 AM
PascalsGhost: IRS lets them. Really has for decades.

really? i'd like to know how

i mean, they can only go so far, but if the preacher is endorsing a particular politician from the pulpit, then the penalty should be pretty much pissing off his tax free status

but i see some have been ballsy bout bring this topic before the body of the church

hopefully they've had their tax free status yanked

i've not heard a pastor do that, but abuse of position by people shouldn't surprise me anymore
 
2010-02-06 12:32:20 AM
He's buyin' that stairway to heaven alright. Christians never bother to think about themselves, it's always about helping others. I just don't get it!!!
 
2010-02-06 12:32:40 AM
Cagey B: loonatic112358: if they're saying to endorse a candidate, please tell the IRS

There was this ballot initiative one time. Perhaps you've heard of it.


no, i don't recall one
 
2010-02-06 12:33:05 AM
Warren Buffet is not impressed
 
2010-02-06 12:33:20 AM
gawd only asks for 10%, so whatever greedy ass preacher was asking for the other 50 was not correct.
 
2010-02-06 12:33:27 AM
lobootomy: The_Terminator: God obviously didn't tell this individual about the effect taxes would have on their winnings.

"The greatest gift my parents gave me was to be raised a Christian. I plan to give 60 percent of all after-tax winnings to charity," Kiefer, 59, said in a statement released Friday by the Texas Lottery Commission.

I'm beginning to think he should have said "fark it" and started a literacy campaign for farkers.


Or you should lern to maths moar gud. The quote in the headline said God told the individual that they could get by on 58M. 40% of 144M is 57.6M, ~58M. This number is pre-taxes, ergo, he did not take the taxes into account when throwing out the 58M figure.
 
2010-02-06 12:34:49 AM
For all those "tax the churches" folk, do you have an argument as to why churches should get taxed and not other non-profits?

Because they advocate for certain moral standards? Secular non-profits can and do engage in that.

Because they make tax-free money off of land they own? Please, uber-secular universities dominate that scheme. My little Alma Matter (1400 students) owned easily 3x more property than any other entity in town. Let's tax the endowments, I bet that will lower tuition!

Because too much money funnels to the top? Sure, the Vatican or the Mormon Tabernacle might seem ostentatious, but when we hear about a religious leader living it up, it's an exception that draws scorn and ridicule (rightly so) from everyone, but nobody bats an eye at the non-profit CEOs taking home high 6-figure salaries.

All I'm left with is a general dislike of religion, which is a douchey motive.

Some anti-religious people forget that we have "Freedom of Religion", not "Freedom from Religion." This is freedom to believe or disbelieve whatever we want free of government interference, not to live our lives free of other peoples' faith because we don't like it.
 
2010-02-06 12:38:08 AM
EL_FABREZ: It was a $144 million jackpot/pretax. It was the Mega Millions. I know because I pay the stupid tax.

Hm, no state tax on lotto winnings in TX (and apparently even CA doesn't tax lotto winnings, according to a quick search -- nice of them to encourage gambling). Lump sum is supposed to be about 60% nominal, so ~144M x 0.6 x 0.65 (marginal fed rate 35% applies to almost the entire amount) so perhaps $56.16M after-tax on $86.4M taxable income.

60% of his post-tax is $33.69M; that would leave him $22.46M ignoring the tax refund. If *all* of it was fully deductible (which requires that he be contributing all of it to eligible '50%' organizations -- the next higher threshold at 30% would only allow ~$25.9M tax deductability, meaning he'd still be paying full income tax on ~$7.79M of the income he gives away), he'd get a refund on the 35% paid on $33.69M, leaving him with about $34.2M if I've done my math right ((144 x 0.6 lump sum) - ((144*0.6 - 33.69) * 0.35 fed inc tax) - 33.69 given away), assuming that he's not factoring in the deduction when he calculates 'after tax'.

/no point *shrug*
 
2010-02-06 12:39:06 AM
Good for you.
 
2010-02-06 12:39:20 AM
PascalsGhost: Bill gates didn't give his money to an already wealthy church to cover for their child molestation payouts.

I agree it may not have been the best choice for the church to try to cover for so many practicing homosexuals. I understand you anger against such people.

However, the homosexual child molesters are a very small fraction of the church. That's simply a fact. I hopr you don't actually try to deny this. I'm quite sure you believe every single Muslim on the planet is a bomb carrying terrorist also, right?
 
2010-02-06 12:41:08 AM
cryinoutloud: Isn't that how much he's going to have after the IRS takes their share, anyway?

Another reason to feel smug in Canada ... we don't get taxed on windfalls. On the other hands, our biggest lottery is $40M so I guess it is still better in the US.

But I always thought it funny how US taxes lottery winnings. For example winning a car or house kind of sucks because you probably can't cover the taxes so can't keep the car.
 
2010-02-06 12:45:56 AM
"Some anti-religious people forget that we have "Freedom of Religion", not "Freedom from Religion." This is freedom to believe or disbelieve whatever we want free of government interference, not to live our lives free of other peoples' faith because we don't like it."

Thought I should repeat this, just because I felt like it...
/well said
 
2010-02-06 12:46:58 AM
Neuticle:
Some anti-religious people forget that we have "Freedom of Religion", not "Freedom from Religion." This is freedom to believe or disbelieve whatever we want free of government interference, not to live our lives free of other peoples' faith because we don't like it.



Give unto Caesar what is Caesar's. That means pay your goddamn taxes. It isn't an interference of religion to require that churches pay into the world in which they live.
 
2010-02-06 12:47:13 AM
He'll be pissed when he finds out another 30% goes to taxes.
 
2010-02-06 12:47:32 AM
If I win the lottery I'm spending most of it on women and liquor.

I'll just blow whatever is left.
 
2010-02-06 12:49:21 AM
The_Terminator: Or you should lern to maths moar gud. The quote in the headline said God told the individual that they could get by on 58M. 40% of 144M is 57.6M, ~58M. This number is pre-taxes, ergo, he did not take the taxes into account when throwing out the 58M figure.

Since you're apparently favored to be the first student in the literacy class, please RTFA. Subby made up the last part of the quote.

Do you really want to keep going down this road? Or would you like to take a moment to RTFA?
 
2010-02-06 12:49:53 AM
There is no penalty for taking the money as a lump sum. If you the yearly payments (usually over 20 to 30 years) whatever governing body purchases an annuity for the advertised jackpot number. If you take the lump sum, you get the amount that would be required to purchase the annuity.

The penalty is taking yearly payments and dying before the annuity has fully matured. Then you've screwed any heirs.
 
2010-02-06 12:50:21 AM
this guy will be broke in 5 years easily. He announced he is giving the money away so I'm sure he will have charity case at his door begging for money and I have a feeling this guy will have a hard time saying no. I dont see him holding onto it long.

best thing you can do when you win the lotto is to disappear for 6-12 months and move to another area and stay out of the public eye. Then go about donating and doing it anonymously through trust funds or other means.
 
2010-02-06 12:50:43 AM
$144M -> lump sum penalty -> ~$85M -> 35% tax -> 55.25M -> 60% to charity = 33.15M.

Thats still a tremendous amount of money to give away.

Is there a cap to what he can deduct? If he gives away 33M, I'd assume they could deduct it on his income tax, getting about 10M back...
 
2010-02-06 12:52:08 AM
ThrobblefootSpectre: child molesters are a very small fraction of the church. That's simply a fact.

What you are conveniently leaving out is that church leaders knew what was happening and COVERED for these monsters, moving them from parish to parish rather than hold them accountable.

And that's simply a fact.
 
2010-02-06 12:52:50 AM
Damned socialist.
 
2010-02-06 12:53:35 AM
0Icky0: Gates is trying to wipe out malaria by funding science and medicine. Giving all the money in the world to priests and shamans so that they can pray (prey) over the sick cannot compare.


He's donating to "abused children, relief for Haiti and support for retired nuns."


Yep sounds like pure evil to me.

I will, quite matter of factly, not be at all surprised to find such a person utterly vilified on fark.

He will be insulted, maligned, and hated for donating millions to charity. Such is the nature of fark. Sigh.
 
2010-02-06 12:53:44 AM
06wildcat: There is no penalty for taking the money as a lump sum. If you the yearly payments (usually over 20 to 30 years) whatever governing body purchases an annuity for the advertised jackpot number. If you take the lump sum, you get the amount that would be required to purchase the annuity.

This!
Quoting for truth because it needs repeating!!!

There is no "lump sum penalty". It is based on time value of money calculations.
 
2010-02-06 12:54:07 AM
The Icelander: Mark 10:21

That's pretty unpopular w Christians these days. Cultists use it, but the prosperity gospel clowns never heard it.
 
2010-02-06 12:55:50 AM
I love the folks who say "all I need is about 5 million and im good for the rest of my life."

Call me over-zealous but if I only took home 65 million, I might be bummed....

For instance...

One nice but not crazy stupid house one in state majority of your family lives in - maybe one per family member - 200-500k x 2-10.

Stupid big house with lots of land and anti-zombie ramparts with whiskey and beer distillery and security - maybe even a island fort..... (new window) - 10 mil

Maybe an island in they keys....3.5 million (new window)

.Fark that... a 36,000 acre tropical forest island off the coast of farking brazil (new window)

/If i win the lotto, every BIE i receive on my insta green thread gets TF for life
//PIE.....sure why not the misses needs something to giggle at as the poor people wave their tiny junk around
 
2010-02-06 12:55:53 AM
The Why Not Guy: What you are conveniently leaving out is that church leaders knew what was happening and COVERED for these monsters, moving them from parish to parish rather than hold them accountable.

Heh. I didn't leave that out at all. I flat out said it myself. I said, quite matter of factly, I think it may not have been the best choice for the church to cover for such people, did I not? Go back and read. Let me know.
 
2010-02-06 12:56:04 AM
siromega: Is there a cap to what he can deduct? If he gives away 33M, I'd assume they could deduct it on his income tax, getting about 10M back...

There are limits, but he probably won't hit them, as 60% of 65% post-tax is 39%.
 
2010-02-06 12:57:03 AM
JoeShow: I think this guy has the right idea, He can comfortably live on 10-15 million and spoil his family and friends, why shouldn't he share his good luck with people or charities he thinks deserve it.

Why not? Because Jesus said you must give away all that you own in order to enter the Kingdom of Heaven.

Not half. All. It's amazing to me how well versed so many Christians are on God's feelings towards the gays and yet don't realize that 99% of them don't pass the test either.
 
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