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(NPR)   Pinky to lips - 1.3 BILLION Mega-millions dollars. Henchman: Sir, there's the lump sum, partner split, then there's the taxes... Pinky to lips: 250 million Mega-millions dollars   (npr.org) divider line
    More: Spiffy, Mega Millions, winning Mega Millions lottery ticket, Illinois Lottery, lead of the vast majority of winners, lump sum payment, Powerball, claim process, Des Plaines  
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2610 clicks; posted to Main » on 22 Sep 2022 at 3:05 PM (11 days ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2022-09-22 2:32:00 PM  
Oh dear those poor slobs will have to reduce themselves to dining on generic caviar on their private jet trips everywhere for the rest of their miserable lives.
 
2022-09-22 2:58:57 PM  
"But the taxes" has to be one of the stupidest complaints theoretical millionaires make.

"Why even bother if I'm ONLY getting $500 million in free money!"

"I don't want a three-way with me two hottest celebrity crushes. What ifi get mono?!"
 
2022-09-22 3:06:06 PM  
I think i could find some way to squeak by on that.
 
2022-09-22 3:08:56 PM  
From my perspective as a non-winner, I can't imagine giving myself real anxiety over imaginary penalties and taxes from an imaginary windfall.
 
2022-09-22 3:09:12 PM  
It's good to dream but I'd be content with the annuity. I'm comfy in my life where having a huge surge of money would make a difference but I mean, pay off my house sort of different. I'm not buying a stupid boat or flashy car sort of thing. Getting a yearly cut (or however they did it) just means working a few more years while the house is paid off faster.


/I just bought the place, sorta in love with it.
 
2022-09-22 3:10:30 PM  
Taxes should be collected as efficiently from the wealthy across the board.
 
2022-09-22 3:11:28 PM  
I will make a deal with the lottery commission. 
Give me the money and I will only keep 50 million. The rest can go back to them or the tax man, either way.
 
2022-09-22 3:13:14 PM  

wild9: It's good to dream but I'd be content with the annuity. I'm comfy in my life where having a huge surge of money would make a difference but I mean, pay off my house sort of different. I'm not buying a stupid boat or flashy car sort of thing. Getting a yearly cut (or however they did it) just means working a few more years while the house is paid off faster.


/I just bought the place, sorta in love with it.


Why not buy a boat or a flashy car?
I mean if I had the money to waste, I would. Heck even if the annuity is $1 million a year I would buy those things, just maybe not the same year.

/Flashy car is defined here as six figures
//Boat is similar
///Get two of each, both will often be broken
 
2022-09-22 3:17:55 PM  
Take the 1.3 billion.  Put it immediately in to a C.501.2.d/3 tier 5 Political Action Committee.   Run as dog catcher for the town of SixToe, Florida and lose cause they don't have a dog catcher.  Flip the full amount into a C.523.4. Super Secret PAC and disperse the money to me tax free.  Transfer the amount to an offshore bank.

Then flee the country
 
2022-09-22 3:18:17 PM  

GonnaCallYouOut: wild9: It's good to dream but I'd be content with the annuity. I'm comfy in my life where having a huge surge of money would make a difference but I mean, pay off my house sort of different. I'm not buying a stupid boat or flashy car sort of thing. Getting a yearly cut (or however they did it) just means working a few more years while the house is paid off faster.


/I just bought the place, sorta in love with it.

Why not buy a boat or a flashy car?
I mean if I had the money to waste, I would. Heck even if the annuity is $1 million a year I would buy those things, just maybe not the same year.

/Flashy car is defined here as six figures
//Boat is similar
///Get two of each, both will often be broken


Look, do you know how many furry comic I could buy for that amount!?
 
2022-09-22 3:19:17 PM  
Again, if I won, I'd be humble about it.  Build houses for my family, but nothing fancy.  Well, except for the moat filled with alligators.
 
2022-09-22 3:24:12 PM  
After paying off the house, it's all elaborate prank money to me.
 
2022-09-22 3:25:33 PM  

bluorangefyre: Again, if I won, I'd be humble about it.  Build houses for my family, but nothing fancy.  Well, except for the moat filled with alligators.


Probably something similar. Build some houses for our parents and the kids (when they are old enough), but reasonably sized. Now where I would be weird is that I would build at least two buildings that could be shared. One a large metal building to use as a gym and another as a workshop.  Otherwise the houses would be pretty standard. Would basically end up with a bit of a compound.
 
2022-09-22 3:25:55 PM  

GonnaCallYouOut: wild9: It's good to dream but I'd be content with the annuity. I'm comfy in my life where having a huge surge of money would make a difference but I mean, pay off my house sort of different. I'm not buying a stupid boat or flashy car sort of thing. Getting a yearly cut (or however they did it) just means working a few more years while the house is paid off faster.


/I just bought the place, sorta in love with it.

Why not buy a boat or a flashy car?
I mean if I had the money to waste, I would. Heck even if the annuity is $1 million a year I would buy those things, just maybe not the same year.

/Flashy car is defined here as six figures
//Boat is similar
///Get two of each, both will often be broken


I don't like clutter or taking care of stuff I rarely use. Yeah, now I have the money to pay someone to take care of this stuff that I rarely use ..why have it in the first place I guess?

I'm not a collector of things really.
 
2022-09-22 3:26:03 PM  

Sonnuvah: From my perspective as a non-winner, I can't imagine giving myself real anxiety over imaginary penalties and taxes from an imaginary windfall.


Once you actually become rich, this is required. You MUST sit around and dwell on how much you paid to Uncle Sam. Then you MUST develop a sense that you have been violated in the most personal manner, something the poors can't possibly understand as they happily poor around and poor themselves at work and home in a poor fashion.

You, on the other hand, will have been robbed of what is rightfully yours and denied the opportunity to use those taxes paid for some other thing, such as donating to the election funds of millionaires whom you demand reduce the unfair level of taxation you have been subjected to. There is no greater insult than having to pay taxes on money you gained through the hard work of shelling out $2 for a MegaMillions ticket.

.
 
2022-09-22 3:28:35 PM  

NateAsbestos: "But the taxes" has to be one of the stupidest complaints theoretical millionaires make.

"Why even bother if I'm ONLY getting $500 million in free money!"

"I don't want a three-way with me two hottest celebrity crushes. What ifi get mono?!"


That's the mentality rich people have conditioned poor people to have.

It's a nasty twofor: 1. You get them the hate taxes so they approve loopholes fit the rich. 2. You condition them to fear wealth and power so that they never rise up against you.
 
2022-09-22 3:29:44 PM  

GonnaCallYouOut: Why not buy a boat or a flashy car?


They are riffraff magnets.
 
2022-09-22 3:31:17 PM  
Ask Trump for advice not recommended
 
2022-09-22 3:32:02 PM  
$250 million is still beyond my wildest dreams of avarice, by a full order of magnitude.

That's $12.5 million in passive income per year, with the worst possible market and shiattiest (but honest) broker / fund manager you could find.  And, since you can afford to pay them seven figures a year if you want to, you can probably get a very, very good one.  Perhaps even an honest one...

Just don't forget to change your name, your appearance, move out of state, don't carry more than $1k in cash or so at a time, have all your accounts monitored... oh, and make sure to set up a series of Trusts to pay you your living expenses, so that the half-dozen people who sue you for millions in personal injury cases every single year have nothing to go after when they drag you to court over and over again.
 
2022-09-22 3:33:01 PM  

Claude Ballse: NateAsbestos: "But the taxes" has to be one of the stupidest complaints theoretical millionaires make.

"Why even bother if I'm ONLY getting $500 million in free money!"

"I don't want a three-way with me two hottest celebrity crushes. What ifi get mono?!"

That's the mentality rich people have conditioned poor people to have.

It's a nasty twofor: 1. You get them the hate taxes so they approve loopholes fit the rich. 2. You condition them to fear wealth and power so that they never rise up against you.


scontent.fewr1-6.fna.fbcdn.netView Full Size
 
2022-09-22 3:35:31 PM  
$250 mega million dollars instead of the whole 1.3 billion? I think I'd be fine, retired, and posting on Fark from a 1980's computer instead of a modern Windows one. Spoiler alert... my lower case would all be upper but inverted text color wise.
 
2022-09-22 3:46:41 PM  
After setting up my extended family, I'd be giving away most of it to my favorite charities, a couple of political causes, a few people I admire who will put it to good public use, perhaps a small vanity project to leave a mark on my town after I pass... and do a tour of all the best beaches around the planet...  but the big project I would bankroll, something personal to me, would be to establish a perpetual endowment to bankroll free Catholic pre-K-12 education in my town for any family that has at least 80 percent Sunday church attendance, and annual cash bonuses for the high-achieving teachers.
 
2022-09-22 3:47:49 PM  

wild9: It's good to dream but I'd be content with the annuity. I'm comfy in my life where having a huge surge of money would make a difference but I mean, pay off my house sort of different. I'm not buying a stupid boat or flashy car sort of thing. Getting a yearly cut (or however they did it) just means working a few more years while the house is paid off faster.


/I just bought the place, sorta in love with it.


You could easily buy a stupid boat with the annuity. Your looking at over 20 million a year before taxes.  Nice little fishing boat would be nice, younwould actually have time to use it
 
2022-09-22 3:48:17 PM  

bluorangefyre: Again, if I won, I'd be humble about it.  Build houses for my family, but nothing fancy.  Well, except for the moat filled with alligators.


Solid strategy for keeping them in.
 
2022-09-22 3:50:04 PM  

bluorangefyre: Again, if I won, I'd be humble about it.  Build houses for my family, but nothing fancy.  Well, except for the moat filled with alligators.


To keep your family in those houses and away from you?  You would need to invest in some drones to carry them food over that moat
 
2022-09-22 3:52:47 PM  

TheOtherGuy: $250 million is still beyond my wildest dreams of avarice, by a full order of magnitude.

That's $12.5 million in passive income per year, with the worst possible market and shiattiest (but honest) broker / fund manager you could find.  And, since you can afford to pay them seven figures a year if you want to, you can probably get a very, very good one.  Perhaps even an honest one...

Just don't forget to change your name, your appearance, move out of state, don't carry more than $1k in cash or so at a time, have all your accounts monitored... oh, and make sure to set up a series of Trusts to pay you your living expenses, so that the half-dozen people who sue you for millions in personal injury cases every single year have nothing to go after when they drag you to court over and over again.


Looks like these people did just that.  8 weeks with lawyers and accountants and they actually held up with splitting it.
 
2022-09-22 3:53:02 PM  

NateAsbestos: "But the taxes" has to be one of the stupidest complaints theoretical millionaires make.

"Why even bother if I'm ONLY getting $500 million in free money!"

"I don't want a three-way with me two hottest celebrity crushes. What if i get mono?!"


It's not a dismissal of the amount left after taxes. It's a result of the math showing that despite the large advertised jackpot, this lottery ticket still has a negative expected value.
 
2022-09-22 3:53:54 PM  

The_Homeless_Guy: bluorangefyre: Again, if I won, I'd be humble about it.  Build houses for my family, but nothing fancy.  Well, except for the moat filled with alligators.

Probably something similar. Build some houses for our parents and the kids (when they are old enough), but reasonably sized. Now where I would be weird is that I would build at least two buildings that could be shared. One a large metal building to use as a gym and another as a workshop.  Otherwise the houses would be pretty standard. Would basically end up with a bit of a compound.


I'd be getting houses all 10-15 minutes apart. No one in other generations needs to know who people are bringing over.
And lots of vacation homes around the world.
 
2022-09-22 3:53:56 PM  

Nimbull: $250 mega million dollars instead of the whole 1.3 billion? I think I'd be fine, retired, and posting on Fark from a 1980's computer instead of a modern Windows one. Spoiler alert... my lower case would all be upper but inverted text color wise.


You would have a friend with 250 million to complain to about it in front of your old friends while you leave them the lunch bill
 
2022-09-22 3:58:58 PM  
Convert it to crypto for purchasing Darknet Qanon adrenochrome shots for each knee to stop the pain.
 
2022-09-22 4:04:20 PM  

OccamsWhiskers: NateAsbestos: "But the taxes" has to be one of the stupidest complaints theoretical millionaires make.

"Why even bother if I'm ONLY getting $500 million in free money!"

"I don't want a three-way with me two hottest celebrity crushes. What if i get mono?!"

It's not a dismissal of the amount left after taxes. It's a result of the math showing that despite the large advertised jackpot, this lottery ticket still has a negative expected value.


Good point. Everyone playing the lottery is well versed in statistics.
 
2022-09-22 4:07:57 PM  

wild9: It's good to dream but I'd be content with the annuity. I'm comfy in my life where having a huge surge of money would make a difference but I mean, pay off my house sort of different. I'm not buying a stupid boat or flashy car sort of thing. Getting a yearly cut (or however they did it) just means working a few more years while the house is paid off faster.


/I just bought the place, sorta in love with it.


I think the argument for getting a lump sum now is that you then invest most of that money so that by the time the annuities are done, you'll likely have far more money from the lump sum investment than you would just by the annuity.
 
2022-09-22 4:13:34 PM  

lurkey: After paying off the house, it's all elaborate prank money to me.


IDK man, I'd start a very lucrative business. First in my empire would be a business that makes whoopie cushions with real farts in them.
Just don't steal my idea, OK?
 
2022-09-22 4:14:28 PM  

ctighe2353: wild9: It's good to dream but I'd be content with the annuity. I'm comfy in my life where having a huge surge of money would make a difference but I mean, pay off my house sort of different. I'm not buying a stupid boat or flashy car sort of thing. Getting a yearly cut (or however they did it) just means working a few more years while the house is paid off faster.


/I just bought the place, sorta in love with it.

You could easily buy a stupid boat with the annuity. Your looking at over 20 million a year before taxes.  Nice little fishing boat would be nice, younwould actually have time to use it


That is poor people thinking.

You buy a boat as an investment, hire a captain and crew, and have it out chartering people or as a rental for events, then you rent it to yourself occasionally when you want to use it.  You could be writing off the fuel and depreciation as you are out drinking on it.
 
2022-09-22 4:19:39 PM  

TheOtherGuy: That's $12.5 million in passive income per year, with the worst possible market and shiattiest (but honest) broker / fund manager you could find. And, since you can afford to pay them seven figures a year if you want to, you can probably get a very, very good one. Perhaps even an honest one...


Just don't forget to change your name, your appearance, move out of state, don't carry more than $1k in cash or so at a time, have all your accounts monitored... oh, and make sure to set up a series of Trusts to pay you your living expenses, so that the half-dozen people who sue you for millions in personal injury cases every single year have nothing to go after when they drag you to court over and over again. hire a John Wick dude to take care of anyone who hassles you about money.
 
2022-09-22 4:23:07 PM  
If I won that money, certain people will definitely have to die.
 
2022-09-22 4:24:42 PM  

IlGreven: I think the argument for getting a lump sum now is that you then invest most of that money so that by the time the annuities are done, you'll likely have far more money from the lump sum investment than you would just by the annuity.


Not only that, but who's to say some catastrophe won't render the lottery broke down the road somehow.
 
2022-09-22 4:29:35 PM  
Years ago I wrote a screenplay about some asshole who happens to win a billion dollars in the lottery and then proceeds to use the money to run a successful presidential campaign so he can take control of the nuclear arsenal and destroy the world.

It has since been lost.
 
2022-09-22 4:30:30 PM  

LoneVVolf: TheOtherGuy: That's $12.5 million in passive income per year, with the worst possible market and shiattiest (but honest) broker / fund manager you could find. And, since you can afford to pay them seven figures a year if you want to, you can probably get a very, very good one. Perhaps even an honest one...

Just don't forget to change your name, your appearance, move out of state, don't carry more than $1k in cash or so at a time, have all your accounts monitored... oh, and make sure to set up a series of Trusts to pay you your living expenses, so that the half-dozen people who sue you for millions in personal injury cases every single year have nothing to go after when they drag you to court over and over again. hire a John Wick dude to take care of anyone who hassles you about money.


IRL you don't find John Wick when you look for guys like that.  You find guys that take your money at gunpoint, or just kill you for what you have on you.
 
2022-09-22 4:31:52 PM  

Professor Horatio Hufnagel: Years ago I wrote a screenplay about some asshole who happens to win a billion dollars in the lottery and then proceeds to use the money to run a successful presidential campaign so he can take control of the nuclear arsenal and destroy the world.

It has since been lost.


Was the party he was running under called None of the Above, and was he an old baseball player?
 
2022-09-22 4:37:24 PM  
Counterpoint: Lotteries are taxation for the stupid.

From the charts I've seen, states take about 33% off the top to fund various programs like education. Then of the 67% left there's 37% federal tax and say 6% state tax. Take that out and you have 38% left.

If you switch that to a game where you pay $1 to flip a coin. Win and you get $2. Lose and you lose your money. With a fair coin over time it's break even.

With just the rake, you pay $1 and if you win you get $1.34 back.

With that rake and tax rate, you pay $1 and if you win you get 76 cents back.
 
2022-09-22 4:41:08 PM  

edmo: something the poors can't possibly understand as they happily poor around and poor themselves at work and home in a poor fashion


The poors remain poor because every time they are offered a pay increase at work they have to turn it down because it would put them in a higher tax bracket.
 
2022-09-22 4:50:47 PM  

Harry Freakstorm: Take the 1.3 billion.  Put it immediately in to a C.501.2.d/3 tier 5 Political Action Committee.   Run as dog catcher for the town of SixToe, Florida and lose cause they don't have a dog catcher.  Flip the full amount into a C.523.4. Super Secret PAC and disperse the money to me tax free.  Transfer the amount to an offshore bank.

Then flee the country


The tax man takes his 40% BEFORE the rest is paid out.

But I like the rest of your plan, and would like a copy of your newsletter.
 
2022-09-22 4:56:32 PM  

ctighe2353: TheOtherGuy: $250 million is still beyond my wildest dreams of avarice, by a full order of magnitude.

That's $12.5 million in passive income per year, with the worst possible market and shiattiest (but honest) broker / fund manager you could find.  And, since you can afford to pay them seven figures a year if you want to, you can probably get a very, very good one.  Perhaps even an honest one...

Just don't forget to change your name, your appearance, move out of state, don't carry more than $1k in cash or so at a time, have all your accounts monitored... oh, and make sure to set up a series of Trusts to pay you your living expenses, so that the half-dozen people who sue you for millions in personal injury cases every single year have nothing to go after when they drag you to court over and over again.

Looks like these people did just that.  8 weeks with lawyers and accountants and they actually held up with splitting it.


I suspect they might have been giving each other the stinkeye (simply because it is an additional $250M), and a lawyer pointed out how they could fight it in court for years and their respective lawyers would end up with all the money.
 
2022-09-22 5:06:17 PM  

TheGreatGazoo: Counterpoint: Lotteries are taxation for the stupid.

From the charts I've seen, states take about 33% off the top to fund various programs like education. Then of the 67% left there's 37% federal tax and say 6% state tax. Take that out and you have 38% left.

If you switch that to a game where you pay $1 to flip a coin. Win and you get $2. Lose and you lose your money. With a fair coin over time it's break even.

With just the rake, you pay $1 and if you win you get $1.34 back.

With that rake and tax rate, you pay $1 and if you win you get 76 cents back.


Except the couple with the winning ticket paid $2 and are getting $250M each.

No other game has such low odds of winning, but then no other game has such a potential payoff.

I play when the payoff goes above the odds of winning. I'm not stupid; I have a degree in math. But $2 every once in awhile is worth the "what if I win?" thoughts.

The people dropping $100 a week (or more) on scratch-offs are the stupid ones.
 
2022-09-22 5:27:48 PM  
I have played the lottery and its fantasy driven distraction is as satisfying as ninety percent of movies I might see...

But, generally, it is a tax on the poor and what farker has the google-fu to cite an average of federal taxes collected every year by lotteries?

Because its character is extractive and not a trivial number...why isn't that number repeated ad nauseam to emphasize the huge break given to government...like taxes on Christmas bonuses (I've never received myself).

No...instead...it's articles about how peasants are likely to wreck their lives with such a windfall.
 
2022-09-22 5:43:08 PM  

Harry Freakstorm: Take the 1.3 billion


Hah, they're not going to give it to you. They automatically withhold 24% for the feds and 4.95% for the state treasury.

You could have some sort of convoluted tax arrangement full of credits and refunds to where you owe absolutely nothing to the State of Illinois, and they're still going to withhold that 4.95%. You want that money back? File your taxes and get it back if they feel like you qualify.
 
2022-09-22 6:09:06 PM  

Harry Freakstorm: Take the 1.3 billion.  Put it immediately in to a C.501.2.d/3 tier 5 Political Action Committee.   Run as dog catcher for the town of SixToe, Florida and lose cause they don't have a dog catcher.  Flip the full amount into a C.523.4. Super Secret PAC and disperse the money to me tax free.  Transfer the amount to an offshore bank.

Then flee the country


Fark user imageView Full Size

Relevant to his interests, would like to subscribe to your newsletter.
 
2022-09-22 6:28:21 PM  

indy_kid: I play when the payoff goes above the odds of winning. I'm not stupid; I have a degree in math


When has the payoff ever gone above the odds? It looks like "never" to me. So far, at least.

TFA is about a lump-sum of $780.5 million.
The odds for this prize are 1 in 302,575,350.
A ticket costs $2, so a net prize of about $605 million is break-even. That would require an effective tax rate of about 23%. I don't think that's possible currently.

Assuming a tax rate of 37%, break-even would be at about a $960 million lump sum. Which means an approximately $1.6 billion "jackpot" under the lotteries current annuity scheme. So it did get relatively close that time, but I figure still not a rational bet. Though I never got anywhere near a math degree.
 
2022-09-22 6:36:41 PM  
Windfalls should be taxed at very high rates. Always.

/boo farking hoo
 
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