12-18-2013, 03:31 PM
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#2
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Franchise Player
Join Date: Aug 2008
Location: California
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It isn't all taxes. The winnings from the mega-millions is an amortized payout so that they can claim to have bigger jackpots. So if instead of the amortized payout you take the cash it is a significantly lower amount. Then taxes take 1/3rd to 1/2 the pot.
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12-18-2013, 03:34 PM
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#3
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First Line Centre
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The $1,000,000 prize on america's got talent is actually something like a 40 year annuity. $25,000/year...and I'm pretty sure that is taxable.
It astounds me that the program would be so cheap like that. You're probably paying Howie Mandel 5 million a season or something. Just give the winner "of the largest talent competition in america" a million dollars. Especially if you're going to keep saying "...and one step closer to the 1 Million Dollar Grand Prize...is...."
Last edited by Ace; 12-18-2013 at 03:37 PM.
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12-18-2013, 03:47 PM
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#4
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Powerplay Quarterback
Join Date: Dec 2010
Location: Calgary
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Quote:
Originally Posted by T@T
Woman wins $324 million on mega-millions and to do a cash settlement only gets $120 million. I know is still a tonne of cash but 2/3 going back to the corp is a complete ripoff. This lottery is funded by cash that the government already collected taxes on.
http://www.cnn.com/2013/12/18/us/meg...html?hpt=hp_t2 |
How is a gain of 120 million dollars a rip-off?
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12-18-2013, 04:08 PM
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#5
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Franchise Player
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Welcome to Safeway Score and Win
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12-18-2013, 04:14 PM
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#6
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Franchise Player
Join Date: Nov 2009
Location: Section 203
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At least the odds of winning the lottery are really good.
__________________
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Originally Posted by Bingo
Jesus this site these days
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Quote:
Originally Posted by Barnet Flame
He just seemed like a very nice person. I loved Squiggy.
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Quote:
Originally Posted by dissentowner
I should probably stop posting at this point
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12-18-2013, 04:16 PM
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#7
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Scoring Winger
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It's not a ripoff since everyone is aware there are different ways to take the payout and they will be taxed.
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12-18-2013, 04:42 PM
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#8
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Not a casual user
Join Date: Mar 2006
Location: A simple man leading a complicated life....
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I could live quite nicely on a 120 million.
__________________
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12-18-2013, 04:43 PM
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#9
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Franchise Player
Join Date: Feb 2002
Location: Silicon Valley
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Side rant: Why are all the winners always from the ghetto? Why isn't it ever "30 year old engineer working for a fortune 500 company wins mega millions jackpot!"
... really wish I drove down to San Jose to get my ticket now rather then buying it in an affluent area Safeway.
__________________
"With a coach and a player, sometimes there's just so much respect there that it's boils over"
-Taylor Hall
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12-18-2013, 04:47 PM
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#10
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First Line Centre
Join Date: Jun 2011
Location: Edmonton
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Quote:
Originally Posted by Phanuthier
Side rant: Why are all the winners always from the ghetto? Why isn't it ever "30 year old engineer working for a fortune 500 company wins mega millions jackpot!"
... really wish I drove down to San Jose to get my ticket now rather then buying it in an affluent area Safeway.
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I think it is because more poor people play the lottery.
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The Following 2 Users Say Thank You to GP_Matt For This Useful Post:
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12-18-2013, 04:47 PM
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#11
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AltaGuy has a magnetic personality and exudes positive energy, which is infectious to those around him. He has an unparalleled ability to communicate with people, whether he is speaking to a room of three or an arena of 30,000.
Join Date: Jun 2007
Location: At le pub...
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Quote:
Originally Posted by Phanuthier
Side rant: Why are all the winners always from the ghetto? Why isn't it ever "30 year old engineer working for a fortune 500 company wins mega millions jackpot!"
... really wish I drove down to San Jose to get my ticket now rather then buying it in an affluent area Safeway.
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Haha - not a 30 year old engineer, but this former CEO from Calgary didn't need his 40M: http://globalnews.ca/news/1034841/40...n-for-charity/
I win the sureloss award for this thread.
Last edited by AltaGuy; 12-18-2013 at 04:49 PM.
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12-18-2013, 04:47 PM
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#12
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Scoring Winger
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Quote:
Originally Posted by Phanuthier
Side rant: Why are all the winners always from the ghetto? Why isn't it ever "30 year old engineer working for a fortune 500 company wins mega millions jackpot!"
... really wish I drove down to San Jose to get my ticket now rather then buying it in an affluent area Safeway.
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Did you not see who won the 40 million jackpot in Calgary?
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12-18-2013, 04:47 PM
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#13
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Franchise Player
Join Date: Aug 2008
Location: California
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Quote:
Originally Posted by Phanuthier
Side rant: Why are all the winners always from the ghetto? Why isn't it ever "30 year old engineer working for a fortune 500 company wins mega millions jackpot!"
... really wish I drove down to San Jose to get my ticket now rather then buying it in an affluent area Safeway.
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Isnt that what just happened in Calgary and he donated it all to charity.
As a side argument, low income people buy more lottery tickets than wealthier people coupled with the fact that in shear numbers there are less wealthier people means that it is significantly more likely that a lower income person will win.
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12-18-2013, 04:48 PM
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#14
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Franchise Player
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Quote:
Originally Posted by Phanuthier
Side rant: Why are all the winners always from the ghetto? Why isn't it ever "30 year old engineer working for a fortune 500 company wins mega millions jackpot!"
... really wish I drove down to San Jose to get my ticket now rather then buying it in an affluent area Safeway.
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Kind of like the guy in Calgary that will end up donating the 40 million he won. The winners I envy are those 18 year old that buy a ticket on their 18th birthday and win a sizeable jackpot. That must be nice.
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12-18-2013, 04:48 PM
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#15
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First Line Centre
Join Date: Jun 2011
Location: Edmonton
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The whole idea of a state run lottery is a scam. They collect the money and set a value on the prize that is related to the amount of tickets taken in but they keep a huge percentage that goes into general revenue.
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12-18-2013, 04:58 PM
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#16
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 Posted the 6 millionth post! |
Quote:
Originally Posted by Robbob
Kind of like the guy in Calgary that will end up donating the 40 million he won. The winners I envy are those 18 year old that buy a ticket on their 18th birthday and win a sizeable jackpot. That must be nice.
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I don't want some 18-year old winning the lottery. They'll probably blow half of it, not go to a financial adviser, and lose most (if not all of it) by 25.
I prefer to see a senior citizen win these types of things - I like to think they've earned it over the course of a lifetime. Donating it is also more likely and much better feel-good story from older folks.
No one likes a punk kid winning things.
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12-18-2013, 05:00 PM
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#17
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Franchise Player
Join Date: Mar 2012
Location: Sylvan Lake
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Quote:
Originally Posted by Phanuthier
Side rant: Why are all the winners always from the ghetto? Why isn't it ever "30 year old engineer working for a fortune 500 company wins mega millions jackpot!"
... .
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You ain't reading the news much are ya....
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12-18-2013, 05:01 PM
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#18
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Franchise Player
Join Date: Mar 2012
Location: Sylvan Lake
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I actually thought you got an option when you won. A reduced lump sum payout or a per year payout for the full amount spread of 20 years or so.
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12-18-2013, 05:02 PM
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#19
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Franchise Player
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Quote:
Originally Posted by Ozy_Flame
I don't want some 18-year old winning the lottery. They'll probably blow half of it, not go to a financial adviser, and lose most (if not all of it) by 25.
I prefer to see a senior citizen win these types of things - I like to think they've earned it over the course of a lifetime. Donating it is also more likely and much better feel-good story from older folks.
No one likes a punk kid winning things.
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I don't like when it happens, just wished it happened to me.
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12-18-2013, 05:04 PM
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#20
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Franchise Player
Join Date: Dec 2012
Location: On your last nerve...:D
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Quote:
Originally Posted by undercoverbrother
I actually thought you got an option when you won. A reduced lump sum payout or a per year payout for the full amount spread of 20 years or so.
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This was my understanding as well. I saw some guy on one of those 'The Lottery Changed My Life' shows and he said he took the lump sum payment because if he died, the annuity died with him and he wanted to be able to set up things for his family/kids sooner rather than later, and not depend on the annuity.
As an aside, a lot of my Yank friends/family call the lottery the 'stupid tax.'
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Is the USA lottery not the biggest ripoff on the planet?
