I am confused...

[flyboyron]

I heard on the news somewhere someone won 50 million in the Lottery.

 

The cash pay out was $22 million.

 

So then why did he only get 44% of the money

 

Who won the Lottery?

 

The IRS did.

[GasHog369]

Exactly.. taxes

[travis73]

And there not done there as they will pay more taxes everytime they buy somthing, in the end we are all just working for the government, they let us keep a little just to shut us up.

[kstruckcountry]

Apparently the new budget is going to raise the tax on cigarettes to $1.95/pack. And raise taxes on middle and upper class (more). And that's still a trillion dollar deficit! Where does it go?!

[Chris]

Apparently the new budget is going to raise the tax on cigarettes to $1.95/pack. And raise taxes on middle and upper class (more). And that's still a trillion dollar deficit! Where does it go?!

Shhhhhh. The men in the black Suburbans will take you away of you keep asking questions. They can read our thoughts with their satellites. I for one will be wearing my tin foil hat.

 

Sent from my DROID RAZR MAXX using Xparent Red Tapatalk 2

[diggerdan11]

I heard on the news somewhere someone won 50 million in the Lottery.

 

The cash pay out was $22 million.

 

So then why did he only get 44% of the money

 

Who won the Lottery?

 

The IRS did.

 

Actually the 50 million is if you take it in payments over like 80 years. The 22 million is the Cash value. All lotteries do this, and that money does not go to the IRS it goes back into the lottery fund. The person who takes the 22 million will have to pay taxes on that 22 million (around 50%). So someone who wins 50 million only really receives about 11 million.

[Black02Silverado]

I'll take the 11 million.

[RyanbabZ71]

I'll take the 11 million.

Me too

 

 

Ryan

[Chris]

That would be quite a few ZL1's and Z28's for you Ryan

[latreille89]

Glad we keep every penny when we win money

[SarahsGMC]

america blows

[FargoZ71]

It's a pretty ridiculous system of taxation. I think the taxes on a lump sum like that comes out to about 32-35%.. so about 14.3 million after taxes. Then theirs inheritance tax.. gift tax.. vehicle tax.. housing taxes.. 6-8% taxes at store fronts.. so if the person spends the 14 million, yea probably 800,000+ goes to taxes just from spending it. I think you see a lot of the people you see go broke after winning the lotto is from buying ridiculous houses and then having insane property taxes.. and blow it.. and then cannot afford the taxes to even keep there lifestyle afloat.

 

Bottom line.. I'd love to know what the government does with all our Fn money.. because I know my roads around here suck.. all taxes are going up.. err.. just badness.. lol

[Z45]

All Lottery amounts are computed over 20 yr payout.

 

Be careful what you wish for. While it might sound great, your life will never be the same. Every Tom, Dick and Harry is going to seek you out because they want some of the money. You can't hide, to get the money you have to agree to let them use your name and likeness to advertise the lottery. That means everyone knows who won and you are a sitting duck. If you think you can handle it, chances are you cannot not. Retired lady near me won 16 mil in state lottery back in Feb. Once her identity was made known she was hounded relentlessly. Her family made a plea in a news article about it. Said she had to have her phone disconnected and had to move because people were calling and coming from all over wanting a piece of the money. People will stop at nothing to get some of that free money.

[Prokopchuk_9]

Lol...you guys have no room to whine about taxes lol. Come up to Canadaland.

 

42% gets taken off my cheques, then 13% on every purchase I make. 2600 a year land tax on my property...

 

I Wouldn't whine about winning 22 million LOL

[kstruckcountry]

Wait Canada has a government and taxes?!

I thought it was just a bunch of crazy rednecks up there.

 

Many people who won haven't declared it. They claim the money but don't announce it to everyone on tv.