Some states vary on how much they keep but roughly 1/3 of the price of the ticket is kept by the state. The rest is spent on the payouts and paying for the small expense of running the lotto.Thanks for the explanation. So they also make money from tickets sold too if it is state run?
Do states tax other forms of gambling winnings? Like if I bet on an NFL game? Or a casino jackpot etc.
You're assuming that people are only buying one, I work at a gas station and I've had people get hundreds dollars worth.Man, you are 100% going to waste $3 on something you don't need within the next like 48 hours.
You're assuming that people are only buying one, I work at a gas station and I've had people get hundreds dollars worth.
You're assuming that people are only buying one, I work at a gas station and I've had people get hundreds dollars worth.
You're assuming that people are only buying one, I work at a gas station and I've had people get hundreds dollars worth.
I'm just saying that buying lottery is pointless
Yeah, there are some people out there definitely addicted to the lottery. I can see it - it gets fun just thinking about the endless possibilities of what you could do if you won.
However for most of the people in this thread, buying a ticket the three or so times a year the jackpot gets huge is not an issue.
Winning the lottery essentially means you'll have to cut yourself off from everyone you know (geographically) and support loved ones from afar, especially if you have a big family.
Well, someone will win. I'd rather throw away $2 once a week with the small chance of being that person and being able to do everything I've ever dreamed of than not at all.
We all know it's unlikely. Not a big deal.
I had a coworker win a huge jackpot a few years ago, 200 million or something.
She was already retirement age, had a pension waiting, etc.
It's almost always old people it seems?
Actually I think most recommend taking it all at once now I think because if you take yearly they can tax you every year on whatever you're getting. If you take it all at once you only get hit with the tax for that year.
I think that was the reasoning used the last time the powerball was around $1 billion anyway.
YeaWell, someone will win. I'd rather throw away $2 once a week with the small chance of being that person and being able to do everything I've ever dreamed of than not at all.
We all know it's unlikely. Not a big deal.
I was thinking... Is there really no advantage to annuities? The way I see it, most of the people who took the lump sum fucked themselves over, sometimes fatally. Having all the money available at once appears to be simply too much for most of the winners. It increases the chance of said individual catastrophically losing their winnings.
I was thinking... Is there really no advantage to annuities? The way I see it, most of the people who took the lump sum fucked themselves over, sometimes fatally. Having all the money available at once appears to be simply too much for most of the winners. It increases the chance of said individual catastrophically losing their winnings.
An annuity allows you to fuck up completely one year, then hit the reset button come January 1. Also, having an annuity allows you to at least attempt to (legally) cheat the US tax code, like all the rich fuckers do. By taking the lump sum the government has already extracted their lump of flesh from you.
Horrible idea and youre naive to think that handouts will stop after that.
Rich people get tax breaks out the wazoo but god forbid a poor person chance themselves into a fortune. Gotta make sure they pay their share /s
It's gambling winnings from a third party, not a government lottery.Rich people get tax breaks out the wazoo but god forbid a poor person chance themselves into a fortune. Gotta make sure they pay their share /s
You guys tax gifts? Here in Canada there is no limit to the size of personal gifts and it's tax free. Jesus, and some of your right wing citizens complain about our "socialist" taxes lol.
But aren't most winners so disastrously bad with money that taking the annuity would have been the more prudent option, regardless of potential efficiency losses?
True, but with the lump sum there's always the risk of you spectacularly fucking up and losing everything within a decade. After all, it's what happened to most winners, regardless of their previous socioeconomic status (rich people ended up poor, poor people ended up poor... again). Personally, I'd be willing to accept the losses for that extra security.Figure an 8-10% return on the market every year and your nugget will be far bigger. Also future cash flows are inherently worth less due to inflation.
Isn't it income from financial instruments? IIRC the annuity income comes from bonds and other such fixed financial devices. Can't someone pull the typical accounting magic rich people's accountants do and make it vanish?Plus annuity income might be taxed at your marginal rate? I believe capital gains taxes are more around 20%.
I'd give:
My parents 2 million
My brother 2 million
My wife's parents 2 million
My half-siblings 1 million
My best friend 1 million
My 2nd best friend 500k
Another 100,000 to 10 friends
My wife's best friend 1 million
Another 100,000 to 10 friends
And done with it. No more handouts. 12 Million out. Done with it.
Charity then enters in separately after I've made investments.
you should do it all at once within the same tax year, I think the lifetime limit for giving away without being taxed is 10 millionI like this idea. Although I'd pay them out monthly so they couldn't spend it all at once
If they lose All the money then fuck em
idk about buying them online but many places now have those touch screen vending machines that you can buy them out of, those are handy.I have no idea about online buying i didn't even know that was a thing