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Hellbent

Nearly 2/3 in taxes! (Lottery winner)

Was it destiny's hand?  

11 members have voted

  1. 1. Was it destiny's hand?

    • Yes, it was fate smiling on this poor man.
      1
    • Umm... it was \"coincidence\"
      7
    • I just don\'t know...
      3


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This story just has all sorts of wimblewomp to it.

The winning ticket was bought in the town of Winner, SD.
Of the $232,100,000 won, the winner gets to keep a measly $88,500,000.
The county where he lives is the 7th poorest in the nation!
The man who won's house was just repossessed.
The lottery winner's neighbor is named David Assman.

http://news.aol.com/article/rancher-wins-powerball/...%2F516332

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$88.5 million is nothing to scoff at, although it probably was disappointing to have to pay the majority of his winnings.

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I say its bullshit! But up here in Canada it really isn't a problem.

But with 88.5 mill I wouldn't complain at all.

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Hellbent said:

Of the $232,100,000 won, the winner gets to keep a measly $88,500,000.

Depends on whether you opt for a lump sum payment or an annuity. I'd cheerfully settle for 25 annual payments of $9,284,000.

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It's sorta BS but I think he should have gotten a larger share..but again I'd rather have 88M instead of nothing. That's enough for me to not work for the rest of my life.

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Had I won that much in lottery I'd probably end up putting most of it to charity or something and keep myself about 50M at best. So assuming that tax money would be spent on good purpose (like improving education or health care), I wouldn't mind at all.

But then again, I'm from socialist Europe so what do I know? :P

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It's OK because he thanked the lord for giving him his win.


His neighbour is called Assman. I think that is more important than the tax thing. Hmmm... Assman sounds almost like some kind of superhero. I wonder what Ass man's special powers would be.

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Assman jokes are so timeline even Letterman did them with Dick Assman in the 90s I think. And then there's Kramer....

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Actually, if you want the whole jackpot, you'd have to take the annuity, and many don't want to wait over a 30-year period to get their money in full.
He took the lump sum, which when you do, is half of the jackpot. On top of taking half, half goes to taxes.
That's where the $88M comes in, it's about half of the lum sum.
Still, half is a bit much, but then again, if you're rich, you can afford it. Still, I'd like to see a flatter tax base, and force the lazy to pay into the system, even at a lower scale.

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Winner SD is a lovely area, and I'm sure this man won't get robbed in about two weeks. And then again a week later, and so on and so forth.

(Just kidding, it's a piece of shit reservation, and if this guy hasn't already made plans to move he should do so quickly.)

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Georgef551 said:

Actually, if you want the whole jackpot, you'd have to take the annuity, and many don't want to wait over a 30-year period to get their money in full.


That's why any smart person would buy 2 tickets with the same numbers so that way if they're the winning numbers 1 ticket could be the lump sum half and the other would be the annuity half, thereby guaranteeing a steady income over the next 30 years.

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Good for them. I'm glad somebody won it who actually needed it as opposed to some rich or well-off assclown. Being a small community out here, everybody knows everybody for the most part.

Jello said:

Winner SD is a lovely area, and I'm sure this man won't get robbed in about two weeks. And then again a week later, and so on and so forth. (Just kidding, it's a piece of shit reservation, and if this guy hasn't already made plans to move he should do so quickly.)


I believe they have already bought a ranch somewhere and have scooted.
Are you from the Winner area? I am.
POS res huh?

Winner does suck though.
It's pronounced Oz not Ass, for those little frads out there.

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It's nothing new that state lotteries and football betting organizations are heavily taxed, and that taxation is proportional to the height of the winning. And yeah, it's usually in the 40+ % range for "millionaire" winnings pretty much anywhere.

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Lottery and gambling are taxes on the mathematically challenged.

I knew one guy who worked for an online casino, and he literally described it as "Like printing money".

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The "numbers racket" was the perfect victimless crime, since there's never been a shortage of people willing to part with a modest sum if there's a chance - no matter how remote - of winning a fortune.

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Texas Libra said:

That's why any smart person would buy 2 tickets with the same numbers so that way if they're the winning numbers 1 ticket could be the lump sum half and the other would be the annuity half, thereby guaranteeing a steady income over the next 30 years.

Ooooo.....That's an angle I never thought of. GOOD ONE!!

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Georgef551 said:

Ooooo.....That's an angle I never thought of. GOOD ONE!!

Yeah... it doesn't work that way. You're still going to get the same amount. However, on the even more remote chance that someone else strikes the same jackpot, he'd get 2/3 of the lump sum instead of 1/2. The "sucker" who also hit it would only get 1/3.

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prdarkfox said:

Yeah... it doesn't work that way. You're still going to get the same amount. However, on the even more remote chance that someone else strikes the same jackpot, he'd get 2/3 of the lump sum instead of 1/2. The "sucker" who also hit it would only get 1/3.

I wasn't clear. The good idea is that the annuity would provide a steady stream of income, so you don't blow the whole wad.
Plus, the whole argument is if there were 2 winners, and you were the one holding the 2 winning tickets. Still, I believe the math you did.

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Georgef551 said:

I wasn't clear. The good idea is that the annuity would provide a steady stream of income, so you don't blow the whole wad.
Plus, the whole argument is if there were 2 winners, and you were the one holding the 2 winning tickets. Still, I believe the math you did.

Since you put it that way...
Anyway, regarding udderdude's War Games quote, it's not like you're wasting a ton of money if you just get a ticket once a drawing. What, you lose out on a steak dinner a month? :)
And with some lotteries, some of that money goes to other systems, such as in Colorado it's for "parks and recreation". ... That's what PowerBall says, anyway.

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