Taxes on PowerBall

Posted by: MrB

Taxes on PowerBall - 05/18/13 08:36 AM

I thought this was a interesting article. I knew the government would take a bunch but ddnt quite think it was this much. I figure one would get about a third of the total including fed, state etc.

http://t.nbcnews.com/business/if-you-win-600-million-powerball-tax-man-cometh-1C9967591

Dave
Posted by: Pirate

Re: Taxes on PowerBall - 05/18/13 09:02 AM

Think it has to do with the unearned income tax
Posted by: steveg

Re: Taxes on PowerBall - 05/19/13 03:16 AM

Fear not, Dave, the one unlucky winner — poor schmuck — will still be able to squeak in to one of these. Life will be tough, but, y'know...
Posted by: MrB

Re: Taxes on PowerBall - 05/19/13 03:35 AM

Life is tough for the down and out. That's for certain.

Dave
Posted by: Pirate

Re: Taxes on PowerBall - 05/19/13 07:51 AM

One grand prize winner in the Powerball...in Florida
Posted by: DLC

Re: Taxes on PowerBall - 05/19/13 07:37 PM

Yeah and think of this.... gamble with $ on Wall St and you pay 15%...

Gamble with $ on lottery and you pay 40% !!

Is that really fair & equitable ?? mad
Posted by: Leslie

Re: Taxes on PowerBall - 05/19/13 09:54 PM

I would think so when you are only paying 5, 10 or 20 bucks for a ticket as opposed to thousands + on wall street.

Pretty good return on your investment if you win.
Posted by: yoyo52

Re: Taxes on PowerBall - 05/20/13 08:46 AM

our local newspaper has a "person on the street" column every week. Last week the question was what people would do with 600,000,000. Most of the answers were, as usual, stupid, like "I'd pay off all my debts"--which demands the follow-up, "Yeah, and what would you do with the other 599,999,950?" Anyways, the only sensible answer came from a young guy: "No one should have that much money."

Amen.
Posted by: KateSorensen

Re: Taxes on PowerBall - 05/20/13 10:19 AM

Originally Posted By: yoyo52
"No one should have that much money."

Amen.


Amen here too, Al. Winning would wipe out ones life as they know it before winning. Sure, I need lots of repairs to my home, the foundation, new electric, new plumbing, security system, kitchen remodled, etc. But -- why bother? Just get a new home. But, but, but I love this home. Memories are here.

A couple of new cars? I don't go anywhere, nor do I want to. Get a gardener? Now that change I could live with wink

I'd need a fence around my place, a business manager, and all the requests for donations would drive me crazy.

I'd give my kids big bucks and ruin their chances at living a normal life a learning things that trials and tribulations bring one.

A whole lot of other reasons too. All that doesn't stop me from buying a ticket now and then. Boggles the mind!



.
Posted by: Leslie

Re: Taxes on PowerBall - 05/20/13 11:03 AM

Quote:
"No one should have that much money."

Someone should tell that to the slimy Kock Brothers.
Posted by: Acumowchek

Re: Taxes on PowerBall - 05/20/13 11:07 AM

But I could finally afford that iPhone I've always wanted… AND pay AT&T.
Posted by: Leslie

Re: Taxes on PowerBall - 05/20/13 11:09 AM

Hell, you could just buy Apple and AT&T.
grin
Posted by: Jim_

Re: Taxes on PowerBall - 05/20/13 11:19 AM

I'd get us all together for a fully paid travel, time off work, etc, face-to-face.

Probably have to hire the Hells Angels for security though. grin
Posted by: Leslie

Re: Taxes on PowerBall - 05/20/13 11:41 AM

Quote:
Probably have to hire the Hells Angels for security though.


For a number of reasons!
Posted by: MrB

Re: Taxes on PowerBall - 05/20/13 12:57 PM

When I've thought of this, I've always said. " first I would pay off my credit cards?

I think things might be easier. I wouldn't change much. Some traveling. Might get one of those yachts on wheels and drve around the country seeing the sights and talking to folks.

As for security at our gathering. No bother. I'd be there. whistle

Dave
Posted by: Pirate

Re: Taxes on PowerBall - 05/20/13 01:55 PM

Originally Posted By: Leslie
Quote:
Probably have to hire the Hells Angels for security though.


For a number of reasons!



Don't know about the Hells Angels.....back in the day the
Rolling Stones hired them for security at one of their concerts....
did not work out...some one got killed
Posted by: Jim_

Re: Taxes on PowerBall - 05/20/13 01:59 PM

Originally Posted By: Pirate
Don't know about the Hells Angels.....back in the day the
Rolling Stones hired them for security at one of their concerts....
did not work out...some one got killed
That's what I was referring to, Altamont.

Hopefully the thought of that would keep everyone in line. laugh
Posted by: Pirate

Re: Taxes on PowerBall - 05/20/13 02:07 PM

But on the other hand the Hells Angels did do their job and kept the Rolling Stones safe....I don't think that there are all that many people who remember Altamont, kinda faded into history and in a hundred years no one will remember..it will be just a foot note in some book about HA's or the Stones
Posted by: NucleusG4

Re: Taxes on PowerBall - 05/20/13 05:28 PM

I would set up my family to be well taken care of and whatever was left over ... I would set up some kind of organization to help people.. a charity of sorts. Not clear what... but every time I see people on the side of the road or sleeping under a bridge or pushing a cart that has all their worldy possessions... I want to do something about it.
I would quit my job and do that.

Of course this doesn't mean I wouldn't buy fast cars and boats and blah blah blah... but there has to be some kind of balance.
And not winning the lottery shouldn't stop me from helping people as I can.... but that lottery should be more-faster!
Posted by: DLC

Re: Taxes on PowerBall - 05/20/13 05:37 PM

Originally Posted By: Leslie
Quote:
"No one should have that much money."

Someone should tell that to the slimy Kock Brothers.


ROFL -its Koch but are you being cocky or was it a typo ? laugh laugh laugh
Posted by: Leslie

Re: Taxes on PowerBall - 05/20/13 09:14 PM

Intended.
Posted by: Celandine

Re: Taxes on PowerBall - 05/21/13 03:39 AM


then, GOODONYA'
cause it was Funny. wink