No I didnt hit, but I am wondering why on a 203 mill ticket, if you take it in one lump you only get 92 mill? Why do they take over 50%? In the GWN you get it all , so where does the other 101 mill go, and who has their fingers in that pie?
LOttery
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Russell King
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Taxes are high when you make 203 million per year. Also there is some hold back if you take lump sum so take it over time if you want full amount. But you may fail to live the 20 year payout so lottery still wins! I don’t think most lotteries pay to heirs.
Lotteries are set up to benefit the government, not the winners as much as expected.
Lotteries are set up to benefit the government, not the winners as much as expected.
"A Ponzi scheme is a fraudulent investment operation where the operator pays returns to its investors from their own money or money from new investors, rather than from profit earned through legitimate investments. These schemes rely on a continuous flow of new investments to sustain the illusion of profitability and pay off earlier investors, ultimately collapsing when new investment dries up."
jyoutz
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MX6000 HST open station, FEL, 6’ cutter, forks, 8’ rear blade, 7’ cultivator
You cant be one then suddenly just stop. You need to (unbecome) one. If you actually read THEIR "laws" they tell you how. Have you ever read THEIR laws for YOU? Its interesting.
jyoutz
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MX6000 HST open station, FEL, 6’ cutter, forks, 8’ rear blade, 7’ cultivator
To answer Skeets question.
Please be patient it's a long read.
The “advertised” jackpot prize, say $200 million, is based on the annuity value of a percentage of total ticket sales. It does not mean they actually sold $200 million in tickets.
An annuity earns interest and the buyer specifies the terms of the annuity when they purchase the contract. Lotteries are Immediate Annuities which, as the term implies, immediately begin pulling a predictable stream of income.
The lump sum payout, typically 40% to 45% ish of the “advertised” jackpot is the amount that would have been invested in an annuity, which if paid over 29 years, would equal the “advertised” jackpot.
If you take the lump sum (200 mil. x 45% = 90 mil.) you pay taxes (not regular income taxes but taxes like you hit big at the casino) which leaves you with about 30% – 35% ish of the “advertised” jackpot. The Feds get their cut and state taxes vary.
$200 million X 35% = $70 million.
Ticket sales revenue are divided out based on:
New York – All lottery revenue is distributed to local school districts in the New York public school system.
Pennsylvania - Lottery proceeds are dedicated to programs and services intended to benefit senior citizens.
Florida – 25.27% of lottery revenue goes to education from school reconstruction to K-12 programs. 74.73% goes to the state of Florida.
States have a pretty good track record of expected lottery revenue so they tend to reduce their budgets accordingly so schools, for example, may not actually see budget increases. The state then uses the redirected “non-lottery” tax revenue that should have been budgeted for schools for something else.
Then they all puff out their chests and say “see...we’re doing you a favor”.
Please be patient it's a long read.
The “advertised” jackpot prize, say $200 million, is based on the annuity value of a percentage of total ticket sales. It does not mean they actually sold $200 million in tickets.
An annuity earns interest and the buyer specifies the terms of the annuity when they purchase the contract. Lotteries are Immediate Annuities which, as the term implies, immediately begin pulling a predictable stream of income.
The lump sum payout, typically 40% to 45% ish of the “advertised” jackpot is the amount that would have been invested in an annuity, which if paid over 29 years, would equal the “advertised” jackpot.
If you take the lump sum (200 mil. x 45% = 90 mil.) you pay taxes (not regular income taxes but taxes like you hit big at the casino) which leaves you with about 30% – 35% ish of the “advertised” jackpot. The Feds get their cut and state taxes vary.
$200 million X 35% = $70 million.
Ticket sales revenue are divided out based on:
- jackpot payout (cost of the annuity or lump sum)
- all other prize payouts (cash payouts)
- administrative costs
- payments to states
- kickbacks to retailers (usually 1% - 3% or so)
New York – All lottery revenue is distributed to local school districts in the New York public school system.
Pennsylvania - Lottery proceeds are dedicated to programs and services intended to benefit senior citizens.
Florida – 25.27% of lottery revenue goes to education from school reconstruction to K-12 programs. 74.73% goes to the state of Florida.
States have a pretty good track record of expected lottery revenue so they tend to reduce their budgets accordingly so schools, for example, may not actually see budget increases. The state then uses the redirected “non-lottery” tax revenue that should have been budgeted for schools for something else.
Then they all puff out their chests and say “see...we’re doing you a favor”.
jyoutz
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Equipment
MX6000 HST open station, FEL, 6’ cutter, forks, 8’ rear blade, 7’ cultivator
In my state, lottery funds are used for free college tuition at any in state university or college for any in state HS graduate. they have to maintain a C or better GPA to continue to receive tuition for 4 years.
Daren Todd
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You have to apply for it in Arkansas, and no guarantee you will recieve the funds here.
jyoutz
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MX6000 HST open station, FEL, 6’ cutter, forks, 8’ rear blade, 7’ cultivator
In NM a student applies for the funding with their college application. If they graduated from a NM HS, first semester funding is automatic. But funding in subsequent semesters is subject to the student’s GPA.
I had no idea.
Boy you let our clowns in Jackson get ahold of money like that it'd be game OVER. There's no one honest enough to have any amount of money pass by them without taking some or ALL!
They got all that money a couple years ago to fix the water system, months later had almost every bit of it stolen and handed out, and never even attempted to fix anything LOL. Meanwhile "Baby Chewk" (mayor) and the gang all runnin around in new suits and matching Jags LOL.
jyoutz
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MX6000 HST open station, FEL, 6’ cutter, forks, 8’ rear blade, 7’ cultivator
In my state, the legislature controls the lottery funds, not the cities.
jyoutz
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MX6000 HST open station, FEL, 6’ cutter, forks, 8’ rear blade, 7’ cultivator
From our national defense to our national forests and parks and interstate highways, our country provides a high standard of living to citizens. I understand this stuff isn’t free and do pay taxes for these services. IMO, people who don’t pay taxes don’t deserve these benefits and should move to a third world no tax country to enjoy the tax free standard of living, and not receive the lifestyle benefits from US taxpayers.
JRHill
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I was quite close to some guys who as part of a bigger group were quite successful in their tax avoidance program. I watched closely for years but never fully stepped through the door with them. It really is an intensive lifestyle. A few take aways:
- They were always 'looking over their shoulder' for entrapment or potential prosecution;
- They could not have title to anything lest it be confiscated. They relied on someone 'in the system' to hold title. They could own nothing;
- Non of them could have employment in the traditional sense. They were ALL self employed or operated as subcontractors;
- No driver's license of course;
- License plates and insurance again being something being provided by someone in the system;
And related to this thread and the OP they could never make claim to a lottery prize win of larger size because they had renounced their SSN and had no TIN to supply. A decision to not be a taxpayer also greatly affected their immediate families. None of their children had SSNs and you can imagine the frustration of children turning into young adults who are encumbered and don't understand or want to be involved with the lifestyle.
You don't need to "avoid" or "evade" if you know where you STAND and WHO taxes apply too.
JRHill
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Orange: B7100 Std and Woodmizer; Green/yellow JD Buck, Gator and 410j.