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Joined: Jan 2001
Posts: 7,988 Likes: 3
Campfire Outfitter
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Campfire Outfitter
Joined: Jan 2001
Posts: 7,988 Likes: 3 |
News said after taxes the winner gets 997 million. Fuggin money grubbin gov't. The advertised value of this lottery is the future value of the principal if it is invested on government bonds for 30 years. If the winner elects to take the cash rather than that annuity payment, he receives the principal only. Then he pays ~37% Federal tax on top of that, and whatever is his state's top tax take. So, the winner could end up with a measly $500 million or so? Who the heck can live on that chickenfeed?
Never underestimate your ability to overestimate your ability.
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Joined: Jan 2006
Posts: 69,442 Likes: 14
Campfire Kahuna
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Campfire Kahuna
Joined: Jan 2006
Posts: 69,442 Likes: 14 |
The feds take 37% of the winnings. How much do they take of the money that's not paid out in winnings?
“In a time of deceit telling the truth is a revolutionary act.”
― George Orwell
It's not over when you lose. It's over when you quit.
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Joined: May 2005
Posts: 17,141 Likes: 2
Campfire Ranger
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Campfire Ranger
Joined: May 2005
Posts: 17,141 Likes: 2 |
Takes a gullible naïve person to play the lotto! One ticket is cheap entertainment. Two tickets is a crappy investment.
If something on the internet makes you angry the odds are you're being manipulated
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Joined: Dec 2006
Posts: 28,172
Campfire Ranger
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Campfire Ranger
Joined: Dec 2006
Posts: 28,172 |
California state income tax
In addition to federal
yee haw
Tennessee don’t have state income tax Neither does Nevada, but the lottery is not legal here.
Hunt with Class and Classics
Religion: A founder of The Church of Spray and Pray
Acquit v. t. To render a judgment in a murder case in San Francisco... EQUAL, adj. As bad as something else. Ambrose Bierce “The Devil's Dictionary”
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Joined: Jun 2002
Posts: 131,848 Likes: 35
Campfire Sage
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OP
Campfire Sage
Joined: Jun 2002
Posts: 131,848 Likes: 35 |
Peter Schiff's theory on how much to "invest" in these things makes a lot of sense. Whatever your chances are when buying one chance to win, you double it with the purchase of a second chance (total $4.00 investment). That's a 100% increase in your probability to win with the investment of an additional $2.00. But with the purchase of your third chance ($6.00 total investment), you are only increasing your odds by 50% vs what you already have invested in the two tickets. With the purchase of your fourth chance ($8.00 total investment) you are only increasing your chance by an additional 33%, and on and on.
He figures that doubling your chance with the purchase of two chances rather than one is a lot of bang for two additional dollars, but the bang per buck attached to the purchase of additional chances diminishes rapidly thereafter. The more chances you buy, in other words, the less bang you receive per each additional buck in terms of odds increase over your previous investment.
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Joined: Jan 2012
Posts: 67,324 Likes: 50
Campfire Kahuna
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Campfire Kahuna
Joined: Jan 2012
Posts: 67,324 Likes: 50 |
California state income tax
In addition to federal
yee haw
Tennessee don’t have state income tax Neither does Nevada, but the lottery is not legal here. Every other vice is ok though 🤨
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Joined: Aug 2022
Posts: 318
Campfire Member
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Campfire Member
Joined: Aug 2022
Posts: 318 |
Millions? Billions? On a lottery ticket? Seriously.... I speak straight from the heart... I heard all about it first hand... Flashback about 35+ years ago.... © 1985 or there abouts. Mega Millions? Powerball? Pffftttt... didn't exist back then. I was in the US Coast Guard stationed in Buffalo, NY and recently married. My in-laws (wife's older sister & bro-in-law) knew of a couple a street or two over in the neighborhood and were good friends with them. Truth: The infamous story goes, back then with NY Lotto... The neighborhood wife told her husband to stop at the local 7-Eleven and play these numbers that she jotted down on a piece of paper. Well... the husband forgot. ALL 6 NUMBERS HIT!  Yup... You guessed it... (well, way back in the day): $2.6 million dollars!! Word has it, they ended up divorced!!! 
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Joined: Aug 2003
Posts: 39,237 Likes: 37
Campfire 'Bwana
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Campfire 'Bwana
Joined: Aug 2003
Posts: 39,237 Likes: 37 |
California state income tax
In addition to federal
yee haw
Tennessee don’t have state income tax Neither does Nevada, but the lottery is not legal here. Every other vice is ok though 🤨 Can't have competition for the 1 armed Bandit and whore houses. A dollar in the lotto is a dollar outside a G-string.
Me
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Joined: Sep 2011
Posts: 61,074 Likes: 20
Campfire Kahuna
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Campfire Kahuna
Joined: Sep 2011
Posts: 61,074 Likes: 20 |
Most, if not all of us, are much better off as we are.
These premises insured by a Sheltie in Training ,--- and Cooey.o
"May the Good Lord take a likin' to you"
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Joined: Jan 2006
Posts: 69,442 Likes: 14
Campfire Kahuna
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Campfire Kahuna
Joined: Jan 2006
Posts: 69,442 Likes: 14 |
California state income tax
In addition to federal
yee haw
Tennessee don’t have state income tax Neither does Nevada, but the lottery is not legal here. CA doesn't tax lottery winnings. I can't explain why. I KNOW they get a share somehow. It's CA. They probably tax hell out of what's paid into ticket purchases.
“In a time of deceit telling the truth is a revolutionary act.”
― George Orwell
It's not over when you lose. It's over when you quit.
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Joined: Oct 2010
Posts: 7,748 Likes: 8
Campfire Outfitter
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Campfire Outfitter
Joined: Oct 2010
Posts: 7,748 Likes: 8 |
Neither does Nevada, but the lottery is not legal here. Every other vice is ok though 🤨 Most of our economy rests on fleecing tourists.
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Joined: Dec 2006
Posts: 28,172
Campfire Ranger
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Campfire Ranger
Joined: Dec 2006
Posts: 28,172 |
California state income tax
In addition to federal
yee haw
Tennessee don’t have state income tax Neither does Nevada, but the lottery is not legal here. Every other vice is ok though 🤨 Depends where in NV, but yes for the most part. The Casino industry won't let lotteries into the State. It's competition.
Hunt with Class and Classics
Religion: A founder of The Church of Spray and Pray
Acquit v. t. To render a judgment in a murder case in San Francisco... EQUAL, adj. As bad as something else. Ambrose Bierce “The Devil's Dictionary”
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