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You won the $1.4 billion Powerball! Here's your tax bill
Electric shock Show this Post
01-11-2016, 08:42 PM #1
Electric shock Incognito
 
Win the lottery? Welcome to the 1%. Now here comes the taxman.
The odds of winning the record $1.4 billion jackpot in Saturday night's drawing are 1 in 292 million. Anyone who beats those odds has tremendous luck, and a colossal tax bill to look forward to.
Prize money = taxable income: Lottery winnings are taxed like income, and the IRS taxes the top income bracket 39.6%. The government will withhold 25% of that before the money ever gets to the winner. The rest has to be paid at tax time.

http://money.cnn.com/2016/01/08/pf/taxes...tml?iid=EL

dumb taxes. what if taxes werent invented? sweet
01-11-2016, 10:05 PM #2
Octo Mother Superior
Posts:41,550 Threads:1,589 Joined:Feb 2011
I don't even want to think about what the taxes on such a huge amount would be in Finland damned.gif
01-11-2016, 10:33 PM #3
Coolchick Member
Posts:5,071 Threads:120 Joined:Mar 2013
i would be more than willing to win it and find out.

Just Plain Nuts.
01-12-2016, 12:41 AM #4
Octo Mother Superior
Posts:41,550 Threads:1,589 Joined:Feb 2011
Well, turns out it would be best if we won big time, CC

Do You Live In These 9 Lucky Countries Where You Pay No Tax On Lottery Winnings?

These countries pay out a lump sum immediately, tax-free, to all lottery winners:

Australia
Canada
Finland
Germany
Ireland
Italy
Liechtenstein
New Zealand
United Kingdom.

http://thelottolife.com/blog/2013/12/29/...o-tax.html

What they advertise is what you get, so if it was 1.4 billion euros here in Finland it would be exactly the sum I receive. The lottery company pays the tax for you. I can even have it in cash, although I imagine that would take quite a few suitcases. 13.gif
01-12-2016, 12:42 AM #5
bohica Member
Posts:1,594 Threads:213 Joined:Feb 2011
I figure I'd get to keep a quarter of the total.
350 million would keep me in walking around money for a while.

I'm in my seventh decade on Earth. I know things.
01-12-2016, 12:55 AM #6
Kreeper Griobhtha
Posts:11,167 Threads:770 Joined:Feb 2011
(01-12-2016, 12:42 AM)bohica Wrote:  I figure I'd get to keep a quarter of the total.
350 million would keep me in walking around money for a while.

Actually, you would keep 1/3 of the jackpot. This drawing will easily eclipse $1.5 billion. If you took home $500 million you could get an investment team and turn that into far more that the original $1.5 billion. All you need is to make more than the 3% interest the Lottery Commission will get you. That shouldn't be too difficult.

What politics from both sides wants to teach us is that things are never complex. If you have your little package and something doesn't fit into that package, You don't know what to make of it so you want to dismiss it or then you will have to do the work of reconsidering your assumptions. - Michael Malice
Ninelives Show this Post
01-12-2016, 01:48 AM #7
Ninelives Incognito
 
We got our 3 tickets, 3's a charm :-)
01-12-2016, 02:15 AM #8
Cynicalabsurdance Member
Posts:10,569 Threads:240 Joined:Feb 2011
if we just split it among all 300 million americans

POOF ! good bye Poverty

click on image to enlarge


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01-12-2016, 02:16 AM #9
Kreeper Griobhtha
Posts:11,167 Threads:770 Joined:Feb 2011
(01-12-2016, 01:48 AM)Ninelives Wrote:  We got our 3 tickets, 3's a charm :-)

Thanks! I'll take all I can get!

chuckle.gif

What politics from both sides wants to teach us is that things are never complex. If you have your little package and something doesn't fit into that package, You don't know what to make of it so you want to dismiss it or then you will have to do the work of reconsidering your assumptions. - Michael Malice
01-12-2016, 02:17 AM #10
Cynicalabsurdance Member
Posts:10,569 Threads:240 Joined:Feb 2011
I say we do that , and not Tax the share .

Just give each head of Household a share .

it would be more then 4 million

but , after everyone gets their share , NO TAX on the Gift .

get it ?
01-12-2016, 02:19 AM #11
Octo Mother Superior
Posts:41,550 Threads:1,589 Joined:Feb 2011
I think that's a wonderful idea. Nobody would qualify for welfare anymore.

blonde.gif
Ninelives Show this Post
01-14-2016, 03:54 AM #12
Ninelives Incognito
 
Just talk to KJ, shes getting her butt kicked, waiting line outside of 7-11

Should I cook bacon & eggs with fruit or say fuck it & go to Taco Bell.

Hummm ?
Ninelives Show this Post
01-14-2016, 04:03 AM #13
Ninelives Incognito
 
(01-14-2016, 03:54 AM)Ninelives Wrote:  Just talk to KJ, shes getting her butt kicked, waiting line outside of 7-11

Should I cook bacon & eggs with fruit or say ğkk it & go to Taco Bell.

Hummm ?

Taco Bell it is, Grab some suds on the way home....Cheers

C-ya
01-14-2016, 05:12 AM #14
Cynicalabsurdance Member
Posts:10,569 Threads:240 Joined:Feb 2011
I just bought ONE ticket

I picked the 9 Ball for the power ball in Honor of Zakk Tull

if I win , I am going to hunt Zakk Down and Help that Man
buy him a Home and a brand new Macbook Pro laptop
and set up a trust fund for his bills

and get him the help- he needs for his Problem .

That's the first thing I can do .

after that

it's a fucking free for all

Kritter Island comes to mind .


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Electric shock Show this Post
01-14-2016, 05:35 AM #15
Electric shock Incognito
 
despite all the lotto hype, we didnt bother buying any. iam hoping to see it grow to 1 trillion lol



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