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#1098561 - 01/13/16 06:38 PM
So what would YOU do with 1.5 billion in lottery winnings?
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Joined: Apr 2001
Posts: 19,289
Brian Austin Whitney
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Top 10 Poster

Joined: Apr 2001
Posts: 19,289
Indianapolis, IN USA
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So I bought the winning ticket yesterday, but just for fun, let's say YOU win it.. what would you do?
Brian Austin Whitney Founder Just Plain Folks jpfolkspro@gmail.com Skype: Brian Austin Whitney Facebook: www.facebook.com/justplainfolks"Don't sit around and wait for success to come to you... it doesn't know the way." -Brian Austin Whitney "It's easier to be the bigger man when you actually are..."
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#1098566 - 01/13/16 07:25 PM
Re: So what would YOU do with 1.5 billion in lottery winnings?
[Re: Brian Austin Whitney]
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Joined: Dec 2000
Posts: 10,893
John Voorpostel
Top 10 Poster
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Top 10 Poster

Joined: Dec 2000
Posts: 10,893
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Well, as I understand it, it is only $1.5 billion prize if you take it over 30 years. If you want it now, it is $930 million
Winnings are taxed at the highest federal tax rate of about 40% percent, then states, counties and cities also go for their cut, assuming they can. Some states don't tax winnings, or exempt them, but if you pay all, then that adds about 15%, or a total rate of 55%
Now there are tax brackets etc, but say you pay an actual amount of 50% of your winnings in tax, and the 1.5billion you take now, reduces to the 930 million and then again to about 466 million after all taxes are paid.
Nothing to sneeze at, but it seems the government is the big winner here. All lottery profits, plus 40% to 55% of the winnings go into the public purse.
No wonder they want to sell the jackpot frenzy...
If I won, I guess the first thing I'd do is cash that ticket in, take the lump sum, pay the 30% withholding tax (that's all I'd be liable for), put it into a bank account, and think long and hard about where it goes---I expect family, church, charities would be on my list.
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#1098567 - 01/13/16 07:34 PM
Re: So what would YOU do with 1.5 billion in lottery winnings?
[Re: John Lawrence Schick]
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Joined: Feb 2007
Posts: 10,938
Kevin Emmrich
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Top 10 Poster

Joined: Feb 2007
Posts: 10,938
Crozet, VA
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Bank a million and give the rest away Brian. Can’t imagine me ever needing more than that. Majority of workers don’t make a million in a lifetime. Other than that... upgrade my music workstation and look for some movie scores that I can bribe the producer into. Yeah, kind of a simple person living a simple life I am. LOL Best, John It is way, way too much money to win even if the government takes its share (25% federal and then state taxes). I would keep more than a million, John -- health care is expensive!! I would probably have to give a lot away also. I just can't see how I could spend that much money. I am trying to get rid of things not add more to the collection! Other than that, vacation where I want, help family members and a bunch of charities that deserve help. Probably get a BOSE L2 PA while I was it, though! P.S. I did actually buy a lottery ticket today, maybe the first in 30 years. I guess we all are a little greedy now and again.
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#1098576 - 01/14/16 12:09 AM
Re: So what would YOU do with 1.5 billion in lottery winnings?
[Re: Dave Rice (D)]
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Joined: May 2001
Posts: 7,412
Ray E. Strode
Top 30 Poster
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Top 30 Poster
Joined: May 2001
Posts: 7,412
Brunswick, Ga. USA
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Splurge! Uh, no. I would buy Donald Trump! No, I have Grandkids. Any more questions? Since I haven't bought any Lottery Tickets, don't even know if they sell them in Georgia I guess I ain't gonna win the Lottery. I of course could go down the road 50 miles and get some in Florida. All you folks that want to throw your money away you can send it to me.I have lots of places I can spend it!
Ray E. Strode
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#1098586 - 01/14/16 10:53 AM
Re: So what would YOU do with 1.5 billion in lottery winnings?
[Re: Colin Ward]
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Joined: Aug 2002
Posts: 6,856
Everett Adams
Top 40 Poster
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Top 40 Poster

Joined: Aug 2002
Posts: 6,856
,NL Canada
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I don't buy lottery tickets so I have no worry about winning. I say WORRY because there is a DOWN side to winning large money. First you will be bugged to death to buy this, buy that, plus every so and so will be looking for a hand out and I don't mean charities. You'd better make sure all your love one are protected against kidnapping for ransom. There was a survey done with winners of large lotteries over the years and half of them said they wish they had never won it, stating the very reasons I mentioned above.
Winnings in Canada are not taxed, but most of the money from ticket sales go back to governments, so it is a tax but it is a volunteer tax, you are not forced to buy the tickets. In the US the government gets you coming and going, I assume the ticket sales goes to governments plus you are taxed on the winnings. No wonder they like to see those prizes get so high, it starts a buying frenzy. For Canadians winning in the US, they must pay a tax on it, may not be as high as citizen of the US, but I believe there is a law in the US where there is another tax on taking that money out of the US. I saw it on the news, not sure how much it is. I can remember when gambling was against the law in Canada, now it is promoted by governments as another way to tax the people, usually the poor people, hoping to win and get out of poverty. Good luck with that.
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