Someone Spent $25 Million on Lottery Tickets to Guarantee a Win. And It Worked.
Someone Spent $25 Million on Lottery Tickets to Guarantee a Win. And It Worked.
A New Jersey company called Rook TX exploited lax regulations to buy millions of lottery tickets, winning a $95 million jackpot and prompting Texas Lottery Commission reforms.
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They won $96ish million, took the lump payout of $57 million.
That’s a really affordable military.
lol I thought I edited it before anyone saw that.
Mistakes are forever.
Wonder what they're gonna do with their $23 million.
Hookers and blow
How the fuck can you win 96 million on a lottery and only receive 57 mil?
Is that a Freedom©®™ thing the rest of us wouldn't understand? 😂
Taxes.
...Which the rest of the world understands well. So why don't you?In germany the lottery is state owned and the tax is applied before money is added to the jackpot. So if the jackpot is 50mil you get 50mil
Yeah getting taxed on winnings is fucking insane, and they just say "it is what it is"
Is there any way they don't get fucked in the arse every time they get money 😂
Find a big(trillions) finance firm to move your money into tax differed assets. They'll move the money around so it doesn't get taxed and provide ways to access however much money you need right now. Probably loans against whatever assets you bought.
Those poor lottery winners…
American here. That money gets taxed when you buy your number, and when you collect any winnings lol
No sales tax on the ticket in Texas at least
Well that's good lol.
Nope, that's not what reduced it. It was the lump pay out. You only get the full amount if you take the 21 year payout.
You still pay taxes on that as well. It's just the taxes are also spread out over the full time payout.
If you take the cash option you'll get about 50% of the total and then have to pay taxes on that, which federally will be something like 35% of what's left, for a total of ~67.5% off the top.
A good rule of thumb if you're considering how much you would walk away with in America is to assume that before state taxes you would get about a third of whatever number is listed.
For instance right now it's like 550 million, you would walk home with about 190 million after taxes before state taxes.
Your state will probably take another 15% of the total if your state charges state taxes, so if you live in a state tax state you would walk home with about 137.5 million, or a touch over 25% of the original total.
Of course, your mileage may vary and you may have access to tax benefits that I am not aware of.
If you end up winning a large lottery in America I highly recommend that you speak to a qualified financial planner and tax professional and not just trust some asshole on the internet.
Excuse me sir, are you a qualified professional or some asshole on the internet, I have trouble discerning.
Asshole, unfortunately.
I .. may have need of your services...
I don't understand being taxed on winnings, to be honest
But yous get taxed on working abroad 😂😂
But yous get taxed on working abroad 😂😂
not american, but i believe this only applies if you pay less income tax in the country you’re working in than what the US would tax, and given the US income tax is relatively low compared to the rest of the world it rarely actually kicks in
and, it actually kinda makes sense IMO - the US is one of the most global countries in the world: as a US citizen you benefit (???) from the USes extensive international presence (eg if you’re held for ransom in a developing country, or in danger the US state department or military could intervene and probably do the most out of any country) even if you’re not in the country… and all that costs money, so it kinda makes some amount of sense
You have a choice: get 57M or get an annuity that costs 57M and pays out 96M over two decades
If you took the 57 million and invested it in an index fund you would probably do better than 96M over the same timespan, though you would probably be taxed more and have to be responsible enough to not spend the money instead
The lottery has 2 possible payout methods. One is over time, something like 21 years, IIRC, that will net you the 96 million. There is also the lump payout option that will net you smaller amount overall but more all at once.