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Old Yesterday, 12:56 AM
 
3,266 posts, read 1,332,579 times
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Quote:
Originally Posted by rstevens62 View Post
I dont think they should be taxing lottery winnings like this. I know most states do, but there a few that do not, its interesting why those states have chosen not to as well.
Well, for example, Florida doesn't have a state income tax. South Carolina does.
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Old Yesterday, 05:48 AM
 
Location: 912 feet above sea level
2,029 posts, read 741,980 times
Reputation: 11203
Quote:
Originally Posted by rstevens62 View Post
I dont think they should be taxing lottery winnings like this. I know most states do, but there a few that do not, its interesting why those states have chosen not to as well.


Of all the incomes that should be exempt from taxes, the massive windfall of a lottery win - which involved no actual production or toil in any way - isn't among them. Why on Earth anyone thinks that exemptions are important so a lottery winner can have $800+ million instead of a 'mere' $600 million is beyond me.

Yes, yes, we all would be happy of states magically ran without revenue. But they don't.

Personally, I love lotteries - they're nothing more than voluntary forms of taxation for people who are bad at math.
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Old Yesterday, 06:37 AM
 
511 posts, read 220,074 times
Reputation: 1102
What would I do with all that money....

Don't blame whoever for wanting to be anonymous. Some of my family members would know about it because we would pay off their bills and homes, make sure our kids and grandkids were set up, make donations to St. Judes and other children's hospitals.

I'm sure word would get out that we won. But by the time they do, we would be far away from here before all our "friends" would come a knocking!
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Old Yesterday, 07:51 AM
 
Location: Swiftwater, PA
14,087 posts, read 11,205,758 times
Reputation: 10427
Quote:
Originally Posted by Labonte18 View Post
This guy is going to have somewhere around half a billion dollars.


I don't think there's any way he can blow it all, even if he's 18. There's just not enough time.

The rumor running around town was that the winner was a young guy who worked at ZF Transmissions.. I think that's most likely not true.. But.. He can remain anonymous, and is smart for doing so.
Anybody can overspend. It doesn't make any difference how much you have. If one buys a yacht, plane, expensive cars and toys they also have to maintain them. Plus people can easily be wrapped up in the keeping up an appearance (even if they can no longer afford it). Heck, if he would buy a superyacht he could easily go through half his money. He will be swarmed by 'friends' and relatives; not to mention everybody that wants a 'partner' for their wild schemes.

Maybe he is level headed and will have his winnings for a very long time? It is just that many do not have fairy tale endings.
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Old Yesterday, 08:02 AM
 
4,747 posts, read 1,941,648 times
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Quote:
Originally Posted by Buckeye77 View Post
Well, for example, Florida doesn't have a state income tax. South Carolina does.

That's actually another potential reason why the winner hasn't come forward: He's changing residency.



The highest South Carolina tax rate is 7%. He'll save $52 million by simply throwing his stuff into a moving van and heading south.
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Old Yesterday, 08:05 AM
 
9,785 posts, read 11,719,939 times
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Quote:
Originally Posted by Buckeye77 View Post
The $877 mil is before tax. (It's the NPV of the 30 payouts if you take the yearly check.) Taxes will take about 31% of that. After tax will be about $605 mil.
Top federal tax rate is 37% not 31 plus you need to figure SC state income tax
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Old Yesterday, 08:06 AM
 
9,785 posts, read 11,719,939 times
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Quote:
Originally Posted by MinivanDriver View Post
That's actually another potential reason why the winner hasn't come forward: He's changing residency.



The highest South Carolina tax rate is 7%. He'll save $52 million by simply throwing his stuff into a moving van and heading south.
Except the winning ticket was sold in SC so they will surely get their 7% up front with or without the moving van.
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Old Yesterday, 08:08 AM
 
9,785 posts, read 11,719,939 times
Reputation: 13240
My guess:

Winner was wrapping up personal business. Maybe finalizing a pending divorce! With the anonymous aspect he/she could easily finish up their old life and start new elsewhere very easily.

Nobody waits 5 months for "no reason" or to let the publicity die down.
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Old Yesterday, 08:19 AM
 
Location: DFW/Texas
754 posts, read 661,070 times
Reputation: 2469
I think waiting to collect such a huge sum of money is very smart- it's exactly what my husband and I would do. How would it benefit you to rush in and accept it without extensive financial planning?



I wouldn't even tell my family members that we won that kind of money; I would have my lawyer bestow them with anonymous gifts, i.e. large sums of money that would pay off houses, buy houses, future college funds. Luckily my husband and I are not the types to want huge mansions and Ferrari's so whatever we'd buy would be modest and look as if we could already afford it. OR, we could also be recipients of some anonymous gifts and let the whole family just go nuts trying to figure it out, LOL!
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Old Yesterday, 08:46 AM
 
3,490 posts, read 1,821,010 times
Reputation: 16935
We'd wait too. Then we'd buy a beautiful four-bedroom log cabin on 200 acres in the Rocky Mountains, on a pond or lake. We'd buy a 20-ft fishing pontoon. We'd take care of family members and a couple of close friends, but we'd make it clear that it was a one-time-only gift, and they should use it wisely.

Then we'd disappear into the whisper-quite forest for the rest of our lives, with the cats and dogs of course. In fact, we'd expand greatly on the fur-baby side of the family. We might even build and staff an animal shelter somewhere on our 200 areas. Maybe two.
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