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If you should win, will you voluntarily give 90% to the US Treasury to help pay down the debt? After all, no one needs that much money, and you could live quite comfortably on $40 million.
Would you also NOT hire accountants in order to take advantage of current tax laws? For instance, would you refuse to pay the capital gains tax rate on investment income of 15% and voluntarily pay 35%?
Are you principled enough to start a business (regardless of profit) and pay "fair wages", full benefits, pensions and unionize?
I doubt it.
I doubt it also.
Look at Obama for an example, he's the most vocal critic of the rich "not paying their fair share," and yet, when he files his taxes he always takes advantage of every single tax loophole that he can find, to get his tax rate below that of his own secretary. He whines about the dire need to raise tax rates on the wealthy, but he will refuse to pay the very rates he wants to impose.
people should realize that a 425 million dollar lottery is worth a LOT less
425 million dollar lottery is worth only 215 million with the one time payment.....
that 215 million will get taxed at nearly 50%.....36 federal, and whatever your peticular state high bracket is (ie 10% NJ, 13.3% Cali , 7% NY, ...or 0% fla)...so a Cali would pay 36% to federal and 13.3% to the state for a total of 50%(49.3)...which means that 215 million is now down to 107 million......
and thats at current rates....come Jan1 (unless they extend) the federal rate goes back up to 39% (from the current 36%
people should realize that a 425 million dollar lottery is worth a LOT less
425 million dollar lottery is worth only 215 million with the one time payment.....
that 215 million will get taxed at nearly 50%.....36 federal, and whatever your peticular state high bracket is (ie 10% NJ, 13.3% Cali , 7% NY, ...or 0% fla)...so a Cali would pay 36% to federal and 13.3% to the state for a total of 50%(49.3)...which means that 215 million is now down to 107 million......
and thats at current rates....come Jan1 (unless they extend) the federal rate goes back up to 39% (from the current 36%
Well then, I certainly wouldn't want to win.
I mean, if the government's going to take so much, then I'd just prefer not to win $107 million. I mean, what a rip-off.
No to giving 90% of the money to gov't to offset deficit because that would be, well... stupid.
Yes to accountants in order to set up the businesses below.
Yes to starting one or more sustainable businesses (that actually produce a tangible 'thing') which would not have to be unionized because there wouldn't be any exploitation of employees.
And then, with whatever was left over, I'd buy a politician :-)
Look at Obama for an example, he's the most vocal critic of the rich "not paying their fair share," and yet, when he files his taxes he always takes advantage of every single tax loophole that he can find, to get his tax rate below that of his own secretary. He whines about the dire need to raise tax rates on the wealthy, but he will refuse to pay the very rates he wants to impose.
[URL="http://articles.latimes.com/2012/apr/13/nation/la-na-obama-taxes-20120414"]President Obama's tax rate was 20.5%, lower than his secretary's - Los Angeles Times[/URL]
Very, but nobility is my middle name. Robin Nobility Rossi, Esq.
But seriously, it was your something for othing mentality which codifies liberalism so perfectly.
The OP was about lottery winnings. Isn't that why people play the lottery: To get something for, basically, doing nothing?
I don't happen to play the lottery, but I wouldn't sniff at $40M if given (legally) to me. Are you suggesting you would? No, of course not. So, by the transitive property, could I submit that conservatives (assuming you are one such) are seeking 'something for nothing'? Absurd...right?!
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