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Old 07-26-2018, 11:12 PM
 
28,122 posts, read 12,583,782 times
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I would assume most large lottery winners hire a very good tax attorney the day after winning, they can likely help them pay less in taxes from the win, there is all kinds of tricks and loopholes when it comes to taxes.
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Old 07-27-2018, 07:48 AM
 
17,285 posts, read 22,013,755 times
Reputation: 29617
Quote:
Originally Posted by LillyLillyLilly View Post
According to Bankrate, the top rate is 39.6


https://www.bankrate.com/finance/tax...-brackets.aspx
Google 2018 tax rates and you will see the rate is now 37%.
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Old 07-27-2018, 08:47 AM
 
9,153 posts, read 9,486,905 times
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Quote:
Originally Posted by City Guy997S View Post
Google 2018 tax rates and you will see the rate is now 37%.

Taxes went DOWN? Will miracles never cease! Thanks for the info.
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Old 07-27-2018, 09:31 AM
 
17,285 posts, read 22,013,755 times
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Quote:
Originally Posted by LillyLillyLilly View Post
Taxes went DOWN? Will miracles never cease! Thanks for the info.
Part of Pres. T's tax cut...... Bush had it down to 35% for about 10 years.
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Old 07-27-2018, 09:36 AM
 
9,153 posts, read 9,486,905 times
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Quote:
Originally Posted by City Guy997S View Post
Part of Pres. T's tax cut...... Bush had it down to 35% for about 10 years.

Cool. Now I've gotta try extra hard to win a jackpot before they go back up. 2.5% savings is huge on that amount.
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Old 07-27-2018, 06:01 PM
 
17,551 posts, read 13,334,227 times
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Damn, I already tore down my house to build a bigger one when I won the half billion dollars.

I didn't win, now what?
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Old 08-03-2018, 03:22 PM
 
9,153 posts, read 9,486,905 times
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The last big pot went to a group of office workers. If they chose cash they'd each get 29 million before taxes. It's california so no state tax on lottery.


They all say none are quitting. They like their job, their company, and their co-workers. Wonder how long that'll last?


https://www.yahoo.com/gma/543-millio...opstories.html
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Old 08-03-2018, 11:23 PM
 
Location: Honolulu, HI
24,605 posts, read 9,442,839 times
Reputation: 22945
Quote:
Originally Posted by LillyLillyLilly View Post
The last big pot went to a group of office workers. If they chose cash they'd each get 29 million before taxes. It's california so no state tax on lottery.


They all say none are quitting. They like their job, their company, and their co-workers. Wonder how long that'll last?


https://www.yahoo.com/gma/543-millio...opstories.html
That will last for a solid week, those winners are quitting. And morale will be low for the poor souls who did not participate in the pool. I'd hate to be a supervisor with a subordinate who is now massively more richer than me.

$29 million before taxes, I'm living off the interest from that forever. I will never have a boss again.
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Old 08-04-2018, 06:34 AM
 
Location: MMU->ABE->ATL->ASH
9,317 posts, read 20,996,996 times
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That happened to a Police Dept back in the 90's Only ones left was the Police Chief and the Sargent. All the officers left after a week, Town had to rely on State Police and Mutual Aid Police From nearby town for a while for the Police Department to be rebuilt.

I think a Printing Company also had that "problem" the most of the staff left, they did it over time (a month or two) to allow the owner restaff, as they left.

(Also wound up in a Lawsuit from the ones who did not join the pool that week. They said they were entitled to some of the winnings. And a judge ruled they were since the Small dollar winning were rolled into the next weeks drawing. The Judge brought in a forensic accountant to determine everyone's correct winnings. )


The Company I worked for at the time "Banned" Lottery clubs. They were afraid (Rightly) that if "We" won they would lose a entire department in one shot. While the tried to Ban it, Really did not work.

If we won whats the worse they could do? Fire Us?

Last edited by flyonpa; 08-04-2018 at 07:13 AM..
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Old 08-04-2018, 06:49 AM
 
Location: In a perfect world winter does not exist
3,661 posts, read 2,940,207 times
Reputation: 6748
I got material things out of my system and also Traveling.

Nothing to buy and nowhere to go.

What does a person do with the money?? Don't say women did that too.
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