If you win $10 million from a Lotto scratcher and take lump sum they give you $5.8 million

[BEER]

Here in England you don't get taxed so if you win 10 mil you get 10 mil.

And our record I believe is 167 million pounds.

You can also remain anonymous and still have all the money.

I don't like how America does it, seems shady.

America is real shady about it.

Fuck the taxation. Why can't I win anonymously?

 

[Swella]

So they can steal your money?

I guess.

 

[Hidden_Hand]

America is real shady about it.

Fuck the taxation. Why can't I win anonymously?

The tax and deduction thing just seems silly to me, do the taxes and deductions before advertising and then play for the stake.

But the anonymity thing is down right wrong, winning big on the lottery is life changing and often times for the worse, you don't just win millions get plastered around town and then turn up to work Monday morning like 'hey guys'.

I couldn't think of anything worse than everyone knowing my personal life and coming out the wood work because I won some money.

 

[mushishi]

You’re much better off taking the 3.5 million. If you put it in a very conservative portfolio, you could be looking at 150k per year to live on, while your principal keeps up with inflation. If you’re frugal, it’s enough to set your family forever. Old money.

400k per year is for chumps.

But don't most people who take the lump sum end up broke a few years later? People with bad self control are better off taking annual payments.

 

[Legumes]

You're forgetting that some states tax the winnings too.

 

[Legumes]

America is real shady about it.

Fuck the taxation. Why can't I win anonymously?

You can remain anonymous in specific states(Delaware, Kansas, Maryland, North Dakota, Ohio and South Carolina).

 

[Reyesnuthugr]

It's like... like their reasons for doing this aren't actually to try to help you

 

[TardStrong]

In ca there is no state tax on in state lotto winning so just have to pay federal which is right under 40% for over 400k. So yeah right around $3.5 million.

I can retire on that right now but my wife would have to continue to work. Women be shoppin! She can't have that money and all that free time

 

[JadeOwl]

Then you get taxed on the 5.8 million you are left with, Im not sure the tax on that since im not in that tax bracket but you will probably be left with like 3.5 million right? So you are not really winning 10 million you win 3.5 million.

If anyone knows the right amount you are left with and is familiar with these high tax brackets please inform us.

if you take annuity you get $400,000 a year for 25 years

If you are under 30 the 400k a year is probably the better choice

But what always baffles me is why does the Government take half of your winnings when its people who invest in the lotto not the government, why cant they just tax you on the 10 million its almost like a double tax, they take out half to supposedly INVEST back into the state mainly in schools or something. why do they have to double dip?


I heard in Canada they don't do that they just tax you on what you won they don't double dip like that.

As far as I know the US is the only country that taxes lottery winnings the same as regular income.

Everywhere else, it is recognized that is an anomalous windfall. Here in Peru, I believe the rate is 10% on lottery winnings.

 

[Liquid Smoke]

In Canada, you do not get taxed on any lottery winnings.

Bully for Canada.

 

[Swella]

couldn't think of anything worse than everyone knowing my personal life and coming out the wood work because I won some money.

I would take a lot of satisfaction in telling all the fake fucks to fuck off. Lol.

 

[emefer]

Well all deductions should be done before hand.

If you are playing for 100 million dollars you should be playing for 100 million.

The worst thing about the US lottery is when you have to declare yourself or something? I see that woman won 500 million or something but wasn't allowed to collect in secret? WTF

That was settled. She was allowed to remain anonymous. She was allowed to remain anonymous from the start had she read the instructions and not signed the ticket.

 

[5crew]

I don't like how America does it, seems shady.

America have always been shady. Only citizens that never left their countries keep ranting how great it is.

 

[MadSquabbles500]

Still pretty good considering how much I paid to play the lotto. I will take it. I wish it were more, but beggars cannot be to picky, and cant complain much.

 

[GordoBarraBJJ]

I spend $6 dollars a week on Lotto Max (Canada).

Sometimes more.

Maybe win 20$ here and there (at most).

It's fun to dream once in a while.

 

[Tuf_guy]

Im too poor to even play the lottery- FML

You're also fat

 

[Dirt Road Soldier]

Only a damned fool plays the lottery.

Especially if they are playing while poor.

Eh, if I have a couple bucks to spare in change it's either a lottery ticket, or a candy bar. It's fun to play once in a while and dream of hitting the Powerball.

 

[rj144]

I spend $6 dollars a week on Lotto Max (Canada).

Sometimes more.

Maybe win 20$ here and there (at most).

It's fun to dream once in a while.

Invest that instead, and conservatively, you'll have like $13,000 in 20 years.

 

[TidWell]

But don't most people who take the lump sum end up broke a few years later? People with bad self control are better off taking annual payments.

yeah if you are younger take the annuity since its paid out of 25 years 400k a year, you can do so much with that money and it makes you stay frugal, if you got that 3.5 million off the bat you would probably spend it especially if you were poor and or young like 19 years old.

If you are older take the lump sum.

If it were a 500 million or up jackpot Always get the lump sum in my opinion.

if its 10 million take annuity if you are under 40 years old.

 

[SammyPops]

Lottery winnings not taxed here so take that!