Powerball 1 Winner

kat2220

kat2220

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A West Virginia man in his 50's or 60's from Hurricane (Putnam County) WV won $315 MILLION dollars! He is expected to claim the "cash option" worth $111.7 mil after taxes!

Hurricane has a population of 6,000 in the mountains. The liquor store where he purchased the ticket got $100,000.
 
Wow, just about 2/3'rds of it going to Uncle Sam. What a waste, $200 million.

There's a reason the lottery is called "The Idiot Tax".
 
Paul, that's just because he is expected to take the "cash option" worth #170+ mil.

He could have taken the anuatized version for 20 years.

I say take the $$$$$$$$$$$$$$$ and run and he!! with it!
 
Paul, not quite. You don't get the whole pot if you take the cash payout option. The 315 million is based on the jackpot being invested over a 20 year period of time, gaining interest for the "pot". If you take the cash payout option, then you "lose" about half of the jackpot. Then Uncle Sam gets his hands into the $$$$ and you get the rest. The TX lotto, with the cash option, is approx. half of the advertised lotto amount.
 
Whooooo ah! Man that guys got to be happy. I understand that he owns a construction company, so he wasn't just some poor laborer who hit it big time. First payment was 10 mil with the rest coming later. If only.....:)
 
I understand the difference between the lump-sum payment and the yearly payment options.

That doesn't change the fact that 2/3rds of the money goes to Uncle Sam. It's the Idiot Tax.
 
I agree it's an idiots tax, but according to this article:

http://www.foxnews.com/story/0,2933,73886,00.html

Plus a 10 buck calculator, the Feds only get about 34% (1/3) and he gets 66% (2/3). Don't know how much the state gets though!:) I don't believe he has to pay any Social Security or other "taxes" that he would have had to if he had "earned" the 111.6 million so perhaps that plus state tax is what would add up to 2/3. At any rate, 58,000,000 that Uncle Sam gets, to me, is way out of line.......but, it's free money for the government! Also, remember he has to continue paying taxes on any interest he gets until it's all spent.......and I doubt if he can spend it fast enough to not earn interest!!:D
 
I want some of that money....thats to much for him to carry around now.........so think he should give me some:D :D :D :D
 
Oh.........then that would at least 111.7 million for me!:D


I'm joking........cutie doesn't need money to be happy! In fact, one of her biggest joys is buying things at ridiculously low prices...........and she's darned good at too!!:D
 
Get a load of the winner. He looked good in that all black get up with the cowboy hat. Did this man have any teeth? :) Man, if I won that jackpot, I'd be makin all the races! :D

When I lived back in Iowa, had a friend who won a million bucks in a second chance lottery. After taxes, he receives $38,000 a year for 20 years. That ain't bad.
 
Happy is a word with many diffentions,money has been known to mess up the meaning.Don't get me wrong,I would love the chance to give as much back to who I think really needs it.That would be the challenge.;)
 
He looked great, and said the first thing he would do is write a big check to his church.
 
I like that he is putting every worker he had laid off back to work.:)
 
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