Lottery Question

[WildKat]

The Powerball is at $250 million....If you win and take the lump sum, I think they said you get around 122 million....Where does the extra 128 million go? I mean every day and week there are lotteries that are won and so much money that is going to Uncle Sam or someone.....Where does this money go? If the lottery has been going on for 20 years plus, it seems like we should not be in as much debt.....I know Im missing something here, but does it not seem like there is a lot of money going somewhere?.....ps come on my numbers lol

[PHILLYBIRDS20]

GOT MY 40 BUX worth KAT. IF I HIT I WILL SEND 250K UR WAY. I HAVE TOO MANY PEOPLE AROUND HERE I WILL MAKE MILLIONAIRES

[Yankee23]

Winnings that are taxed I can not answer but here is a breakdown of where the revenue that is generated goes in New York state

http://www.nylottery.org/ny/nyStore/...avRoot_305.htm

[WildKat]

This 250 million is from what? two or three weeks of not being hit? There's a lot of money that is going somewhere............

[Romanowski]

actually that 122 million lump sum is BEFORE taxes

then 30 mill goes to federal tax

then it depends on your state

here is a breakdown

http://www.usamega.com/powerball-jackpot.asp

[guzzi]

an day say it aint fixxed...

[Victor]

One ticket in Missouri hit the 258.5 million dollar jackpot!

[WildKat]

Originally Posted by Victor

One ticket in Missouri hit the 258.5 million dollar jackpot!

THEY SUCK


I guess it saves me from all the hassles that come with being a millionaire.

[PHILLYBIRDS20]

u would prob give it all to ur ex girlfriend anyway kat lol

[MCP313]

People claim to hate taxes yet have no problem playing these lotteries that are impossible to hit to the tune of a few hundred million every month, go figure

I play it too every now and then but one of these days im just gonna light up my money and watch it burn for some better entertainment

And to answer the original question I think they just keep the extra money but its foolish to not take the lump sum payment from a simple mathematical point.

[ZoomVT]

And to answer the original question I think they just keep the extra money but its foolish to not take the lump sum payment from a simple mathematical point.

i agree, but some people just cant manage money and they are better off getting a monthly/yearly amount.

[Gobbler's Knob]

First thing I would do is buy Cappersmall and ban everyone I don't like

[steel69]

won't it be lonely by yourself

[Gobbler's Knob]

Originally Posted by steel69

won't it be lonely by yourself

Steel69 first to go.

[dhunter]

Originally Posted by ZoomVT

i agree, but some people just cant manage money and they are better off getting a monthly/yearly amount.

please explain.

you end up getting much more money when you take the payments. are you assuming that the winner will put it all into savings and live off the interest? which never happens btw i wonder what % of lottery winners end up going bankrupt.