I'm confused here......?

Lottery winnings are only paid in full if paid over a period of 20 years. You can opt to receive it all at once, but you only receive a fraction of the original value. Between the "lump sum penalty" and a tax of maybe nearly 50%, the value she received sounds about right.

At least that's my take on it. I don't know the actual tax rate, but it's very high.

 

I'm guessing she took the cash out method as opposed to the 30 yr payout. When you do that you get less money. Maybe she got 200mil i'm not sure. Then take the tax out of that.....

 

Government..they are everywhere...if you have money 50% will be theirs..

 

What the tax rate in the Scandinavian countries? It's obviously higher in the continental European nations than it is in the US.

 

The tax system is very complicated in the US. I'm sure it would be impossible for one person to read the entire tax code in the span of a single lifetime if all he did was sit down and try to read every tax code published in the United States.

I'm no expert, and I realize this thread has potential to go on and on about the idiosyncrasies of our tax system, but I would say the average American who doesn't do anything tricky with his taxes pays around 25-30% income tax (state and federal combined). Also, a "bit" higher for the better off.

Don't forget though that our sales tax is around 5-8%, whereas Europe is close to 20%. So in reality, Europeans pay about 20% more of their salaries toward tax. Of course, they get more government benefits such as health care and more education assistance in some cases.

I realize I'm not a tax expert, so if somebody wants to add or correct me, please do. I know I didn't cover propery tax, vehicle tax, electrical tax, internet access, tax, and anything-you-can-think-of-insert-a-blank-TAX.

 

Welcome to america, where it was illegal to run numbers in the days of Al Capone, but once the government figured it out, they called it the "lottery", taxed the crap out of it and, viola!, all of a sudden it's legal...

In Dennis Miller's newest stand-up special, he talks about taxes and america's founders... He mentions how they started "blowing motherf_ckers heads off because they tried to put a tax on their breakfast beverage"...

Now look what we've come to...

Welcome to america.

 

i have been offered several jobs in Germany, working on our aircraft ( General Dynamics / Gulfstream) . one place that sounds VERY VERY promising is at or near RamStien i know i did not spell it right, and if/when i go i will learn the language as best i can. even if you choose to PM me i would love to know any specifics. i am single and they are offering big $$$$$ i may wait until i finish at Embry-Riddle. (Aeronautical Science major) thanks for any help. Michael

 

I had to do a 10 page paper on Capone and Torrio this year, and i found out that the City of Chicago was very close to leagalizing prostitution and gambling to just to try and limit Capone, but he earned an estimated 60 million from just booze so it wouldnt really have done anything, give or take 20-30 million

 

Ramstein airway, kinda famous. Aug 28, Seventy people were killed when three Italian stunt planes collided during an air show at the U.S. Air Base in Ramstein, West Germany, sending flaming debris into the crowd of spectators. Sounds like a fun job, German is a very easy language to learn. Its very similar to english if you think about it.

 

You lose a big chunk when you take the lottery pay up front, but with large sums -- if you have a mustard seed of self control -- it's better to take the one big payment. You pay around 35% tax on lottery winnings, which is calculated with your income.

Invested over the 20-yrs at a moderate interest rate, the lump sum of $118M is worth far, far more than the $294M.

 

She's 67 years old, that could be the reason why she took it all at once.

That's 407M in Canadian dollars.

 

Ah, that's not much! The Liberal Party gives $ like that to their friends and family all the time!

 

Steven Harper, is that you?.... Jack?

 

I don't blame her for taking it all at once if she's 67 years old. Hope she spends it in good health! She was a hard working citizen!

 

A month ago, a couple in thier 50's won 150M {or some huge amount} and the wife had a heart attack from turning away people asking for money. They lived in the country and were from the old school of drinking tea and eating white bread with too much jam. She just couldn't take it. Whew! Must be hard. I would move away if I was her.

 

Like Ryan said, she was very smart to take the big amount up front. Just keeping it in the bank will put a far better return than waiting for all those years to get the full amount. Also, given the devaluation of money over 20 years, the $300m you have is not even near as valuable as it was before.

The lottery, regardless of where you live, is a tax on those who are bad at math. Your chances of winning the lottery are roughly the same whether or not you bought a ticket