Topic: No Winner, Powerball up to $1.3B

[Pablo de Fleurs]

Bummer.

I heard somebody say winners also came up in two other states.

California, Tennessee & Florida - for everyone else, it's a tax on the mathematically challenged.

[John Florida]

  It wasn't me!!   

[Libertas]

Bummer.

I heard somebody say winners also came up in two other states.

California, Tennessee & Florida - for everyone else, it's a tax on the mathematically challenged.

It's not that challenging...

They took in $2B, they announced the payout would be $1.5B and the Cash Option would be $930M, the top tax bracket is 39.6%, for my state the top rate is 9.85%.  So...the math:

 930,000,000  Cash Payot
(368,280,000) Fed Tax
 (91,605,000)  State Tax
-----------------
470,115,000    Net Winnings

This translates to a 23.5% share of the revenue generated...meaning 76.5% of the revenue stays with government!

Easy math.

[Libertas]

  It wasn't me!!   

Dang!  Well, there is still Tennessee...Don?!

[Pablo de Fleurs]

Bummer.

I heard somebody say winners also came up in two other states.

California, Tennessee & Florida - for everyone else, it's a tax on the mathematically challenged.

It's not that challenging...

They took in $2B, they announced the payout would be $1.5B and the Cash Option would be $930M, the top tax bracket is 39.6%, for my state the top rate is 9.85%.  So...the math:

 930,000,000  Cash Payot
(368,280,000) Fed Tax
 (91,605,000)  State Tax
-----------------
470,115,000    Net Winnings

This translates to a 23.5% share of the revenue generated...meaning 76.5% of the revenue stays with government!

Easy math.

Agreed.

It's the purchase of a ticket that's a tax upon the mathematically challenged (i.e., you're tossing your hard-earned, post-tax money away on a tax that shows one to be hopefully stupid [unless the concept of a "dollar & a dream" thrills one's soul])

[Libertas]

Bummer.

I heard somebody say winners also came up in two other states.

California, Tennessee & Florida - for everyone else, it's a tax on the mathematically challenged.

It's not that challenging...

They took in $2B, they announced the payout would be $1.5B and the Cash Option would be $930M, the top tax bracket is 39.6%, for my state the top rate is 9.85%.  So...the math:

 930,000,000  Cash Payot
(368,280,000) Fed Tax
 (91,605,000)  State Tax
-----------------
470,115,000    Net Winnings

This translates to a 23.5% share of the revenue generated...meaning 76.5% of the revenue stays with government!

Easy math.

Agreed.

It's the purchase of a ticket that's a tax upon the mathematically challenged (i.e., you're tossing your hard-earned, post-tax money away on a tax that shows one to be hopefully stupid [unless the concept of a "dollar & a dream" thrills one's soul])

It's why I included "disposable fiat" in the first post...it should truly be money you can do whatever with, and let's face it people do plenty of stupid things with their money!

I find it hilarious that on the back of scratch offs and such they have a phone number for people who think they might have a gambling problem.  I am guessing the person answering that line is the most under-work over-bored person on the planet!