$540 million lottery has states antic...

$540 million lottery has states anticipating tax jackpot

There are 230 comments on the The Shreveport Times story from Mar 29, 2012, titled $540 million lottery has states anticipating tax jackpot. In it, The Shreveport Times reports that:

A Mega Millions lottery contestant buys a ticket today for Friday's $500 million game at a corner newsstand in New York.

Join the discussion below, or Read more at The Shreveport Times.

Gumby

Camarillo, CA

#42 Apr 6, 2012
I hate it when that happens !
Anonymous

Long Beach, CA

#43 Apr 8, 2012
WeTheSheeple wrote:
<quoted text>
Wrong again fool.
Each lottery is a bit different, but for the Megamillions Lottery the lump sum payment if NOT a calulated value, it is the ACUTAL CURRENT cash in the jackpot- which is 50% of the total value of ticket sales. Example-$500 million in ticket sales =$250 lump sum payment.
The calculated value is the annuity payment, but that is also a GUARANTEED amount, but paid in equal sums over a specific number of years. The total is based on investing the cash value of the jackpot in govt backed securities which would yield 4% annual return over 25 years (Powerball calculates theirs a bit differnt). That calculated value is what the jackpot number is based on, but it is STILL a guaranteed amount to be paid out.
Regardless of the ACTUAL performance of that investment, if you take the annuity option, you are GUARANTEED to receive the calculated jackpot value, spread out equally over 26 payments (25 years).
So you are GUARANTEED to receive payments totalling the ENTIRE calculated jackpot value. Granted, a $20 million payment today may have more inflation adjusted value than a $20 million payment 20 years from now, but you will indeed receive payments totaling the ENTIRE calculated jackpot value.
So you say you won $460 million lump sum payment, or $24.6 million in 26 payments over 25 years, or you can just say you won the $640 million jackpot like normal people would.
Still don't get it. No worries.

As I said, every person has their strengths & weaknesses. Finances aren't your strength.

Feel free to post more of your ignorance. You NEVER "win" the larger/advertised value. The total of your payments will be that amount, EVENTUALLY. But that is not the amount you have won, when you win the lottery.

Forget my attempt at an apology. You are truly that stupid.

“Headed toward the cliff”

Since: Nov 07

Tawas City, Michigan

#44 Apr 8, 2012
Anonymous wrote:
<quoted text>
Still don't get it. No worries.
As I said, every person has their strengths & weaknesses. Finances aren't your strength.
Feel free to post more of your ignorance. You NEVER "win" the larger/advertised value. The total of your payments will be that amount, EVENTUALLY. But that is not the amount you have won, when you win the lottery.
Forget my attempt at an apology. You are truly that stupid.
Yes, the advertised jackpot is the total amount you will eventually be paid if you take the annuity option; you're finally getting it. If you didn't WIN that amount, they wouldn't PAY you that amount. If all you won was the cash payout, that's all you'd be paid- now or 26 years from now. So you do indeed win a jackpot worth the advertised amount; anything else would be a breach of contract.
Anonymous

Long Beach, CA

#45 Apr 8, 2012
WeTheSheeple wrote:
<quoted text>
Yes, the advertised jackpot is the total amount you will eventually be paid if you take the annuity option; you're finally getting it. If you didn't WIN that amount, they wouldn't PAY you that amount. If all you won was the cash payout, that's all you'd be paid- now or 26 years from now. So you do indeed win a jackpot worth the advertised amount; anything else would be a breach of contract.
LOL!! Breach of contract. What a moron.

As I said, thanks for posting your ignorance,
Stratton

Dedham, MA

#46 Apr 8, 2012
The lottery and casino gambling are both great. People voluntarily contribute money which goes to support the cost of operating the government and feel they've got something out of it, whether a win or simply the enjoyment of trying their luck. Every dollar of revenue the government gets from gambling is a dollar they're not trying to rape away from us in taxes.

“Headed toward the cliff”

Since: Nov 07

Tawas City, Michigan

#47 Apr 9, 2012
Anonymous wrote:
<quoted text>
LOL!! Breach of contract. What a moron.
As I said, thanks for posting your ignorance,
Legally lottery tickets are "bearer instruments" and as such are a legal contract between the owner of the instrument and the issuing authority; in this case whomever has physical possession of the lottery ticket and the Megamillions corporation.
Anonymous

Lynwood, CA

#48 Apr 9, 2012
WeTheSheeple wrote:
<quoted text>
Legally lottery tickets are "bearer instruments" and as such are a legal contract between the owner of the instrument and the issuing authority; in this case whomever has physical possession of the lottery ticket and the Megamillions corporation.
That has no bearing on the PRESENT VALUE of the jackpots. It's obviously too much for you to comprehend. So, don't bother.

As I stated, feel free to post more of your ignorance.

“Headed toward the cliff”

Since: Nov 07

Tawas City, Michigan

#49 Apr 9, 2012
Anonymous wrote:
<quoted text>
That has no bearing on the PRESENT VALUE of the jackpots. It's obviously too much for you to comprehend. So, don't bother.
As I stated, feel free to post more of your ignorance.
I never claimed it did. I simply stated if you win the Megamillions jackpot when you redeem your ticket you enter into a contract with them to receive the ENTIRE jackpot amount, UNLESS you opt to take the cash payout, in which case you will receive a lesser amount. So if I win the jackpot, I am guaranteed to collect the ENTIRE jackpot amount over 25 years (in 26 payments).
Anonymous

Lynwood, CA

#50 Apr 9, 2012
WeTheSheeple wrote:
<quoted text>
I never claimed it did. I simply stated if you win the Megamillions jackpot when you redeem your ticket you enter into a contract with them to receive the ENTIRE jackpot amount, UNLESS you opt to take the cash payout, in which case you will receive a lesser amount. So if I win the jackpot, I am guaranteed to collect the ENTIRE jackpot amount over 25 years (in 26 payments).
Yes, you did. You claimed you win the advertised amount, which you don't.

Give it up. You don't get it. You actually believe the amount they advertise. They count on the stupidity of people such as you who believe the most recent jackpot was worth $640M. It wasn't.
Anonymous

Lynwood, CA

#51 Apr 9, 2012
Nobody wins the "entire jackpot". You can keep believing that you do all you want, it won't make it so.

All you are getting is the interest they earn on the lump sum amount that is invested.

“Headed toward the cliff”

Since: Nov 07

Tawas City, Michigan

#52 Apr 9, 2012
Anonymous wrote:
Nobody wins the "entire jackpot". You can keep believing that you do all you want, it won't make it so.
All you are getting is the interest they earn on the lump sum amount that is invested.
Wrong. Whether they get 0% interest or 100% interest on the lump sum they invested has ZERO bearing on the amount the jackpot winner receives. ZERO.

If you select the annuity option you are GUARANTEED in a legally enforceable contract to receive the ENTIRE advertised jackpot amount, paid over 25 years in 26 installments.

Again, GUARANTEED in a legally enforceable contract regardless of how the Megamillions investment performs.
Anonymous

Lynwood, CA

#53 Apr 9, 2012
WeTheSheeple wrote:
<quoted text>
Wrong. Whether they get 0% interest or 100% interest on the lump sum they invested has ZERO bearing on the amount the jackpot winner receives. ZERO.
If you select the annuity option you are GUARANTEED in a legally enforceable contract to receive the ENTIRE advertised jackpot amount, paid over 25 years in 26 installments.
Again, GUARANTEED in a legally enforceable contract regardless of how the Megamillions investment performs.
As I said, you keep believing that if you like. Your inability to grasp the fact that you "win" the lump sum amount either way is amusing. If you take the payments, you have merely allowed the lotto commission to invest the money.

The interest is what you are receiving, if you choose the annual payments. "The interest has no bearing", that is rich!! Thanks for the laugh!!

You are proof that there are a lot of stupid people out there.
Anonymous

Lynwood, CA

#54 Apr 9, 2012
You remind me of an idiot who once said that if they won, they would take the annual payments, because they want to get the "whole amount". Hilarious!!

That's OK. There are MILLIONS of people out there right now, who have either lost their homes or are incredibly upside down on them. They would probably agree with your stance on winning the advertised amount, if you take the annual payments. Many people don't understand finances.

“Headed toward the cliff”

Since: Nov 07

Tawas City, Michigan

#55 Apr 9, 2012
Anonymous wrote:
<quoted text>
As I said, you keep believing that if you like. Your inability to grasp the fact that you "win" the lump sum amount either way is amusing. If you take the payments, you have merely allowed the lotto commission to invest the money.
The interest is what you are receiving, if you choose the annual payments. "The interest has no bearing", that is rich!! Thanks for the laugh!!
You are proof that there are a lot of stupid people out there.
If I only won the lump sum, then that is all I would ever receive, whether I was paid that tomorrow or 25 years from now. Obviously that's not the case.

Again, it doesn't matter how much interest the Megamillions corp makes on their investment over those 25 years, the winner of the jackpot is guaranteed to receive the entire advertised jackpot total.

If you want to give up the other 1/3 of your jackpot, that's your loss.

“Headed toward the cliff”

Since: Nov 07

Tawas City, Michigan

#56 Apr 9, 2012
Anonymous wrote:
You remind me of an idiot who once said that if they won, they would take the annual payments, because they want to get the "whole amount". Hilarious!!
That's OK. There are MILLIONS of people out there right now, who have either lost their homes or are incredibly upside down on them. They would probably agree with your stance on winning the advertised amount, if you take the annual payments. Many people don't understand finances.
Yep, stupid people like you.
And so it goes

Scottsbluff, NE

#57 Apr 9, 2012
The woman with the Sweet Rind Pork hat did not have the ticket in Maryland. It was turned in by someone else
alt-ctrl-del

Herndon, VA

#58 Apr 10, 2012
And so it goes wrote:
The woman with the Sweet Rind Pork hat did not have the ticket in Maryland. It was turned in by someone else
time to sue them for stealing her winning ticket
Anonymous

Lynwood, CA

#59 Apr 10, 2012
WeTheSheeple wrote:
<quoted text>
Yep, stupid people like you.
OK, Moron, why don't you send me $36,000? I will pay you $100 a month for the next 30 years.

In your stupid head, the amounts are the same, so you should have no problem with it.

Yes, that is how ridiculous you are. But feel free to post again and show it some more. Your ignorance is amusing.

“Headed toward the cliff”

Since: Nov 07

Tawas City, Michigan

#60 Apr 10, 2012
Anonymous wrote:
<quoted text>
OK, Moron, why don't you send me $36,000? I will pay you $100 a month for the next 30 years.
In your stupid head, the amounts are the same, so you should have no problem with it.
Yes, that is how ridiculous you are. But feel free to post again and show it some more. Your ignorance is amusing.
Wrong again stupid.

That would be an interest free loan; hardly the same thing.

If I start running a lottery and you win the $36,000 jackpot, then I will indeed send you $100/mo for the next 30 years. Or you can take the one time cash payout of $3,600. The choice is yours, but according to your math, you should take the $3,600 because that's all you won and I'll just keep the remaining 30,000.
Anonymous

Lynwood, CA

#61 Apr 10, 2012
WeTheSheeple wrote:
<quoted text>
Wrong again stupid.
That would be an interest free loan; hardly the same thing.
If I start running a lottery and you win the $36,000 jackpot, then I will indeed send you $100/mo for the next 30 years. Or you can take the one time cash payout of $3,600. The choice is yours, but according to your math, you should take the $3,600 because that's all you won and I'll just keep the remaining 30,000.
You're just too stupid to comprehend the time value of money. My example is exactly the same thing. You claimed that $640M of payments over 26 years is the same as winning $640M today. It is not,(i.e. the winners did not win $640M, in total).

Post more ignorance, please. It's really funny.

Tell me when this thread is updated:

Subscribe Now Add to my Tracker

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Republican Discussions

Title Updated Last By Comments
News Plurality of Americans think Trump is failing 7 min Ms Sassy 7,795
Election 'Fox News Sunday' to Host Kentucky Senate Debate (Oct '10) 1 hr CodeTalker 274,897
News GOP at war with itself (Mar '16) 5 hr Tm Cln 3,902
News Koch urgency: Conservative network fears closin... 5 hr Trump Plotza 12
News James T. Hodgkinson showed all the signs before... 5 hr Red Crosse 49
News 'God gave us one more chance' with Trump, Koch ... 6 hr Trump Plotza 4
News Trump claims witch hunt, says he's most hounded... 6 hr bad bob 1,269
More from around the web