/biz/ - Business & Finance

[Anonymous No.55815646]

Congrats anon on winning the 1.5 billion dollar lottery!
Let me just take just about 900million dollars for federal tax purposes.

WHY IS THIS ALLOWED?

[Anonymous No.55815653]

[Anonymous No.55815669]

In Italy, it's called "Pizzo", a term derived from the Mafia.

[Anonymous No.55815674]

Thats the price of freedom

[Anonymous No.55815681]

what the fuck would you do with 1.5 billion that you can't do with 600 million? If you were smart, there'd be no difference. Or you could take out a 1 billion dollar loan and let the bank collect the 30 yr checks.

[Anonymous No.55815682]

Poor guy only has 600 mil left hes basically broke according to /biz

[Anonymous No.55815691]

>>55815646
If he invests his lump sum wisely, he will get to the billions in about 4 years.

[Anonymous No.55815696]

>>55815682
The winner came here the other day complaining about being in a 9 figure hell hole.

[Anonymous No.55815709]

>>55815682
Literally not even enough to stop working on the weekends, it's over for them.

[Anonymous No.55815878]

>>55815646
>Congrats anon on winning the 1.5 billion dollar lottery!
thanks anon!
>Let me just take just about 900million dollars for federal tax purposes
i'm now $783.3 million richer now. who gives a fuck? i'm just kinda sad because i won't be able to spend it all before i die

[Anonymous No.55815903]

>>55815646
It's only 1.58 billion if the winner chooses to take 30 installments over 30 years.
If the winner CHOOSES a lump sump them the prize 783.3 million, the tax on which is 24% , or $188M, a lot less than OP's $900 million claim.
Can no one in here fucking read?

[Anonymous No.55815983]

>>55815691
He does not need to invest "wisely" or anything. 50/50 portfolio of ETF/high interest savings that's it, maybe pull out a few million for a home and some rentals. God I fucking wish I had money.

[Anonymous No.55816040]

>>55815646

even if they put their 600 million in ultra safe investments with 1% interest they earn a cool (((6 million))) a year

[Anonymous No.55816068]

>>55815691
This, just buy $600m of chainlink and he'll have at least $60B in a few years.

[Anonymous No.55816076]

>>55815646
He now can buy a mansion

[Anonymous No.55816080]

>>55816068
>he fell for scamlink

[Anonymous No.55816110]

>>55815903
wrong

[Anonymous No.55816173]

It's allowed because that's how society functions. The state needs revenue, lest you be left in an anarchy with no infrastructure or safety. And IMO taxing windfalls is one of the most reasonable and fair methods of generating such revenue. They didn't work for that money, they didn't contribute to society. And yet they are still left with 600 million. They dare complain after that?

[Anonymous No.55816202]

>>55815646
That money belongs to Ukraine.

[Anonymous No.55816245]

oy vey goyim what are you going to do with 1.5 billion? surely you'd never be able to spend 800 million in your lifetime? for your own safety you'll get 600 million first. we will send you 300 million in a few months or so. until that you'll get 100 million maybe. also we will deduct tax on it so your actual payout will be 15 million. we also checked your browsing history and it looks like you owe us 200k student loan debt which you have to pay first before receiving your lottery money.

[Anonymous No.55816266]

>>55815646
>anon realizes the lottery is just a scheme to collect more money

[Anonymous No.55816283]

>>55815646
>mandatory federal withholding
literally for what reason

[Anonymous No.55816296]

>>55815646
You can circumvent some of the tax by making donations aka bribing officials. I plan to do this to make my district a tax haven for frens.

[Anonymous No.55816298]

>>55815903
this is right
>>55816110
wrong
>>55815646
>>55815878
The difference between the advertised amount and the lump sum isn't tax, the actual amount of money was always the lump sum. They just estimate if they put it into bonds and pay out over 30 years what the total amount would be and market that as the actually amount.

The "1,58bil" never existed, it was $783mil the whole time. That's why the jackpots got a lot bigger after interest rates rose. It increases how much they can inflate the advertised number.

Now I'd assume the winnings would be taxed at like 37% + w/e other taxes you have like state/local taxes. But you're not paying "900mil" in taxes.

[Anonymous No.55816299]

Can they even prove that a regular person won and that the whole thing isn't completely rigged just so the wealthy can syphon more money from regular people? Notice how anytime the lottery gets to bigger numbers it's always all over the news and people that don't normally buy end up buying some. Even ignoring the obscene odds of actually winning, the whole thing seems like a huge racket to me.

[Anonymous No.55816307]

>>55815682
600 million is nothing nowadays

[Anonymous No.55816312]

>>55816299
Why would it matter? You're never going to win anyway.

[Anonymous No.55816316]

>>55815646
But that's not all, he'll have to pay state taxes too. He'll end up with like 300-400mil.

[Anonymous No.55816329]

>>55815646
In Canada you can keep it all but you have to solve a math/logic problem to collect.

[Anonymous No.55816330]

>>55815682
If you don’t have $600mm by the time you’re 2 days old, I’m sorry to say you’re ngmi

[Anonymous No.55816346]

What would you guys do with 500mil? All in index funds or dividend paying stocks? Or something else?

[Anonymous No.55816396]

>>55815878
>i won't be able to spend it all before i die
You have a very limited mind, anon.

[Anonymous No.55816411]

>>55816346
>tfw NW2
Nothing. It's already over.

[Anonymous No.55816421]

>>55816299
>Can they even prove that a regular person won and that the whole thing isn't completely rigged just so the wealthy can syphon more money from regular people?
A couple of months ago in my country in one of these lottery things you pick the numbers the number that were drawn were:
1, 2, 3, 4, 6, 7.
Odd, right?
According to the winners list, 4 people got those number right, after some 6 weeks of no one getting the first prize.
What are the odds?
All the media just passed it off as odd, everything's fine, nothing to see here.

[Anonymous No.55816426]

>>55816173
>lest you be left in an anarchy with no infrastructure or safety

We already are in ananarchy with no infrastructure or safety. Clearly the government having money has nothing to do with this

[Anonymous No.55816427]

>>55815646
are you getting enraged on behalf of someone else? why?

[Anonymous No.55816456]

>>55815682
600 million is the new $1 million

>>55815878
>i'm just kinda sad because i won't be able to spend it all before i die
JFC

[Anonymous No.55816467]

>>55815681
>>55815682
>missing the point entirely
I love how everyone is so quick to say "I'D STILL TAKE IT"
no duh, the point is why does the government get to keep over half? Why can't people run their own lottery and give 99.9%+ to the winner? That's all they are doing is pooling money and randomly giving it out.

[Anonymous No.55816503]

>>55816467
Because the lottery is actually a method of taxation. In a free market, competition would have multiple private lotteries that compete and would probably pay out like 90%+ of what they collected. But this is gambling and seen as bad for society. So the government wants to ban it, but instead they just create a monopoly on it, which is what they do in the US. The mega millions, powerball, etc. are all run by the state lottos. So they ban all competition, that way they an keep a much bigger portion of the rewards and it becomes a state revenue stream.

[Anonymous No.55816576]

>>55816346
All in on my lucky number at the roulette wheel. If you're not in the Forbes top 100, what does it even matter?

[Anonymous No.55816597]

>>55815646
That question and this entire thread is antisemitic.

[Anonymous No.55816652]

>>55816426
>We already are in ananarchy with no infrastructure or safety.
You are alive right now, are you not? If the government didn't exist you'd most likely be dead.

[Anonymous No.55816762]

>>55816173
This argument is OK to explain why they take SOMETHING, but not to justify why they take so much. Before taxes, they already take out profit from the ticket sales for education. Then they only pay you half of what's advertised if you want lumpsum, then, they tax you at the federal level. Then there's sales tax and possibly luxury tax on everything you buy with the money. Then the receivers of the sales money pay taxes on the profits of the sales. Then those receivers pay tax on everything they buy with those profits, so one and so forth until it all goes down the drain.

Anyone who defends this is insane or European.

[Anonymous No.55816791]

>ITT

[Anonymous No.55816797]

>>55816762
Defend what? Lottery winners shouldn't pay taxes? This isn't a tax argument. Everyone pays taxes. You need to make an argument why someone who made money through a lottery shouldn't pay taxes when a construction worker or teacher does, saying taxes in general suck isn't relevant.

[Anonymous No.55816802]

>>55816762
The less they tax such windfalls, the more tax ordinary or struggling people need to tax instead, income that actually contributes to society. Like you, presumably.
You must realize right now you are literally saying that the state should take some of YOUR money and instead give it to this person that now owns 600 million dollars.

[Anonymous No.55816813]

>>55816346
Buy shares in private limited companies like SpaceX. That's enough capital for their finance department to open doors and make offers that stock market normies will never be able to access

[Anonymous No.55816820]

>>55816173
>It's allowed because that's how society functions. The state needs revenue, lest you be left in an anarchy with no infrastructure or safety. And IMO taxing windfalls is one of the most reasonable and fair methods of generating such revenue. They didn't work for that money, they didn't contribute to society. And yet they are still left with 600 million. They dare complain after that?
USA is one of the few countries where lotteries are taxed you retard

in most countries, gambling is in fact not even taxed

Why? Because GAMBLING DOESNT GENERATE REVENUE YOU RETARD

[Anonymous No.55816883]

>>55816820
What is your point? If that's true then US is doing something right for once. If other countries don't tax it, then other countries are wrong, because all logic says that it should in fact be taxed.
"Doesn't generate revenue"? So what? There is no law of the universe that says that the government are only allowed to operations that generate revenue. They already tax several other things that don't.

[Anonymous No.55816892]

>>55816820
Technically "winnings" aren't taxed, because you can deduct your loses, only net profit is taxed. Its just that if you win the lottery, its usually almost all profit. But if you lost $100k on roulette and won $100k. You wouldn't pay any tax on that because you could deduct the loses.

[Anonymous No.55816916]

>>55816883
>"Doesn't generate revenue"? So what? There is no law of the universe that says that the government are only allowed to operations that generate revenue. They already tax several other things that don't.

so you admit that it doesnt generate revenue, therefore IT MAKES NO SENSE FOR IT TO BE TAXED DUMB NIGGER RETARD

>>55816892
>Technically "winnings" aren't taxed, because you can deduct your loses, only net profit is taxed. Its just that if you win the lottery, its usually almost all profit. But if you lost $100k on roulette and won $100k. You wouldn't pay any tax on that because you could deduct the loses.
No, thats only in the US of Retard. In other first world nations, they've recognized taxing gambling winnings makes no sense since the stakes are already taxed

[Anonymous No.55816917]

>>55816802
>needs
Don't get started on how the money is used.

That logic can be used to justify a 99% tax rate too. That why it's insufficient here.

[Anonymous No.55816930]

>>55816916
In the US, gambling tax DOES GENERATE REVENUE, because they only tax net profits, and only allow deductions to offset winnings. So if 10 people lose $10, and one person gets that $100, who has a tax rate of 25%, then the revenue is $25.

Which IMO is good because it means that's $25 less they have to tax from everyone else including me and you if we live in the US.

[Anonymous No.55816951]

>>55815646
>all that income money floating around thats already been taxed
>oh gee if only we can tax it again in one fell swoop

[PunishedBreakroom !!sT1wjzQRnKr No.55816955]

Sorry. Uncle Sam needs to take his cut.

[Anonymous No.55816984]

>>55816916
>>55816930
Oh and another problem with not taxing gambling is that it creates a bunch of tax loopholes, like spread betting on financial instruments, you can create synthetic positions to make investment income that is tax free and call it "gambling."

[Anonymous No.55816993]

>>55816984
>Oh and another problem with not taxing gambling is that it creates a bunch of tax loopholes, like spread betting on financial instruments, you can create synthetic positions to make investment income that is tax free and call it "gambling."
No you retard. You can easily ratify that with a law clearly stating that would not be considered tax free.

'muh loopholes'

Retard

[Anonymous No.55817015]

>>55816993
So the law is going to have hundreds of definitions about what is and what is not gambling? And why should that distinction be made? Why does it matter whether you made some money gambling at the casino or with stock options? Why shouldn't the net profit be taxed either way?

Its not logically consistent to say investment income should be taxed, but not gambling. You can make an argument that either shouldn't be or should be taxed, but the line between the two is blurred.

[Anonymous No.55817052]

>>55817015
>So the law is going to have hundreds of definitions about what is and what is not gambling?
no you retard, these 'tax loopholes' are literally the first thing they think of.

In the same way that moving to mexico wont just make your tax problems go away (the IRS will track you down through other countries police)

these 'loopholes' are easily fixed with a wave of a hand because they are readily accessible to common people

>Its not logically consistent to say investment income should be taxed, but not gambling. You can make an argument that either shouldn't be or should be taxed, but the line between the two is blurred.

HURRRRRRRRRRRRRRRRRR

retard retard retard

'its not logically consistent' thats not what this is about you autistic retard. This is about patching up legal 'gotchas'

[Anonymous No.55817072]

>>55817052
>no you retard, these 'tax loopholes' are literally the first thing they think of.
Obviously not because many types of financial instruments like spread bet derivatives are not taxed in the UK. You can literally make money on a stock going up and pay zero taxes while the guy digging ditches to build a road is taxed instead.

[Anonymous No.55817077]

>>55816916
>so you admit that it doesnt generate revenue,
Yes
>therefore IT MAKES NO SENSE FOR IT TO BE TAXED DUMB NIGGER RETARD
Nope, it makes perfect sense.

[Anonymous No.55817092]

>>55815646
OP is not only gay but also pro russia. Gov need money to bring peace to the universe

[Anonymous No.55817106]

Immediately place 595.3M on red. Let it roll

[Anonymous No.55817116]

The implied rate of the annuity compared to the lump sum is 3.4% when the rate on a 30 year bond is 4.2%. The implied value of the annuity given the 30-year treasury rates is only $699mm, as compared to the $783mm the state is offering.

[Anonymous No.55817173]

that time epstein won the lottery the day after he got sentenced to prison

[Anonymous No.55817249]

>>55816916
>>55817077
What does it even mean to say it doesn't generate "revenue"? Just because its a zero sum game? Because every business is a zero sum game currency wise. Mcdonalds employees only make money because people buy the hamburgers. Sports players only make money because people buy the tickets. The lotto winner only makes money because people bought the tickets. None of these aren't zero-sum currency wise. Seems like we are just making a judgement on the societal value of the business, but somehow arriving at the opposite logical conclusion: that gambling, which is seen as "bad," should be taxed less instead of more.

[Anonymous No.55817659]

>>55816202
This

[Anonymous No.55818033]

>>55815682
>600 million
That used to be a lot of money back in the day!

[Anonymous No.55818509]

>>55816892
>Technically "winnings" aren't taxed, because you can deduct your loses
But only the winner can deduct their losses.
>>55816930
The nine people who paid $10 and lost didn't get to deduct that loss, so they surely paid taxes on that money. Which means $90 of the $100 in that final was already taxed, then was taxed and paid a second time when the winner was taxed 25% of $100.
Same thing with the Mega Millions example ... every $2 ticket sold was bought with money that had already been taxed, then put into the prize pool, then taxed again (at likely a much higher rate) when given to the winner.

Actually I suppose all income tax is like that. Every time money changes hands, there's tax to pay, even if it's just giving the same (ever shrinking) amount of money back and forth.

You do a job for me and I pay you $100, there's a $10 tax (so you keep $90)
Then I do a job for you and you pay me $100, there's a $10 tax (so I keep $90)
It should be a wash in the end, an even trade. But instead we give the government $20 because we're not allowed to trade services without paying taxes on the trade.

[Anonymous No.55818568]

>>55815653
>Jews are why capitalism!
>But capitalism good!
Which one is it, chuddley?

[Anonymous No.55818596]

>>55816820
>Why? Because GAMBLING DOESNT GENERATE REVENUE YOU RETARD
Sorry to jump in, but what sort of revenue do you mean?

[Anonymous No.55818613]

>>55818596
>>55818033
Talk about "not random", haha.

[Anonymous No.55818642]

>>55815646
I legit cannot imagine people passively spending a good sum of money on these, last and the final time I took part in it I felt robbed.

[Anonymous No.55818647]

>>55816503
yep
the government is consistently the biggest criminal enterprise of them all in most sectors

[Anonymous No.55818654]

>>55815682
>TFW 9 figure hell

[Anonymous No.55818656]

>>55815646
Why not? Easy come easy go.

[Anonymous No.55818669]

>>55815682
He can finally get a chicken coop, good for him.

[Anonymous No.55818694]

>>55815646
It says the 24% is withheld like your paychecks but not simply just taxed away. I would guess they would receive some of that back during their tax return?

[Anonymous No.55818706]

>>55818568
Most antisemites don’t like capitalism retard.

[Anonymous No.55818753]

>>55815646
These threads are always a display of poor reading comprehension and no understanding of basic math.
>why do taxes exist
>what does lump sum mean
>the lottery is a good investment
You are all fucked. NGMI.

[Anonymous No.55818810]

>>55816762
>Anyone who defends this is insane or European.
>or European.

[Anonymous No.55818840]

>>55816298
the only sensible reply is also unreplied

i appreciate your post, but i am too stupid to contribute properly so please take my condolences in the form of a frog

[Anonymous No.55818842]

1.5 billion over 30 years is 52 million a year. I'd gladly take that and bear the devaluation the dollars took if it meant denying the govt any of the total they'd get otherwise.

[Anonymous No.55818850]

>>55818568
>being against a bloated government overtaxing its people = being against capitalism

yeah nah

[Anonymous No.55818959]

>>55818842
anon, the bonds they're talking about are treasury bonds, you're talking about literally giving your whole stack to the government, who then pay you back out a percentage of what you put in like an allowance

and then tax you on it

[Anonymous No.55819066]

>>55816299
They need to use some sort of verifiable randomness function

[Anonymous No.55819080]

>>55818959
Oh, well. I guess I would have fucked up. Good thing I didn't buy a ticket.

[Anonymous No.55819095]

>>55815646
Somebody needs to pay for all the niggers, single moms, and mutilated zogbots with le ptsd

[Anonymous No.55819210]

>>55816467
That's called a Tauntin and it's illegal.

[Anonymous No.55819218]

>>55816791
Nothing like a good spit shine for your work boots.
You don't own work boots right?
It's not a fashion it's a way of life.

[Anonymous No.55819458]

>>55817015
Investing isn't gambling you fucking idiot.

[Anonymous No.55819522]

>>55815646
For the 100000000000000000000000000th time: Lotteries are just collective taxation schemes
>peasants all pitch in their gross income dollars
>government keeps 50-75% of it
>only lucky peasant gets the remaining 25%

[Anonymous No.55819841]

>>55815681
Leave, summerfag.

[Anonymous No.55820128]

>>55816802
There's not some quota where if we don't get it from A we NEED to get it from B. If we don't get it, then don't spend it. Cut programs, cut foreign aid, shrink government, leave our money in the hands of our people.

[Anonymous No.55820356]

>>55816173
The state doesn't need that much, jackass. It could just as easily take 200k and be fine. Even that would still be too much, but not nearly as ridiculous.

[Anonymous No.55820425]

>>55816411
didnt stop elon

[Anonymous No.55821484]

>>55815646
Considering the US dollar will be worthless in 30 years, even if it still exists, best to take the 600 mil

[Anonymous No.55821590]

The real question is: If they can print as much as they want, why are they taxing every transaction YOU make??

Answer: To keep your dumb ass poor and enslaved

[Anonymous No.55821612]

>>55815646
lump sum or spread out? Seems the value of money will go down in 30 years so better to pay tax with lump sum?

[Anonymous No.55821709]

If they tax winnings than shouldn't you be able to claim what you spent on tickets as a write off on your taxes?

[Anonymous No.55821875]

>>55820128
>>55820356
What I'm saying is that regardless of how much the state needs, the logical percentage of sources for those gains stays the same. They cut cost and now longer need the amount of revenue that makes up lottery taxes? Great, but DON'T cut out the lottery tax because of it. Reduce regular income taxes and corporate taxes instead, and only reduce lottery taxes by whatever percent it was part of the total revenue, which is probably less than a percent.

[Anonymous No.55821903]

>>55815646
lol who cares im too busy getn my aardvark on

[Anonymous No.55821904]

>>55815646
enjoy your 70% tax, plus 30% tip