Posted on 05/18/2011 4:11:42 PM PDT by Huskrrrr
I’d add contempt on one side of that equation and complacency on the other, but your point is good.
He won money and he paid taxes. We all pay taxes on our money don’t we?
How many of us are millionaires on food stamps?
Are you actually saying the guy as a point to continue to receive food stamps?
Any income derived from investment of that asset is Taxable.
Let’s be fair — the useless parasite probably smoked up every last dime of that money, with help from all his friends.
Let's look at the avg. moron making $25k a year over his 45-50 yr. career.....
Of course that's just gross....
So let’s see: a man buys a STATE lottery ticket with after tax dollars. The STATE grabs 35% or more of the ticket price before putting the rest into the winner’s pool. (For da chilrun, doncha know!) He wins a million, half of which the STATE grabs again. Bernie Madoff couldn’t have done better. (His victims will get back as much as 75% of their principals, i.e. the initial investments, Capt Picard has said.) Good for the man for trying to get back some of the money the STATE robbed him.
However if the the government has a point in taking a million dollars of this man's money so that they can give it to someone else than you damn right he has a right to the food stamps that he himself has paid for many hundreds of times over.
I don't know anything about this mans reason for being on food stamps to begin with but keep in mind under Obama food stamp recipients have exploded. Many of these people on food stamps are on them because the government is taking so much from the businesses that could hire them that they can't afford to hire. Obama is literally using policy to bring about the welfare state.
Get rid of slavery to the government via the tax code first. Then we can see who the freeloaders are.
There two kinds of people.
Let’s say you’ve found out that your neighbour owes but pays no taxes and gets away with it. What do you do?
The 1st kind: Report him to the IRS.
The 2nd kind: Ask him how he does it!
It wasn't his money, to begin with.
The taxes on winnings are well known...
Most players of Mega Millions, and whatever...are the poor...to start with.
It's a tax on the poor and has been since lotteries were started. Period.
Do I think the Fed's deserve any of the money? Nope..not a dime. But that's how it works right now.
“Baloney.
It wasn’t his money, to begin with. “
And how do you know this? Who’s money was it that paid for the ticket and why didn’t they take the winnings?
Taxes on winnings are well known? You mean theft of private property by the government is well known.
I think you are assuming a bunch of stuff on this. I only know that he won two mil of which the government took around one mil and called it a tax. Now he’s getting food stamps, all of which he has now paid for many times over and more than most people posting on this thread.
I don't think I can help you...
FWIW-
$25 k/year? I don’t know about your state but in California the minimum wage is $16640/year. I assume those are the morons you’re referring to? You’re also not taking into account job loss, which is more than likely in this economy and will only get worse with outsourcing and illegal immigration.
For those who have non-minimum wage jobs the prospect isn’t much better. Once you adjust for inflation, wages have declined in relation to prices for decades. Unless you’re born into the elitist class odds are you’ll be living in poverty or fear living in poverty.
The American Dream is dead and both parties killed it.
His total federal and state tax would be very close to 40 percent, leaving him with 60 percent of his winnings.
He is either whining (likely), lying, or unclear on how lottery winnings are paid (also likely).
State lottery prizes have a nominal dollar amount, but large prizes are paid out over a number of years, with an option to take a smaller lump sum right away.
Winners taking the lump sum receive the “net present value” of the series of yearly payments. Michigan pays lottery prizes over 20 years, and his lump sum would probably be in the neighborhood of $1.3 million or so.
The taxes are calculated on and deducted from the lump sum payment, leaving him with about $850,000.
I read elsewhere that federal food stamp guidelines don’t count lump sum receipts, i.e. payments that are not ongoing (like paychecks or social security payments).
Although I thought there was a (fairly low) cap on allowable assets, and that someone with more than approx $2K in the bank would not be eligible.
This is nuts. If you have liquid assets (your home is not liquid) shouldn’t you (have to) turn to those assets first before taking a handout from taxpayers?
State lottery prizes are misleadingly promoted, but his tax was 40 percent, not half.
The fine print in the $2M prize is that’s what you get IF you accept annual payments over 20 years.
If you take the lump sum payment, as he did, you get much less, probably about $1.3 million.
The government took about $1.15 mil, called about some of it a net present value discount (the $2M is based on a 20-year payout, and you get a lot less if you take the lump sum), and called the rest (about a half mil) a tax.
Most people don’t realize that if you take the lump sum, you get a lot less even before taxes.
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