“A Michigan man who won $2 million in a state lottery game continues to collect food stamps 11 months after striking it rich.
He complained because he lost half of it to taxes....
All hope is lost. “
Sorry but I have to say he has a point. So he wins 2 mil and the government takes half! Who’s being unreasonable here?
he worked so hard for the money.
Meanwhile anyone on SS gets a job for $12,000 a year will get their benefits slashed.
The millionaire for complaining about having to support his own worthless freeloading.
That still doesn’t justify his leeching off the taxpayers. So he only made $1 million after taxes. That’s still more than most hard working Americans will earn in a lifetime.
Are you actually saying the guy as a point to continue to receive food stamps?
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.