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Powerball hikes jackpot to $325M; record cash tops $200M
http://www.philly.com/ ^

Posted on 02/10/2012 12:40:41 PM PST by jakerobins

Powerball was enormous, but now it's more so. Spurred by heavy sales - at $2 a ticket - the jackpot was raised this afternoon to $325 million.

And the drawing's not till Saturday night.

The advertised prize, payable in 30 annual installments, is the third biggest in the history of the game.

The cash payout, already a Powerball record, is now $202.9 million.

If this jackpot doesn't get hit, expect to see history: the first annuity to reach $400 million

(Excerpt) Read more at philly.com ...


TOPICS: Miscellaneous; News/Current Events
KEYWORDS: lottery; lotto; megamillions; powerball; sourcetitlenoturl
I know I'm going to get the "tax on people bad at math" comments but....I may have to throw down $2 for a play. Imagine the trouble I could cause with that kind of money...OH BOY!
1 posted on 02/10/2012 12:40:50 PM PST by jakerobins
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To: jakerobins

Relax!

It’s only $87.75M after taxes......


2 posted on 02/10/2012 12:45:48 PM PST by G Larry (We are NOT obliged to carry the snake in our pocket and then dismiss the bites as natural behavior.)
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To: jakerobins

Yeah, I put down $4 on two lines myself. Don’t usually play unless the jackpot gets over $200M.


3 posted on 02/10/2012 12:48:57 PM PST by IndyTiger
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To: G Larry

And how do they expect the winner to live on only 87.75M?


4 posted on 02/10/2012 12:50:53 PM PST by lowbridge (Rep. Dingell: "Its taken a long time.....to control the people.")
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To: IndyTiger

Yes, what good would $199 million be to any of us?


5 posted on 02/10/2012 12:55:40 PM PST by Jonty30 (What Islam and secularism have in common is that they are both death cults.)
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To: G Larry

In Texas, you’d only pay 25 percent of the cash option in taxes. Should I win, I couldn’t make the world a better place, just my little corner of it. (sigh) Dream on, I suppose.


6 posted on 02/10/2012 12:55:40 PM PST by bigredkitty1 (March 5,2010. Rest in peace, sweet boy. I will miss you, Big Red.)
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To: G Larry

Maybe I REALLY AM bad at math. I thought the top tax rate was 35% plus my state tax 7% which makes it 42%....So the after taxes is $117Million Yeah I can live with that! LOL


7 posted on 02/10/2012 12:56:04 PM PST by jakerobins
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To: G Larry

I bet the taxes will be 102% with that kind of income like this guy!
http://www.forbes.com/sites/beltway/2012/02/08/a-102-tax-rate-really/


8 posted on 02/10/2012 12:56:46 PM PST by Jack Hydrazine (It's the end of the world as we know it and I feel fine!)
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To: G Larry
It’s only $87.75M after taxes......

By my calculations, which has been borne out by previous stories about winners, the post-tax cash taking is about 34% of the annuity jackpot amount -- or roughly $136 million in this case.

In most, if not all, states, these lottery prizes are exempt from state taxes.

Note that different lotteries have different math behind them, based on how the annuity pays out. Mega Millions, for example, has a higher cash option due to being based on a 20-year annuity (as opposed to Powerball's 26 year), so your after-tax take is about 40% of annuity value.

9 posted on 02/10/2012 1:01:04 PM PST by kevkrom (Note to self: proofread, then post. It's better that way.)
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To: jakerobins
"So the after taxes is $117 million....."

Well what am I supposed to do for next weekend? ;)

10 posted on 02/10/2012 1:02:34 PM PST by SnuffaBolshevik (In a tornado, even turkeys can fly.)
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To: SnuffaBolshevik

LOL! If you can go thru $117 Million in a weekend...I WANT to hand out with you! I imagine a “Hangover” type weekend in Las Vegas if I did that...HAHAHA (Although I would enjoy buying some political ads in certain places that would target Romney) That would be fun.....


11 posted on 02/10/2012 1:06:13 PM PST by jakerobins
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To: kevkrom

$136M instead of $87.6M????

Man.....now I gotta start my budgeting all over again!

Sheessh!


12 posted on 02/10/2012 1:06:39 PM PST by G Larry (We are NOT obliged to carry the snake in our pocket and then dismiss the bites as natural behavior.)
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To: jakerobins

You could buy yourself a President!


13 posted on 02/10/2012 1:11:47 PM PST by donna (I want to live in a Judeo/Christian country where we know that, before God, men & women are equal.)
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To: donna

Hmmm now there is an idea! I wonder how much Obama would want to take Moochelle and leave the US...... $50-60 Million? If I thought it would keep Barry out of the White House I would deliver the check myself! LOL


14 posted on 02/10/2012 1:22:16 PM PST by jakerobins
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To: donna

Too late! He has already been purchased.


15 posted on 02/10/2012 1:22:58 PM PST by resistance (abandon all hope and rational thought, become a democrat)
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To: IndyTiger

Here in Maine, I bought two tickets for $1.00 each.

The multiplier for each ticket was $2.00 additional per ticket, so the total for two tickets was $6.00.

This is the first time I bought a Powerball ticket in about three or four years.


16 posted on 02/10/2012 1:31:44 PM PST by july4thfreedomfoundation (I'm NOT smitten' with Mittens)
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To: jakerobins
Islamic Terrorist Wins The Lottery (on his way to suicide bombing)
17 posted on 02/10/2012 1:40:11 PM PST by tsowellfan (If its between Obama and Romney, there isnt all that much difference - George Soros)
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To: july4thfreedomfoundation

I’m in Maine too. I stopped buying them a couple weeks ago when I had heard they went up to $2 each. They didn’t go up yet?


18 posted on 02/10/2012 1:53:04 PM PST by tsowellfan (If its between Obama and Romney, there isnt all that much difference - George Soros)
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To: july4thfreedomfoundation

I thought that Powerball was $2.00 per line entry now. That’s why the jackpots are rising so incredibly fast. If no winner on Saturday night, the next drawing should have a jackpot of $400 - $500 million.


19 posted on 02/10/2012 1:57:26 PM PST by House Atreides
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To: jakerobins

Studies suggest that if you win, the best thing to do for you long-term happiness to mail that ticket anonymously to your favorite charity.


20 posted on 02/10/2012 2:13:25 PM PST by Our man in washington
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To: jakerobins

I tink if I win, I would like to buy GREECE!


21 posted on 02/10/2012 2:19:30 PM PST by wetgundog (" Extremism in the Defense of Liberty is no Vice")
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To: jakerobins

I think if I win, I would like to buy GREECE!


22 posted on 02/10/2012 2:19:52 PM PST by wetgundog (" Extremism in the Defense of Liberty is no Vice")
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To: Our man in washington

I would have to keep some to pay off my bills....Perhaps I would go to somewhere and live on a beach. But I could do without the whole jackpot....I wonder what Freerepublic would look like with an extra $100 million plus in the coffers?


23 posted on 02/10/2012 2:22:20 PM PST by jakerobins
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To: jakerobins
I wonder what Freerepublic would look like with an extra $100 million plus in the coffers?

I don't know, but I'm rooting for you to win now!

24 posted on 02/10/2012 2:27:01 PM PST by Our man in washington
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To: jakerobins

What? And be demonized every day thereafter by Obama? Why would I want to do that?


25 posted on 02/10/2012 2:54:55 PM PST by OrangeHoof (Obama: The Dr. Kevorkian of the American economy.)
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To: jakerobins

After I win....


26 posted on 02/10/2012 2:56:48 PM PST by Jim Noble ("The Germans: At your feet, or at your throat" - Winston Churchill)
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To: tsowellfan

The lady at the supermarket courtesy desk told me the tickets were $1.00 each and the multiplier was $2.00 extra per ticket.

Maybe she got it backwards....that would make a bit more sense.


27 posted on 02/10/2012 4:43:01 PM PST by july4thfreedomfoundation (I'm NOT smitten' with Mittens)
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