When winning $$$ in the Michigan lottery goes wrong - oh the endless lolz

This guy is typical of most lotto winners. Period.

But he's full of shit on how much he paid in taxes. Michigan automatically withholds 29.5% on lottery winnings over $5,000. 25% in estimated Federal taxes and 4.35% for state income taxes. While he likely had a higher tax liability than this 29.5%, there is no way that he paid double that rate on his winnings. Maybe he hit 40%, but not 60%. The only way he would have come out with less than 50% of the $2 million after taxes is if there was a cash option for a lesser amount or an annuity for the full amount and he took the cash option, which doesn't seem to be the case here.
 


JRose said:
This guy is typical of most lotto winners. Period.

But he's full of shit on how much he paid in taxes. Michigan automatically withholds 29.5% on lottery winnings over $5,000. 25% in estimated Federal taxes and 4.35% for state income taxes. While he likely had a higher tax liability than this 29.5%, there is no way that he paid double that rate on his winnings. Maybe he hit 40%, but not 60%. The only way he would have come out with less than 50% of the $2 million after taxes is if there was a cash option for a lesser amount or an annuity for the full amount and he took the cash option, which doesn't seem to be the case here.
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Did you see who this guys financial adviser was?
 
Those are depressing stories.

A while back there was a documentary based on a study of national lottery winners in the UK. The money had fucked the lives of around 50% of the winners, who had lost friends, were estranged from family and were broke.

They featured two guys who managed to cope by having their old jobs back! So you had this millionaire being collected by his mates in an old van to be taken to his shift on a building site, and loving it. Another was a milkman who took-up his old delivery round.

One of them made an interesting comment which was if you're rich you need to make sure that you let your friends buy a round of drinks now and then.
 
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Seems when the motel room got to be too expensive, he started storing his jerseys in the property bins at the county jail. "Under lock and key at all times," as he says.
 
09:05 PMSL - "I have an entrepreneur mind frame"

But holly shit, the government takes more than half of his winnings!

I don't think we have to give the government anything if we win the lottery in the UK. Winning from gambling is not regarded as an income so there's no tax to pay.
 
ly2 from WF said:
It's amazing, if poor people were raped in the ass by taxes like everyone else they would make OWS protests look like childs play. No way in fucking hell would poor people allow the type of IRS ass raping to take place like everyone else does.
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Matter of time. Even the poor are catching on that their tax refunds aren't actually gifts from the IRS but money that was theirs all along, and could have helped pay bills or buy groceries when they actually needed the money most.
 
barry06 said:
09:05 PMSL - "I have an entrepreneur mind frame"

But holly shit, the government takes more than half of his winnings!

I don't think we have to give the government anything if we win the lottery in the UK. Winning from gambling is not regarded as an income so there's no tax to pay.
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They would literally tax us on the air we breathe if they could figure out a way to hook up the meters.
 
I would have punched that reporter right in the face!

He's talking about the guy winning 2 million when in fact the government won over 1 million from him. That should cover the cost of his food stamps for quite some time.
 
Clearly the kind of losers who play the lottery are not fit to handle the winnings they so desire. More than that though, the behavior post windfall is exactly why they never made that kind of money on their own in the first place.
 
SkyFire said:
Clearly the kind of losers who play the lottery are not fit to handle the winnings they so desire. More than that though, the behavior post windfall is exactly why they never made that kind of money on their own in the first place.
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Exactly. The high majority of people that I see purchasing a boatload of scratchcards or a dozen lottery tickets usually look like they are part of the lower-working class.

When they win that sort of money, they have no sense of managing it because they never experienced anything quite as similar to it.
 
fixie said:
State takes away 1.150.000 million dollars in taxes from them

Reporter asks: "Is it ethical that you still use our tax money for food stamps?"

LMAO
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Why would the State take any of the winnings away?

In Canada, you win what you win, and it does not get taxed. That's bizarre.
 
One time I was in a casino messing around on the slots, and this guy next to me hit it for $1500. After a couple minutes of bells and whistles, 2 guys in suits came over to him, 1 had a free drink for him, and the other had a clipboard. While the guy was drinking on his free drink, they were filling out a tax form with his name, address, SSN, then he signed it.

It didn't matter though. Over the next 2 hours, he managed to pump that $1500 back into the same machine, and walked away with shit.
 
trickykid said:
Why would the State take any of the winnings away?

In Canada, you win what you win, and it does not get taxed. That's bizarre.
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Same for us in the UK. We won it, it's ours, the state doesn't get a penny.

If I won the lotto big in the US I would transfer the cash to an account overseas and get on the next plane out of there before they get thier hands on it.:boid:

It's not like they take just a little bit of the winings, they take more than half of it. That's so fucked up!
 
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