| Budget and Taxes Do you feel that raising taxes will help solve the debt of the United States? Are you a fan of Reaganomics? | 
02-13-2007, 03:45 PM
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#1 (permalink)
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Points: 35,177, Level: 100 | Level up: 2%, 0 Points needed | |  Even the lottery rips us off!
Seems like they are always finding ways to rip us off.  FOXNews.com - New York Lottery Says No Dice for Man With Inoperable Lung Cancer Who Won $50,000 a Year Jackpot - Local News | News Articles | National News | US News
This guy has lung cancer and is said to only live for another year. He won $1 million on a scratch ticket and he wants to use that money to go to a Phyladelphia hospital that specializes in treating advanced-stage cancers.
They actually had the balls to tell him you can receive annual payments of $50,000 for 20 years (before taxes), or take a lump sum of a little over $200,000 after taxes.
Now this is what pisses me off. You scratch a ticket and you are said to have 1 million, yet you will not be given your 1 million leaving, you with a choice to take annual payments or a lump sum worth 20% of what you are supposed to get. I really feel bad for this guy and I am just sickened by this. | 
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02-13-2007, 03:48 PM
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Originally Posted by RidinHighSpeeds  Seems like they are always finding ways to rip us off. FOXNews.com - New York Lottery Says No Dice for Man With Inoperable Lung Cancer Who Won $50,000 a Year Jackpot - Local News | News Articles | National News | US News
This guy has lung cancer and is said to only live for another year. He won $1 million on a scratch ticket and he wants to use that money to go to a Phyladelphia hospital that specializes in treating advanced-stage cancers.
They actually had the balls to tell him you can receive annual payments of $50,000 for 20 years (before taxes), or take a lump sum of a little over $200,000 after taxes.
Now this is what pisses me off. You scratch a ticket and you are said to have 1 million, yet you will not be given your 1 million leaving, you with a choice to take annual payments or a lump sum worth 20% of what you are supposed to get. I really feel bad for this guy and I am just sickened by this. | I suppose after he dies the rights to money he never got would be transferred to his wife or children.
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02-13-2007, 03:50 PM
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Originally Posted by Antithesis I suppose after he dies the rights to money he never got would be transferred to his wife or children. | I would really hope so.. | |
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02-13-2007, 03:52 PM
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Level up: 53%, 110 Points needed | | Well if not then that's an obvious breach of contract. They guaranteed him the money, and if he or his family doesn't receive it, then the NY Lottery is in the wrong.
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02-13-2007, 03:55 PM
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Points: 31,201, Level: 100 | Level up: 2%, 0 Points needed | | yes - lottery winnings are transferable to beneficiary
but this poor guy's situtation SUCKS
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02-13-2007, 04:18 PM
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Points: 21,485, Level: 92 | Level up: 93%, 865 Points needed | | Hey - let's not make believe that the Lottery is here to do it's PLAYERS a favor.
It's stacked against the average Joe - and everybody should be smart enough to know that. As far as I'm concerned, it's an additional tax on the stupid.
But I digress...
Like every other legal screw-job, it's all there in the fine print. | |
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02-13-2007, 04:23 PM
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Points: 24,562, Level: 95 | Level up: 96%, 788 Points needed | | It's stacked against the average Joe - and everybody should be smart enough to know that. As far as I'm concerned, it's an additional tax on the stupid.
>>>>>>>>>>>
Sometimes described as the Redneck 401k plan!
In California one can choose either a one-time cash payout or 20 equal annual payments, which cannot be bequeathed to your heirs.
And they deduct tax and any outstanding fines before you get it
I thought that was the same in all the other states too | |
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02-13-2007, 04:25 PM
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Points: 31,201, Level: 100 | Level up: 2%, 0 Points needed | | I'm surprised he hasn't looked into one of those companies that offer to buy your structured payments.
It's at a loss of course- but I doubt if it's as bad as 20% of the principle
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02-13-2007, 04:27 PM
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#9 (permalink)
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Points: 24,562, Level: 95 | Level up: 96%, 788 Points needed | | I'm surprised he hasn't looked into one of those companies that offer to buy your structured payments.
It's at a loss of course- but I doubt if it's as bad as 20% of the principle __________________
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Even if you factor it, the payments stop when you die | |
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02-13-2007, 04:58 PM
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#10 (permalink)
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Originally Posted by tristanrobin yes - lottery winnings are transferable to beneficiary
but this poor guy's situtation SUCKS |
I suspect that this varies from state to state. In NY I don't think that it is inheritable.
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