#taxthebillionaires #taxtherich #TaxTheWealthy #taxthemtoextinction #TaxThemToTheGround
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@vicfroh There's also far more billionaires than there are lottery ticket winners, so you wouldn't have to tax it nearly as aggressively to provide the same amount of funding.
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The tax hit is actually higher than that.
But the biggest deduction from that $2.04 billion lottery win comes from regulators permitting the lottery to advertise the gross amount. The actual cash value is less than half that, because it's paid out over decades.
Elsewhere in the world, the present cash value of a prize is what's advertised and paid out,. Try running a lottery the American way overseas and you'd land in prison or pay a whopping fine for false advertising.
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The tax hit is actually higher than that.
But the biggest deduction from that $2.04 billion lottery win comes from regulators permitting the lottery to advertise the gross amount. The actual cash value is less than half that, because it's paid out over decades.
Elsewhere in the world, the present cash value of a prize is what's advertised and paid out,. Try running a lottery the American way overseas and you'd land in prison or pay a whopping fine for false advertising.
@huntingdon @vicfroh In the lotteries here, you can choose a lump-sum cash payout, but yes, it is less than the top-line number. Usually it is ~60% or so. But this guy probably still paid something like 40% tax on his winnings.
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@vicfroh and that's going easy on them
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@vicfroh This is misinformation. Please don't spread it.
Ref: https://federate.social/@jik/115540071566264416 -
I disagree. Billionaires should be taxed even harder because the guy who won the lottery is the only honest billionaire. He didn't have to exploit anyone or rip them off.
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@vicfroh Misinformation or not, I'm still in favor of taxing billionaires like that. Full stop.
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@vicfroh The ridiculous thing is, if one steps back just for a split second on their greed to look at it objectively, $628 million is a freaking lot of money!
But all the super rich can see is "how dare anyone take away any of my money!" and fight tooth and nail over every single cent of it.
@nazokiyoubinbou @vicfroh While at the same time, they applaud changes to the NASDAQ index so SpaceX can steal the 401k money from workers
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I think he should have been taxed $2.03 billion. And come the Revolution, we abolish the goddamned lotteries. They're just another way to suction money out of the working class!
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@vicfroh This is misinformation. Please don't spread it.
Ref: https://federate.social/@jik/115540071566264416@jik @vicfroh If the prize amount is given to you as a smaller amount if you choose the lump sum, then that difference is being taken by the government. Calling it a fee or a penalty instead of a tax is just as bad as corporations charging hidden fees after advertising a lower amount. It's effectively a tax.
I'm not saying it's necessarily a bad thing that the government keeps such a large chunk of the money. Nobody needs a billion dollars. -
@nazokiyoubinbou @vicfroh While at the same time, they applaud changes to the NASDAQ index so SpaceX can steal the 401k money from workers
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@vicfroh why not erasing usury instead?
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@jik @vicfroh If the prize amount is given to you as a smaller amount if you choose the lump sum, then that difference is being taken by the government. Calling it a fee or a penalty instead of a tax is just as bad as corporations charging hidden fees after advertising a lower amount. It's effectively a tax.
I'm not saying it's necessarily a bad thing that the government keeps such a large chunk of the money. Nobody needs a billion dollars.@Jumpmed @jik @vicfroh
> If the prize amount is given to you as a
> smaller amount if you choose the lump
> sum, then that difference is being
> taken by the government.INCORRECT.
The lottery does not have $2.04 billion in cash. They have $997.6 million. If you take the lump sum, that's what you get. If you take the 30 year payout, they put the $997.6 million into a self-amortizing annuity that pays you interest -- exactly like you would pay interest to a bank on a mortgage.
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@jik @vicfroh If the prize amount is given to you as a smaller amount if you choose the lump sum, then that difference is being taken by the government. Calling it a fee or a penalty instead of a tax is just as bad as corporations charging hidden fees after advertising a lower amount. It's effectively a tax.
I'm not saying it's necessarily a bad thing that the government keeps such a large chunk of the money. Nobody needs a billion dollars.@Jumpmed
Congratulations! Your reply is such an incredible example of moving the goalposts, missing the point, and tortured (false) logic that you get to join the exclusive club of people whose first interactions with me online were also their last.
*plonk* -
@vicfroh This is misinformation. Please don't spread it.
Ref: https://federate.social/@jik/115540071566264416 -
@vicfroh Net present value is nasty. It is like a mortgage in reverse. The advertised amount is the sum of all the payments.
That does not protect you from going broke either. If you hit the lottery you will be contacted by lenders who will be happy to give you the money up front and take your future winnings.
A surprising number of people are broke a few years after hitting the jackpot.
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@vicfroh The ridiculous thing is, if one steps back just for a split second on their greed to look at it objectively, $628 million is a freaking lot of money!
But all the super rich can see is "how dare anyone take away any of my money!" and fight tooth and nail over every single cent of it.
@nazokiyoubinbou @vicfroh considering that you can live comfortably without ever having to work again with 10M, anything over 10 is a ridiculous amount.
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So, who really won?
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