Powerball ?

[FIREmenow]

Spend $2 every time it gets over a quarter of a billion dollars. Just because that's a huge number.

 

[harley]

Darn it! I was going to buy a ticket, but I forgot about it until now. I'm pretty comfortable and am not hauling my butt off the sofa just for a half billion dollars.

 

[flintnational]

76% Tax Rate on Lottery Players (Or Call me Buzz Killington)

The following calculation only works in the aggregate. Individual players are actually near a 100% tax rate since the vast majority lose. The calculation is the impact for the taxing entities.

$1,000,000 Gross Work Income

$750,000 After Tax Income (Assumes 25% SS, FICA, State and Fed Taxes)

$750,000 Lottery Spending

$450,000 Gross Winnings (assumes 60% lottery payout ratio)

$261,000 After Tax Winnings (Assumes 42% State and Fed Taxes)

$739,000 Total Taxes on Gross Work Income

73.90% Effective Tax Rate on Gross Work Income

Edit to correct math error, could not correct title.

 

[street]

I have never played and for no reason why I don't. I don't even think about it when I'm at these stores to buy one. It would be a fun thing to give that money away to help people that really need to money.

 

[JustCurious]

I think winning a huge jackpot would likely bring far more problems than rewards, changing your life in negative ways you can't envision.

I agree, I do not want to win a huge powerball jackpot, it would bring too much unwanted attention and my family and I would become a target for criminals and crackpots. No thanks.

 

[athena53]

Meh. The lottery is a tax on people who suck at math.

Yep. I know an actuary who was a consultant to PowerBall years ago. (He was a tenured professor but his sons weren't interested in what he did till they were allowed to go backstage at a Powerball drawing. I'm an actuary, too. Never bought a lottery ticket. Never will. It's a regressive tax and one I don't have to pay.

 

[Big_Hitter]

Yep. I know an actuary who was a consultant to PowerBall years ago. (He was a tenured professor but his sons weren't interested in what he did till they were allowed to go backstage at a Powerball drawing. I'm an actuary, too. Never bought a lottery ticket. Never will. It's a regressive tax and one I don't have to pay.

I'm a professional mathematician and I play powerball when the jackpot makes it a fair game.

 

[lwp2017]

Overheard while in line at a convenience store prior to this week's powerball drawing. Bread and Circuses.


"Our state, never wins, I'm moving up north where they win !"

" Yeah, our state should have its own powerball so we can win big prizes too"

"They should make a law that if you win big you can't play again, it's not fair if you win twice"

 

[CaptTom]

I don't play, and the best part is I have almost exactly as much of a chance of winning as those who do.

But, if I did win, I'm quite sure I'd accept the money. I'm not too worried about reporters or scammers finding me. I would NOT be at home anyway. I wouldn't see it as a hassle at all. Would be kinda fun figuring out how to do the most good with it.

 

[Car-Guy]

Bought 25 quick pick tickets for tonight.

 

[splitwdw]

Bought 25 quick pick tickets for tonight.

I forgot to buy a Power Ball ticket, could you spare one? What's a quick pick ticket?

 

[Car-Guy]

I forgot to buy a Power Ball ticket, could you spare one?

I'll let you know tomorrow.

What's a quick pick ticket?

Random number generated tickets. (To lazy to pick my own numbers and fill out the forms)

 

[Walt34]

It turns out that DW did buy a couple yesterday when she filled up the car. Estimated jackpot $550 mil. Okay, at least half for taxes, there's still room for that 700 hp Dodge Charger....

Conversation earlier about the tickets:

Me: "What on earth would we actually do with all that money?"

Her: "What do you mean 'we', poor boy?"

 

[spncity]

That reminds me of a joke.

She to He: What would you do if I won the lottery?

He: I'd take my half and then I'd leave you!

She: Well, I did win the lottery last night. In fact, I won $12. Here's your half and there's the door!

 

[splitwdw]

I'll let you know tomorrow.

Random number generated tickets. (To lazy to pick my own numbers and fill out the forms)

Did not know random number generated ticket was called quick pick. I just ask the man behind the counter for 2 tickets. I thought he ripped me off when I only got 1 ticket...then he showed me the 2 lines of numbers.
Good luck to you!

 

[Bigdawg]

I don't play, and the best part is I have almost exactly as much of a chance of winning as those who do.

Glad you didn't play the two DW and I won. In 2001 DW won 10K on a military fund raiser. In 2012 I won the LaBatts beer sweepstakes. A 2011 Polaris Snow Mobile. Have won a few other much smaller lotto's (100 bucks a few times). Probably spend 80-100 bucks per year on lottery tickets. DO NOT expect to win. I actually want to win the one right after the big. Noone will care about little old me.

I spend a few bucks on donuts every once in awhile. They don't do anything for me either.

 

[Car-Guy]

It turns out that DW did buy a couple yesterday when she filled up the car. Estimated jackpot $550 mil. Okay, at least half for taxes, there's still room for that 700 hp Dodge Charger....

Conversation earlier about the tickets:

Me: "What on earth would we actually do with all that money?"

Her: "What do you mean 'we', poor boy?"

You are short changing yourself. The Dodge Charger (Hellcat) is rated at 707 hp, and not a measly 700. Better buy two in case one breaks.

 

[Car-Guy]

Did not know random number generated ticket was called quick pick. I just ask the man behind the counter for 2 tickets. I thought he ripped me off when I only got 1 ticket...then he showed me the 2 lines of numbers.
Good luck to you!

Good luck to you too. Us car folks need to stick together. Just think, if you win, you could buy another 63 Vette restored to factory new condition and have enough left over to fill it up a few times..

 

[powerplay]

Bought my tickets now to wait for my big win!! I may be waiting a long long time though. It's fun to have the fantasy for a few hours anyway.

 

[CaptTom]

Glad you didn't play the two DW and I won. In 2001 DW won 10K on a military fund raiser. In 2012 I won the LaBatts beer sweepstakes. A 2011 Polaris Snow Mobile. Have won a few other much smaller lotto's (100 bucks a few times).

Fair enough, I was talking about the "big" lotto games that are in the headlines.

Your odds on those smaller games are much better. Raffles and door prizes are also fun. Since I never win anything, I always give the money to DW or some other friend/relative to buy the raffle tickets. She once won a 50/50 worth a few hundred. Still a fraction of what we've paid to play over the years, but cheap entertainment anyway.

I've heard you can do well entering store survey raffles and the like. For a while I'd take the survey every time I got a receipt with a link to one. Then I read the fine print. There's always something like "one entry per xx months per household." Unless I read and followed all the rules, they'd probably disqualify me if I won anyway.

 

[RunningBum]

Another favorite lottery joke:


Guy comes home, and tells the wife: "Pack your bags, I hit the lottery jackpot!"


Wife: "Oh, how great! Where to?"


Guy: "I don't care, just pack your bags and go!"

 

[GravitySucks]

1 winner sold in NH.
$570M
Wasn't me.

 

[Walt34]

You are short changing yourself. The Dodge Charger (Hellcat) is rated at 707 hp, and not a measly 700. Better buy two in case one breaks.

Well, as it turns out the Hellcat has slipped back into daydream territory, as astonishingly, neither of the two tickets won anything. Oh well, the dreams were fun while it lasted and that's all I expected.

So far, the only thing I've ever won was a free Coke at Jerry's Sub Shop.

 

[Redbugdave]

Now I was planning on the money! They owe me the money! The winner in NH stole my money!

 

[GravitySucks]

Now I was planning on the money! They owe me the money! The winner in NH stole my money!

She/he sure is looking cute though....