Non-Americans, what do you think of our massive lottery?

Can't buy a ticket so I don't care

>>53406212
It's equivalent to $1,868,071,140 Australian Dollars.

>>53406187
648,000,000 mill after taxes that will be continuously taxed each year as income that will be paid off during the course of 20 years.
that's 32 mill per year, and whatever the fuck insane tax on that is gonna be.

Not bad, but you're gonna loose 70% of it to tax.
This is how many winners go broke, they spend all their money and not realize that they owe massive tax on it.

lottery is just a money laundering system
>give money to resident that you cant do anything with
>collect massive taxes on your own money

I love to watch poor people throw their money away. This is wonderful.

>>53406523
>getting lottery winnings taxed

Didn't know you lot did that desu seems a bit unfair

>>53406187

nobody cares

It's a big jackpot

I'd pay Holly Heart 1,000$ a day to lick my asshole

>>53406523
Can't you move all your money to some shady bank like the Bahamas or something like that without getting taxed year after year?

>>53406650
And then you go to prison

>>53406212
You can buy one online

>>53406523
>648,000,000 mill after taxes
No.

Seriously nigger is math that fucking hard?

>>53406553
>Didn't know you lot did that desu seems a bit unfair
and that's how people go bankrupt the next year. its considered income

>>53406650
>Can't you move all your money to some shady bank like the Bahamas or something like that without getting taxed year after year?
sure. but than its tax evasion.

there are places that will take your winnings, and give you a lump sum at some exchange rate so you are only taxed the single year, but I dont know if that's better in the long run.

>getting taxed on your lottery/gambling winnings

I guess this is what happens when your government isn't running the entire gambling industry

>>53406763
fuck you double nigger
I was taking a guess at the payout cause its almost 50% in taxes.

here it is from the wall street journal
> 1.3 Billion, lump sum after taxes is going to be around $420-430 million.

>>53406820
>I was taking a guess at the payout cause its almost 50% in taxes.
No, it isn't. The max rate rate is 39.6%
>lump sum
Which you do not have to take.

>>53406678
>>53406769
I refuse to believe that there's no loophole in the taxation of those millions

Can't you live in Monaco for like five years?

That's why people who sellout massive companies go there: after a certain amount of time you don't have to pay taxes

I don't remember the details

>>53406912
I didnt know they do lump sums that large

>>53406981
You'd probably need to legally establish residence in Monaco for some time before winning the lottery

>>53407000
you have a choice of a lump sum or a 30 year pay out.

Doesn't the government run the lottery? Why are they taxing people then? They already make huge amounts of cash from all the losers.

>>53407140
Its run by the states, so your still liable for federal taxes.

>>53406614
4 U

>>53407140
when someone gives you money its considered income.

Fun fact: before Medicare in the 1970s, our state's public hospital system was exclusively funded by a lottery

Lotteries and raffles are a very effective (if unequitable) method of findraising for both charities and governments, and have a long history

>>53406564

Yes you do

>>53407083
Only suckers take the 30 year payout, the value is in t-bills and God knows what's going to happen to this country in 30 years, besides you'd probably make more investing the lump sum

>>53407181
>>53407246
What a scam, lotteries already have the worst payout percentage of any form of gambling. You're better off playing blackjack at the casino. At least in Australia gambling winnings aren't taxable, which is fair because you can't claim losses as a tax writeoff. Can you writeoff gambling losses in America?

>>53406820
>lump sum after taxes is going to be around $420-430 million
>420m

DUDE

>>53407438
Shieeett, its going to be over 572 million where I am

>>53407363
Well yeah, if you take the pay out you run the risk of the state refusing to pay you because of budget issues. Whereas the lump sum is just taxed to oblivion.

>>53407798
Your state isn't the only one paying you, all the participating states lotto's pay in and the Powerball "company" or whatever it is, takes the money and pays the winner regardless of state, you just go to your state's lotto commission to claim the prize

>>53407851
To add to this, that money is set aside so budget constraints won't affect it, but the values is assessed from Treasury bills, which run the risk of being worth fuck all during the time you get paid, that's why you do this:
>get lump sum
>get financial advisor
>invest in heavily diversified portfolio
>save some of itnleft for house, car, vacation, whatever
>live rest of your life within your means from investment dividends

Of course this is assuming your financial advisor and accountant, money people in general, don't fuck you over and the state doesn't nationalize all banks and take your money like in Blow

>>53407275
The American Revolution was funded mainly through lotteries.

>>53407403
>Can you writeoff gambling losses in America
yes you can. well not sure about gambling losses but you can write up securities losses. might be a loophole there.

>>53408520
most places in America gambling is illegal thought right? I mean apart from state lotteries

>>53407140

It actually depends on the state you are located.

https://www.washingtonpost.com/news/get-there/wp/2016/01/09/the-best-and-worst-states-for-winning-the-800-million-powerball-jackpot/

>>53406968
The thing is, it's usually not won by people who know how to handle millions of dollars, so even if there were loopholes, they wouldn't be used most of the time.

>>53406187
>Murricans abhor taxes
>but they gladly pay literal hope tax
AYY

>>53409095
They're too dumb to hire a tax lawyer?

>>53406187
We could give each Chinese citizen a single American dollar as a symbol of goodwill

BIG

>>53409298
Honestly?

A lot of them would be, or would get hooked into a scam.

>>53406968
Swiss banks used to be the only option to get away from the greedy IRS, but the US pretty much forced Switzerland to let them into the bank accounts of US citizens.

>>53409459
I guess the very act of buying a lottery ticket demonstrates your lack of financial literacy. I've got intelligent friends who are dumb with money as well; credit card stuff mainly.

>>53409594
w-what do they do with credit cards

Rich country
American dream

>>53409634
max them out and then pay the minimum repayment every month instead of paying it off. They end up paying double the cost of whatever they bought in interest to the bank.

>>53409742
That's stupid. I just basically use mine like a debit card, only buy what I can pay for. Is there a better way to do things ?

>taxes on a lottery

what a shithole

>>53409784
Sounds like you're doing the right thing. I use a credit card because I can buy stuff and have a 55 day interest-free period, I earn points, and I get free extended warranties and free travel insurance if I book flights. Credit cards are useful tools, but the key is to always pay them off before the interest-free period.

I have dual citizenship.

The very second i win and get muh money.

The jew government will only take the initial cut.
after that i'll denounce my citizenship and tell them to fuck off with my $480,000,000+ dollars.

>>53408520
I think you can only write it off if you're a pro gambler... Or possibly only write off table losses... I don't remember

>>53409982
you still pay taxes after renouncing your citizenship.

>>53410018
I find that hard to believe m8.

>>53410018
brah after i denounce my citizenship i am legit telling them to fuck off. they'll put out a warrant but i ain't NEVER coming back so i dont give a fuck.

>>53410018
I should clarify, you WILL pay Expatriation tax, because at that point, your net worth will have exceeded 2 million dollars.

>>53406523
You don't get taxed every year kn something you got in one year. If you make somewhere over 5000 dollars in a tax year, you are taxed for that year. So, you could get the 1.3 bil, get taxed, not make anything for the rest of your life and not have tax on it.

>>53410047
>>53410056
https://www.irs.gov/Individuals/International-Taxpayers/Expatriation-Tax
tadaa.

>>53410047
>americans

>>53410096
>Land of the "free"

>>53410062
>>53410096
How will they extract the money from you? Go to a country without an extradition treaty with the US.

>>53406523
>chances of getting struck dead by a meteor are higher than winning the lotto
>less than 10% of the funds are actually going to the govt
>a large cut is going to a private Italian company

it's all a big scam to take EVEN MORE money away from dumb poor people

>>53409532
Wonder if you can invest it at a lesser tax expense by investing in your own company based out of a tax avoidance country like Georgia?

>>53410136
Great way to have all accounts in your name seized.

>>53410320
>Keeping money in American accounts

File: IMG_20160111_003257[1].jpg (2MB, 1944x2592px) Image search: [Google]

2MB, 1944x2592px

Here's my losing ticket for the $900 million the other day.

I'll probably pick up another one for the drawing on Wednesday.

I almost never play the lotto but it can be fun to buy a ticket or two when the jackpot gets real high. I never have any expectation of winning though.

>>53410398
Ask Kim Dotcom what he thinks about that. Unfortunately this is one of few countries you have very little chance of ever escaping on this planet.

>you are 90,000 times more likely to be struck bu lightning than you are to win the fucking Powerball.

Why do people even bother?

>>53410576
Wow, at that point you may as well save your money on the ticket, and just wait until you find the money lying around on the street. It's just a tax on the poor and stupid

Although I suppose some people just want to be a part of some redneck cultural phenomenon. At least that's the only way this makes sense to me.

>>53410576
Can't win if you don't play

>>53410668
>>53410627
nice delet

>>53410576
Cause it only costs $2 and it's fun. Yeah the chance of you winning is infinitesimally low but it's not zero. If nothing else it's fun to think about. Really though if you want to play you shouldn't get more than one ticket. If you're going out and buying 10+ for yourself you have a problem.

Idiot tax like everywhere else.

>>53410693
Don't you ever reply to me again or I'll have your country wiped off the map

>>53410693
Don't ever fucking reply to me again unless you're going to add something worthwhile to the discussion in this thread

>>53410734
>>53410979
>american "banter"

>>53411045
>Don't ever fucking reply to me again unless you're going to add something worthwhile to the discussion in this thread

>>53411045
>>53411222
He's just a (you) junkie guys. Let him be and he'll go away. Seriously though a (you) addiction can be deadly. Lost a lot of good friends who OD'd on (you)s.

Chasing the reply dragon man, not even once.

>>53411346
I bet he bought some lottery tickets lmao

Pretty impressive, but makes me wonder why your probability is so much worse than ours to get that far with so many tickets printed.

>>53406553
Literally the purpose of a lottery.

>>53407275
I want to see a worldwide lottery that creates trillionaires.

>>53411567

>some dickhead in liberia wins then creates his own self funded militia to take over the country

this literally could happen

>>53411684
>implying it wouldn't be fun to see that happen

>>53411567
>all those different currencies
>all those different tax policies and financial systems

That would be a fucking logistical nightmare.

>>53411567
>dictators in different shitty little fiefdoms across the turd world all buying as many tickets as possible and killing one another to steal tickets and increase their odds of winning
>Some African warlord from Fuckganda or something manages to win and uses the money to buy nukes


I need this in my life.

>>53411567
only in white counties right, and Germany of course

>>53406316
NOIN HANDRED DOLLERYDOOS?!

Odds are 1 in sloppy low approx population of America

Some hamburger is going to get it and I already have plans

>>53406212
>>53406316
>>53412006

>visit Australia
>nobody there accepts a pile of didgeridoos as currency

what the fuck

>>53406678
Hypothetically should a US citizen have dual UK/US citizenship then they would be able to bank in the cayman islands (Colonies are a blessing desu senpai), or they could get rid of their US citizenship and be able to bank in Switzerland without fear of being fucked

>>53411750
As an Accounting and Economics student the idea of being tasked with figuring out that nightmare makes me want to rip my own nuts off

>>53406187
We don't know it exist.

That I won't win. Even if I had a ticket I wouldn't win.

I would buy /cum/ island

If I win I'm gonna build the 4chan mansion.

>>53406187
Don't care

Odds are too low, lottery is a money sink

>>53412264
We call it a stupid tax.

>>53412264
This guy gets it

that is quite literally a significant chunk of a countries revenue for most countries in the world

>>53412293
It's higher than the GDP of 18 countries.

>>53406523
>paying the poor tax

Also
ALWAYS TAKE THE LUMP SUM
Compound interest motherfucker do you speak it?

>>53412286
>>53412311
You could also say that the current powerball is an excellent estimation on the value of wealth that can be extorted from the stupid, and while you don't have a registry of stupid people to extort, we do have a heatmap of which areas of the country are more stupid than others for the purpose of targeted advertising.

>>53412286

It's more of a tragic thing here because gambling is a huge thing here amongst the blue collar workers.

so if this pot grows large enough that the amount the winner receives after taxes is larger than like 600 million, wouldnt some organization with the money to spend be incentivized to pay $2 for each of the 290 some million possible combiantions of numbers for a guaranteed profit of at least a few million?

also I know that printing millions of tickets is practically impossible

I knew an American who had denounced his citizenship, moved to Europe and joined the Foreign Legion. He had no intention of going back to the U.S.

He still pays taxes to the U.S. government because he claims they can have you extradited.

>>53412489
>denounced his citizenship
what a fucking retard, this world allows multi citizenships.

>>53412264
Its not really about winning the jackpot, you just know that some people are about to win something. If you pay $2 and then win $200 its still cool.

Granted everyone has wet dreams over the jackpot but its highly unlikely.

I won $2 on a scratchie once. I paid $5 for it.

Gambling: not even once.

>>53406187
>1.3 billion
My ass, fucking americans it's not 1.3 billion since the jew takes back almost half of it, but 700 mill doesn't sound as good does it? So after the jew taxes the fuck out of you then you have to pay a big ass fucken tax on everything you buy and after a decade you find that the money you have left is worth half it used to be worth and now you have a bigg ass proprety and cars and shit you have to pay luxury taxes on because muh progresive tax , you can't escape any of this because the Gov Jew would lose it's money and MUHH FREEDOM AND SHIEET

>>53412653
>this world allows multi citizenships.
the jewnited states taxes income made in different countries. most other countries do not.

>>53410441
>hey guise please ask me what I'm building it's super cool and nobody else cares about it

>americans tax gambling winnings
HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA

>>53412792
Does romania even have people worth 700 million dollars

Anyone else here wouldnt spend it like crazy? Was raised very middle class but i know whats its like to be poor i cant fathom what id buy with all that money

Definitely buy houses for all my family members but for myself the first thing id buy is probably the boots my son desperately needs for scouts and pay off the house immediately after that

>>53413323
Literally two

Casinos and lottery are literally the poor people tax.

>>53413656
The craziest things I would buy are expensive tech gadgets and computer parts

>>53412792
said the main posting live from his goat cart

>>53413779
>it's not true if it comes from a country poorer than us
Go feel the bern somewhere else socialist

>>53409532
You could give it to a "charity" that is a non profit, that's what all the cool billionaires are doing now.

>>53413656
I'd go on a world wide trip for 5 to 10 years, then after visiting (and living in some) all countries I'd buy a huge plot of land here in Mexico (low taxes) set up a "security company" just so I can carry military grade weapons to defend my land with, install solar panels and electric wind mills, set up massive aquaponics systems, buy cattle, raise it, scout the internet for people who would like to settle there with me, and live out my days doing what I want.

>>53412653

If you have multi-citizenship, America will still jew you out of your money, even if you haven't lived there since you were 5

I've never even found a shiny Pokemon in my life, not even going bother with this shit.

>>53406187

google says thats £890mil
dont care its not a billion not even worth my time

>>53413323
>>53413779

great responses guys

>>53406187
The lottery is an extra fee for people who are bad in maths.