Not to sound ungrateful but...

May 9, 2008 at 7:09 AM
11 comments

...65% in taxes?! I know that if he'd taken it in payments rather than a lump sum he would have retained more - but that just doesn't seem fair.

On a side note, while we were in Scotland we watched one of their lottery shows. I was impressed by how they were very vocal on which charities were getting a portion of the money. I remember my mom telling me that when the lottery was set up here, it was to help schools and whatnot. It might be doing that still, but I wouldn't know because they never say anything about it.

Of course... I also don't watch our lottery shows so maybe that's the core of my lack of information

clipped from news.yahoo.com

BATON ROUGE, La. - A construction company owner who lost two homes in Hurricane Katrina claimed a $97 million Powerball prize, a jackpot won off a ticket he bought at a convenience store where he stopped to buy his wife a gallon of milk.

Hunter took a lump sum payment that will give him $33.9 million after taxes, according to lottery officials.

West Metairie Shell, the gas station where Hunter bought his ticket, will get $25,000 for selling the winning ticket.

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...65% in taxes?!

No, not all of that is taxes. You receive a reduced prize by taking the lump sum. That's because if you take the 20 year payout the lottery commission gets to use your money over that time. If you take the lump sum and invest it wisely you will end up with more money at the end of the 20 years than you would if you took the long term payout. So while the lump sum seems like a raw deal on the surface it is really the smarter way to go (assuming you don't blow the entire wad in the first couple of years like so many of those hicks do).

Mmmm, I think I could manage with $33.9 million. I'd be willing to try. ;)

Haha! I know, I sound so jaded :)

Hmm, here all the money you win from the lottery is taxfree.
And the lottery here does a lot of charity, they help schools, and other things. Every penny the lottery makes goes to the winner or to charity (and ofcourse they pay also for the working of the organisation) They can't make any profit by law.

Those lottery shows are soooo tacky though. *Shudder*

maura_ea replied to Princesskasren’s comment:
May 9, 2008
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Of course! There was a lot of tacky TV there though, I think the only reason I noticed was because we always had basic channels and not that many :)

Princesskasren replied to maura_ea’s comment:
May 9, 2008
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Yeah...we British are addicted to reality tv...another *shudder*. The only tv we do well is comedy and mystery(like Morse etc).

Are you going to do a travelogue of your trip later once it has all sunk in?

maura_ea replied to Princesskasren’s comment:
May 9, 2008
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Oh yeah, I'm trying to gather my thoughts before I start though. I don't know if I want to put it all down and then publish it - or publish it day by day...

I saw your Edinburgh photos...it looked like you had a lovely day for that part of the trip..weather wise. You need to give Edinburgh a week in itself as you have to wander the old back streets and find the old buildings. There is even aplace where some of the old streets from the 1700s have been unearthed underground and all the little Wynds are wonderful. Of course you only find that stuff the second time you go as the first time you have to do all the big tourist stuff. Did you not do Arthurs seat?

maura_ea replied to Princesskasren’s comment:
May 12, 2008
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We just didn't have time for Arthur's seat! We left our B&B at about 9am and wondered the streets for so long that by the time we got up to the castle we were exhausted. We powered through though - enjoyed the castle and then hiked back down for dinner and that was all she wrote :P

Not to sound ungrateful but...

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