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Old 02-18-2006, 03:40 PM   #69
Big Dog Big Dog is offline
gimme 3 stacks of high society
 
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Join Date: Aug 2003
Location: Grain Valley, MO
Casino cash: $10004900
Just a note on Powerball, anonymity and taxes.

The only state that participates in the Powerball that currently allows anonymous claims is Delaware, so unless you purchased your ticket there, at least your name will be a matter of public record.

The cash value tonight, if taken as a lump sum is $177.3 million. In Missouri, taxes will be withheld: 25% federal, 4% state. ($51,417,000.00)

This leaves you with $125,883,000.00.......BUT

Assuming you end up in the highest tax bracket known to man (which is HIGHLY likely) your overall federal tax burden will be $94,727.50 on your first $326,450.00 and $35% for everything over that. Missouri income tax will come in at 6%.

This means your total tax burden will end up being $72,673,470 or over $21 Million MORE than they withhold!!

Now if you set that amount aside you walk with $104,626,530.00, or about 29% of the posted amount.

Have fun with your $!!


Oh, and starting a thread here would be just a riot...after creating a new username and account from an unknown ip of course.
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