TKTKTK wrote:
Good point. Who the h#ll can live on a lump sum of only $80 million dollars? God, I feel sorry for the rich. You know, I bet they wish they were like the rest of us working schmucks, excited about putting a few bucks in savings from the bi-monthly direct deposit that can't arrive soon enough.
As the OP so wisely said, "Tone down those dreams." Of buying a planet.
The point is that it is just another lie in our system.
The claim is the pot is 700 million. If someone hits:
1. WE will be told more smaller prizes than expected were won so the pot is some smaller number -- maybe 600 million.
2. Then we are told it is 600 million payable over 29 years so the immediate lump sum value is $350 million.
3. The they have the balls to tax the winnings (after they make so much dough on the lottery losers). At the top tax rate and with state taxes and Medicare including the add-on for Obamacare, you are looking at after tax winnings of maybe $180 million.
4. Conclusion. They tell you the prize is 700 million. The prize turns out to be $180 million, more than 70% less than advertised. Like I said, just another lie