ADMIT IT! If you won The Lottery you'd try to get out of Paying Taxes!

[leftstreet]

A big lottery - one of those SuperPoweredUpBalls - say $5, $10, or $20 million

:bounce:

Right off the bat you'd fairly run to an accountant and a lawyer and pay them to figure out how to keep as much of your windfall as possible.

Yet being part of the lower class you'd, sincerely, think about the charitable things you'd do with some of your winnings. But you wouldn't trust The Gubmint to do it. No way.

The only difference between the Republicans and the Democrats is the way in which they convince us government is bad:

The Republicans claim we're giving our tax dollars to the undeserving, deadbeat poor.


The Democrats claim we're giving our tax dollars to the undeserving, deadbeat rich.


Imagine if we lived in a society that truly shared its labor and its wealth. A society that filled its pot with food, shelter, healthcare and security for all. Hmm...

[Rosa Luxemburg]

1. the society could be Sweden almost

almost

[originalpckelly]

2. Participating in a voluntary game is a lot different...

than demanding tribute from your employees.

[leftstreet]

3. I like that, though

"tribute"

Sorta royal.

:hi:

[originalpckelly]

64. That's all it is.

They have no reason to be rewarded, the money investors inject into companies is our money in the first place. If you want to start a small business, work hard and save your own damn money, don't go stealing someone else's.

[BulletproofLandshark]

4. Speak for yourself.

60% of all those millions is still a hell of a lot of money, and I still wouldn't have to worry about working another day in my life. So why fret about paying in my fair share?

[EOTE]

11. Bingo.

I'd never fret less about paying my taxes if I won millions. I'd gladly pay them.

[emilyg]

31. So would I.

[SammyWinstonJack]

90. Exactly!

[SoCalDem]

5. Nope.. because WE would take the 26-payments plan..not the lump sum

so the taxes would be spread out over the years, and the regular income would mean less temptation to buy a peanut plantation or a chain of self-service dentistry drive thrus:)

[U4ikLefty]

86. BINGO!!!

[lunatica]

6. You PINKOCOMMIE !

How can you possibly promote the horrible idea of equity and fairness in all things! You're UNAMERICAN!:wtf: :spank: :nuke: :grr: :thumbsdown: :cry:

[leftstreet]

12. I know

With all this 'socialism' and 'nationalism' talk on the teevee lately, they'll need a new House UnAmerican Activities Committee!

[Veritas_et_Aequitas]

18. Not too loud, or Bachmann might take you seriously. nt

[dysfunctional press]

7. no, i wouldn't. i'd gladly pay the tax on the prize.

usually- you don't have a choice anyway- they generally deduct the taxes before you get the money, iirc.

[JuniperLea]

8. Not exactly...

I look at those winnings as being 35% less anyway.

If it was a mega millions deal, I would run to the accountant to see how much of it I would have to keep in order to live off the interest... then I'd give the rest away... very carefully.

I don't see "face value" in anything...

[countingbluecars]

9. If I won a big lottery,

I would gladly pay my taxes.

[Xenotime]

48. It's our patriotic duty.

[KansDem]

10. "Right off the bat?" I'd switch party affiliations...

Cant' be a conservative till you have something to conserve!

Sign me,
"KansRep"

:sarcasm:

[liberal N proud]

13. I would be more than happy to have that tax burden

If I had the means to pay it.

[ThomWV]

14. First off if I hit the lottery they would withhold the taxes right off the top

And what I'd be doing is hiring accountants to get as much of it back for me as they legally could.

[Veritas_et_Aequitas]

16. Winner, winner, chicken dinner. nt

[leftstreet]

20. I've read stories where winners set up Corps before turning in the ticket

It's a whole cottage industry

[Ganja Ninja]

37. Sure if you want to divide the money you need to make the people you're

sharing the winnings with part owners of the ticket. If I were to win and collect all the money I would pay all the taxes. Then if I tried to give some to someone they would have to pay taxes again. That's why you divide the winning ticket by percentages and everybody pays their taxes once.

[sui generis]

15. assumptions assumptions!

Yes, just like a lotto winner would try to maximize their annuity or available cash (ostensibly by seeking LEGAL tax shelters), a state where you were not required to work in order to eat means there would be less reason to work.

The assumption is that we all WANT to work and would work if it was available, but the reality is if I had a choice between raising kids and working I'd be raising a whole tribe of rugrats.

If the "wealth" is redistributed then what's the point of killing yourself for a raise? What's the fear of "not working" at your job if you don't care whether you get fired or not?

The thing is whatever your flavor of deadbeat, if you take away the thing that drives the people around them to not be a deadbeat, you no longer have anyone motivated to do anything. We are who we are because we innovate, because regardless of socio-eco background we believe that when we have the opportunity to "be in the groove" our personal efforts will be rewarded personally.

[leftstreet]

19. But listen to your own contradictions

Without a paycheck you fear we'd have 'less reason to work.'

And you'd rather raise a 'whole tribe of rugrats.'

Is that not work?

:shrug:

We've been brainwashed by what constitutes 'work,' and what inherent value that work has.

[sui generis]

28. so . . . if everyone is raising kids

who's earning the money?

who's making diapers at the diaper factory?

Or do we have a draft for that?

I'm not full of contradictions. I'm questioning assumptions - bit of nuance there.

I like money. I work hard for money - it's my "American" dream. I want nice things, not the same things everyone else has. I want there to be different things that cost more to make or to acquire because someone has the resources to put into an economic demand cycle.

I work every minute I'm not asleep, and I don't sleep much. That's work at work, work to thread home through traffic, work to cook a healthy tasty meal that everyone will eat, work at the relationship, work at my personal goals, work to give the pets enough daily attention and love.

No - I have not been brainwashed. To me "work" is what you do when you solve for where you want to be if it's different from where you are. No stigma attached.

[EFerrari]

38. Having meaningful work is a basic human need.

Most people are happier when they're working.

[leftstreet]

41. Absolutely. The keyword being 'meaningful.'

Everyone's different and 'work' from garbage collecting to raising kids to growing flowers to organizing an event....well it's our culture that determines the paid 'worth' of all those things. And from there we set up worthless class divisions because what's meaningful to individuals gets boiled down to $$.

It's actually quite sad.

[hfojvt]

17. that's a hypothetical, but I don't believe I would

First, I would run to my supervisor and tell him to take a flying fark three ways from Sunday at a rolling donut.

I would want to avoid double taxation. For example if I win $20 million and pay taxes on that and then give a million to my siblings, I don't want them paying taxes on it again.

[MineralMan]

21. Actually...no...I wouldn't

I'd pay the taxes that were due, then forget about it. It's easier and it's found money, anyhow.

It won't happen, though, since I don't play the lottery.

[Wildewolfe]

22. I'd pay whatever the amount I'm legally supposed to.

Set myself up with an annuity to cover my bills and living expenses and the use the rest also in some form of annuity to fund some sort of works program. Always envisioned doing the soup kitchen homeless shelter type of thing myself.

The difference to me that I see is that I see winning the powerball as an opportunity not only to be personally free from want, but as a huge opportunity to help others. I don't see it as oh there is my 5 cars, my beach house in palm springs, my mcmansion etc. THAT I think is the difference in groupthink between the two groups.

Would I take advantage of legal tax deductions? Sure. That's more money to the things I'd like to do with it. More money to help folks with. Do I have a single problem with paying what I'm supposed to? Not one bit.

[leftstreet]

24. All millionaires should be pulled from the working classes!

Your plan is an example of why The Ruling Class never considers their own good fortune as anything but deserved.

Over and over I hear regular working people 'plan' their lottery winnings much as you've said.

Go buy a ticket!

:hi:

[elizfeelinggreat]

23. Please give me the opportunity

to prove how Very Wrong you are.

Now, try thinking some happy thoughts! :D

[leftstreet]

27. I'll try to channel you some numbers

:D

[havocmom]

25. Nope. There would be more than enough left to live well

and buy some food producing land where I could have the orchards and gardens of my dreams. Local families would eat well.

[bluestateguy]

26. That would be kind of stupid

If you win the lottery the government has your name and contact information.

I believe that if you win the lottery the state/feds take the taxes out before cutting you the check.

[Ganja Ninja]

29. I would go to a lawyer to set up the documentation required to

divide the winnings with the people I want to share them with. It's better to divide the winnings before you collect so you'll only have to pay taxes once on them. That's not avoiding taxes. That's avoiding unnecessary double taxation.

Once I've paid my taxes I would put the money into CD's and gold coins and bullion. After that the only taxes I would have to pay is on the interest I would make on the CD's

[SOS]

30. In the NY Lotto

You receive 35% of the advertised prize if you opt for a lump sum.
First they adjust for the lump sum and then withhold all taxes.

If you "win" $10 million, you receive an after tax check for about $3.5 million.

I'd be delighted and wouldn't even consider the tax.

[Political Heretic]

32. Um.... no? I've NEVER thought like that. When I think of winning the lottery...

...so if I hear about a 10million lottery, when I think to myself "what would I do with that money" the FIRST thing I think figure is that it would probably be about 5million AFTER taxes and then I plan from there.

Why do I think like that? Because I'm not a materialist and I can't even dream up PLANS for what I would do with 10 million dollars other than give the excess away, after I bought a home, paid of debts, bought a car that works, set my family up so that they were all set for their golden years, etc.

[county worker]

33. Society doesn't own wealth, individuals own wealth,

I'm an old fart so I can relate this. In the 60's there were people who "lived off the land" and "shared." The problem with that was that most of them didn't have anything to share. They would come to me and ask, "you work"? Yes I worked and they shared what of mine they could get their hands on.
Taking from those who have was called "living off the land" along with lose changing people.

There will always be an uneven distribution of wealth. What we need to do is make opportunity available for all and help those who can't help themselves. Those who will not take advantage of the opportunities available should not live as well as those who do. IMHO.

[dionysus]

34. no, not really, i'd still be rich

dork

[kestrel91316]

35. If I had won the Mega Lotto on Tues, I would have gladly paid my taxes.

And then I would have invested the balance and contented myself with living off the interest after-taxes.

Having lived on very little for so many years, I know how to live on little. Anything more is just icing on the cake.

[azmouse]

36. Just like I do now, I'd be willing to pay what I owe but not one dime more.

That's perfectly fair.

[InvisibleTouch]

39. Certainly.

While I doubt that I would obsessively pursue every loophole, I'd find a good accountant who could save me as much as possible. To do otherwise would be stupid. Whatever additional money stays with me, would help a lot of good causes and good friends! But I sure wouldn't bitch about the percentage I did end up having to pay.

[slackmaster]

40. I'd pay the federal income tax for sure

The state withholds your federal income tax from significant lottery winnings.

I would definitely include tax-free investments in the portfolio I'd purchase with the rest.

[ieoeja]

42. I notice a distinct lack of people agreeing with you.

This thread badly needs one of those "Epic Fail" pictures.

[leftstreet]

46. LOL I'll provide my own

It's great though - that people aren't agreeing with me.
:)

[Fire_Medic_Dave]

74. There are a lot of liars here.

[SammyWinstonJack]

91. In your opinion.

[Fire_Medic_Dave]

93. I don't know of anyone that's not a liar.

[DS1]

43. Considering I didn't do shit to get the money in the first place

I'd be quite okay with it.

[elocs]

44. Not paying taxes and legally avoiding paying more tax than you need are 2 different things.

Is there anybody here who does not seek as many deductions as legally possible, seek to reduce our taxes as much as possible? Anybody who won millions in the lottery would be a fool not to seek the services of an attorney and an accountant before turning in the ticket or their help in how to best handle the winnings and there should be nothing illegal about that. There is nothing mutually exclusive about having a lot of money and being generous in helping others in need. Certainly there are those who have not much themselves who are generous in helping those in need.

[leftstreet]

47. But that was my whole point

Our tax base does not provide a safety or security net for our citizens.

We all want to be able to control how we help others, because we know the 'government' won't do it.

[elocs]

49. There is a connotation to "getting out of paying taxes".

I don't believe that anybody here legally tries to get out of paying taxes, but neither do we feel obligated to pay more taxes than we need to pay and it doesn't matter if we have won the lottery or not.

[Warpy]

45. I'd do what I did when I won the genetic lottery

I'd pay the taxes I owe, make sure the rest is invested so I can live on interest and dividends, and give whatever I don't need away.

When I croak, the whole thing is going to Doctors Without Borders.

[ayeshahaqqiqa]

50. Hmmm

the way I'd "avoid" taxes would be to give the money away. What I'd keep would be enough to live on so I wouldn't have to work (about $25K a year)and I would expect to pay taxes on that. In fact, this year my property taxes are going up about 100% and I'm not complaining--it means better road maintenance.

[depakid]

51. Any responsible person would go to an acountant

[global1]

52. A Friend Of Mine Sued A Big Company And Received A Windfall Settlement......

prior to that his wife supported the family and they were living hand to mouth. I really felt sorry for them as they were going through the lawsuit that took about 7 years to flush out. Immediately after he won - the law firm that he hired took $3 mil of his $9 mil settlement.

He immediately moved to Florida - no state taxes and bought a $1.5 mil home which he has made considerable additions to since. He is living in a gated community. He has a new circle of friends that are all wealthy. As such - he and his wife have changed due to the money. They have forgotten what they went through and where they came from and now put on airs - the new rich type.

On a daily basis - he sends me RW e-mails knocking Obama and the Dems. Blaming them for all the ills in our society and this current economic crisis and saying that the Dems are out to get our money. Really - it is his money that he is worried about. I'm not rich - I'm working my way through this economic downturn as everyone - just hoping I'll be able to keep my job and pay my bills. I'm paying $1,000/month for health insurance - and that's just for me. So I'm pulling for President Obama and hoping that he will be able to make things better for us. This guy is pulling against the President and everything the Dem party stands for and has completely bought into all the RW rhetoric from Faux, Rush, Hannity, et al.

During the campaign run-up to the election - I told him to stop e-mailing me this crap - but he still insists on sending it to me. I don't even acknowledge it anymore. I just look at it and delete it - all the while fuming that he continues to send me this.

Today - I received pictures of cereal boxes. One was called Obama-O's from General Moran (instead of General Mills). On the box it said things like 'Artificial liberally sugar-coated choco-loops of deceit' and '100% reality free' and 'The Wright Cereal for everyone' showing a picture of Rev. Wright and President Obama and 'fortified with your tax dollars'.

This is the crap he sends me everyday.

I just don't understand this behavior. They were nice people and I'm happy that they did well - but I'm really beginning to resent the stuff he sends me and the fact that he has no conception of what most people are up against in the real world today.

I would like to call him up and tell him this and let the chips fall where they may with respect to the friendship - but I still haven't gotten enough courage to do this.

The original premise to this post was 'if you won the lottery wouldn't you try to get out of paying taxes'. I'd like to think that if that ever happened to me that I would pay more than my fair share and still be happy and secure and not try to shelter every penny as my friend does.

But I did see firsthand how money changes people and I tell you it ain't pretty.

[InvisibleTouch]

71. I would immediately move to Florida too...

...but that would be the absolute extent of what your friend and I would have in common. I can't imagine I would ever forget what my life was like before, and how I had all these great plans to help the needy and the deserving. That's what money's for, after all - to give yourself a good life, of course, but also to do good things in the world. Which is part of giving yourself a good life, IMO.

[Old and In the Way]

53. As a general rule, I think you can say-

Democrats will be happy to win and won't have a problem paying their taxes. Republicans who win will be unhappy that they had to share some of that gain with society. Mostly, they'll let their predisposition to keep it all and the fact that they can't, ruin their good fortune. In my family, we had a rather substantial estate settled where we had to pay significant taxes. None of us complained about having to do that.

[closeupready]

54. If I could do it LEGALLY, yes, of course.

Nothing wrong with not paying when you don't have to.

[Realityhack]

55. No I would not.

Of course I would run to someone to invest what I kept but I would not be trying to dodge taxes.
I even paid the alternative higher tax rate in my state this year.

The government does many many good things.

[Earth_First]

56. Are you kidding me? I'd be down at the County Courthouse looking for a voter registration form!

I'd be changing parties in a nanosecond!

:eyes:

As if it needed saying: :sarcasm:

[leftstreet]

59. LOL

yeah, really

[Sebass1271]

69. LOL!!!!!!!!!!!!!!!!!!!!

funny!!.. no, you wouldn't. You are a heart bleeding liberal..

[nc4bo]

57. I figure that I can't miss what I've never had in this lifetime so

I'd pay Uncle Sam then hop, skip and hopscotch my butt all the way to the bank!

[DainBramaged]

58. No. It's more than enough money to spread around to friends and family

and people I know who really need help. Why do people assume we are asholes like the inbred Rethugs?

[acmavm]

60. Yep. I'd get me an accountant and everything I did would be LEGAL. Open

and legal.

And I would not bitch about what I did have to pay. Look at how frigging much you would have left. You keep about 2/3s. Hell, a lottery or whatever is just free money. No one should bitch about keeping 2/3s of a fortune they didn't have to work for.

[WI_DEM]

61. NO, if I won the lottery, say $20 million, I'd expect that I would then get maybe

half of that after taxes. I would put the remaining amount in a bank and live off the interest, which would be plenty, after maybe buying a house. I could have quite a nice living and help my community and still pay the expected taxes.

[tom_paine]

62. You're joking, right? Having more money than I'd need for six lifetimes would be enough.

True, that's the kind of thing someone can say at leisure but often it's another matter if it really happened.

Problem is, with that much money, I'd pretty much HAVE to go to an accountant, and he or she'd pretty much be telling me how to escape taxes as an assumed part of doing their job.

Would I have the strength to refuse those tactics offered which I thought were unethical or otherwise "crossed the line"?

I think no, but no one can truly say until it happens to them.

[JTFrog]

63. Not only would I not try to not pay taxes, but I would probably keep very little of it myself.

All I'd want is a paid off place to live that I could retire in in a few years.

[spanone]

65. nope...why would you want the irs on your ass?

[Lucinda]

66. Nope. I'd pay the taxes and not think twice about it.

And I'd be more than willing for someone to give me a big pile of money so I can prove it. :)

[MicaelS]

67. I would gladly pay my taxes.....

If I won $20 million and paid 35% FICA (no state income tax in Texas) and ended up with $13 million, I would still be $13 million ahead. Now, after THAT I would consult an attorney for the best method of investments for the remainder of my life, so I wouldn't HAVE to work at anything I didn't want to. And I would donate money on a yearly basis to LOCAL charities, non-religious ones, that is.

[Sebass1271]

68. I've always thought that if i win the lotto,i will def be more

financially involved in politics. I would donate more to political campaigns to candidates that promote progressive ideas and have a progressive agenda. I would open a bed and soup location for the homeless and.. i will take it from there...

But my dream has always been helping the poor (more than i do now) because, let's face it, you need $$$$$$$ to make a positive and permanent impact in our communities, especially on kids less fortunate. I would not fret about paying my taxes. The powerball in my state for this coming saturday is $150 million.. that is a heck of a lot of money- free..I will gladly pay off the taxes.

Lastly, I will help AMERICAN kids. I refuse to go to a foreign country to help when so much help is needed here.

[Vinca]

70. Nope, I'd pay the taxes and then I'd proceed to give most of it away.

[Fire_Medic_Dave]

75. You probably wouldn't deduct those contributions off next years taxes either, right?

[Vinca]

88. Apparently not since the charitable donation deduction

is being phased out. My way to donate is directly to the person in need. My husband's like that, too. A couple of weeks ago he gave our last $20 to a homeless guy.

[Fire_Medic_Dave]

94. That's a terrible idea, I hope you are wrong. Very noble of your family though.

[TBF]

72. Imagine if we lived in a society that truly shared its labor and its wealth.

K&R just for that line. Should've put it at the top :)

[leftstreet]

73. yeah...imagine

:hi:

[Still Sensible]

76. Actually the IRS is tied into lottery offices and

the lotteries strictly report. Winners have to sign IRS forms so there isn't really any way to "hide" the winnings. People do, of course, talk to attorneys and accountants to figure out how to best invest money to limit their tax liability as best they can, but they can't hide it. In most cases, since the winnings are already being reported, accountants help the winner set up estimated tax payments.

[leftstreet]

79. What a pity the IRS isn't tied to Wall Street

:o

[Still Sensible]

80. Truer words were never spoken! n/t

[csziggy]

77. I've sort of been there - not the lottery exactly. But I paid the taxes gladly

Went on to start several businesses and invested in a couple of other small businesses. Got ripped off by one person, lost money on another. Gave a number of people employment for several years. Closed down our businesses when things went south after Reagan got into office. Carried back our losses, got a big tax refund under a law written for Ross Perot. Started a new line of business that kept me busy for the next 25 years. I'm finally pretty much out of business with this financial fiasco.

So I did what many recommend - started and invested in small businesses. Several of the people we employed finished college and trade school on what they made. Some have businesses of their own. Now I cannot afford to donate money to charities and hope I have enough money to live on for the rest of my life.

[flvegan]

78. I'd be so thankful, cheating would be far from my mind.

I'd take my tax lumps fair and square. I knew I'd take a big hit when I bought the ticket. Matter of fact, I budgeted it.

[1]

81. no. but i would explore every legal law that allowed me to pay as little tax as i could...

how many of you disregard deductions on your tax returns? do you consciously pay more than you should each year? really?

no. its the tax law. we all play by their rules.

imagine indeed...

[MrSlayer]

82. I would certainly do everything I could to keep as much as possible.

You'd have to be crazy not to, whatever your intentions for afterward. I always throw a few bucks on the big ones. Can't win if you don't play and all that.

[Maru Kitteh]

83. Are you shitting me? No I wouldn't. I'd be grateful. The attorney

I would hire would be to design one-time, lock-tight agreements with a few less than desirable elements of my family in order to give them one-time payments with the agreement that they could never ask me for more or use my name or likeness for anything - ever.

For taxes? I would just ask the local university for a connection with their brightest new graduate(s). New, bright grads would be most likely to be ethical, well-informed and honest.

[McCamy Taylor]

84. No I wouldn't. What is left after taxes from millions is still more than nothing.

Do not make assumptions about me. My fellow Americans have supported me. What makes you think I would not be happy to support them? They die for me in foreign wars. Jeez. We are not all take, take, take Republicans.

[Politicalboi]

85. I say jackpots that go unclaimed

Either get another draw or it's given to the schools directly not absorbed into the state. About ten years ago Ca had a 20 million dollar ticket go unclaimed. The state keeps that money but where does it go? They should have to turn over all funds that are unclaimed and announce where it goes. That money is not theirs. And I think they should have a tax on the ticket so you don't have to pay any taxes if you win. So when the prize is 20 million that is what you get. I also think when the lotto reaches 100 million they should have either 2 or 4 drawings and you split it. Who really needs a 100 million dollars in their lifetime. 25 or 50 would be ok with me.

[cynatnite]

87. Sure, I'd want to pay as little as possible...

but, I'm not going to try to get out of paying my fair share either.

Paying taxes is patriotic.

[w8liftinglady]

89. actually,no-

on the MULTIPLE times I have fantasized about winning,I always calculate my bounty after taxes.I Guess it just seemed right.

[Buns_of_Fire]

92. I look at it this way...

If I were to win $10 million or so, and I also chose the lump-sum payout, I'd probably wind up with about $4 million after federal and state taxes.

That $4 million, added to my checking account, would bring my current balance to $4,000,003.48.

I could live with that. They can have their cut.

[fed_up_mother]

95. I'd sure be running to an accountant

I'd want to keep as much money as I was legally entitled to keep so I could:

Live high on the hog :rofl: Just kidding. I'd probably stay in my same house, but remodel and get new furniture. And I sure would take GREAT vacations three or four times a year! :bounce:

Give money to my parents, my siblings, my kids.

Start a foundation for housing for disabled adults.

And perhaps open a private school for children with "certain" disabilities and grant very generous scholarships. (I prefer not to identify myself with too much info.)

Give to other worthy charities and support political candidates of my choice.

[Bonn1997]

96. All I get frrom this is that it's a good thing lottery winners don't set tax policy.

[SalmonChantedEvening]

97. I would pay the Legal Minimum.

And giggle at the fear of surviving on the rest. :)

Of course I'd hire professionals. I want to find out In Writing what the minimum is within the law.

Pay it and them in full. Then try like hell to behave myself. :rofl:

[Zech Marquis The 2nd]

98. I'll be honest

the first thing I'd ask is,"how much taxes do I owe?", followed by,"can I go ahead and pay off all of my debts first?" I don't believe in finding some kind of tax shelter--I'd rather pay my fair share and help our country improve. Besides, I only need one good house, not some damn McMansion and 50 cars in the driveway!

I'd like to have one of those Honda hyrids and a solar panel in the backyard though :-)