Home > Everyone Speak Up., Financial Folder., Just for Discussion. > You have Won $232 Million, or Have You?

You have Won $232 Million, or Have You?

I guess that anyone who would win the lottery for any large amount, would be happy with what they receive. Just like the guy who won the $232 Million is happy to be receiving a check for $88.5 Million. That’s 39% of what he won.

I guess if I had won that, I would take the check and walk away also, without ever looking back. But seeing as I haven’t won a lottery for more than five bucks, I have to ask if this is fair or not.

The amount kept in taxes was almost 62%, that’s between 1/2 and  3/4 of what the prize was. Is it fair to advertise to the public that you will win $232 Mil when they know they will only be handing you a check for $88.5 Mil. Sorta sounds like it laps into the realm of false advertising, doesn’t it?

How would you feel if at Christmas, someone got you the complete boxed set of music Cd’s from the 80’s. Now out of the 10 that makes the complete set, they only give you 4 and keep bragging all day long to your other relatives how they got you the complete boxed set of Cd’s.

Don’t get me wrong, I fully believe that if you are going to have a government that provides services to the country, then there has to be taxes. But over 60%, and on a prize, which is the next thing that is closest to getting a gift from someone. Come on,  isn’t that a little extreme!

How much of something do you have to have before you own it. Isn’t it over 50% ?  If you purchase something or win a prize, don’t you have to receive over half the item in order to be able to say it is yours, no matter what it is. You can’t have something if you have, or are given less than half of what it is. You only have part of something. So how can the prize be advertised as being $232 Million, when you get only 39% of it to keep.

How much tax do people pay if they win a car from a promotion or raffle? State sales tax, about 6-10% and income tax at your bracket level, if you claim it.  So what is the difference, that new car was probably worth over $20,000 and you don’t have to pay over 60% in tax on that. Now if you won that new car, only to find out that it doesn’t have a motor or wheels or seats or doors, you’d be steamed also, because you expect the full thing that was advertised to win, not part of a new car!

Taxes on awards, prizes and winnings are way off base and something should be done to change it, so that anyone who walks away with something they won, at least walks away with more than half, so they legally can say it’s theirs and it wasn’t false advertised, either.

By the way, I know someone who is selling a set of four used tires, for $100 bucks. So send me a check for $100 and I will send you two of them in return. What a deal hey!

Bankruptnooption.

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