the powerball billion UPDATE

[discntnt_irny_srcsm]

Last edited Tue Jan 12, 2016, 08:20 PM - Edit history (4)

Update: They added another $200,000,000 to the jackpot. $1,500,000,000 now.

The cash payout varies by state from a low of around $a whole freaking lot in New York (highest state tax rate) to a high of $even more of a whole freaking lot (for the 11 states that will not tax the winnings). These are based on the top federal tax rate of 39.6% and New York State's rate of 8.82%

Be aware the standard lottery federal withholding is 25%. The difference between what they withhold and the 39.6% is owed at tax time next year.

What selfless thing will you promise to do if you win?

I think I will assemble a DU group to coordinate the funding of a non-political effort to help homeless folks, domestic abuse victims and those out of work. I hope you will all help.

ETA so you know who and how to help:
http://www.democraticunderground.com/?com=forum&id=1118

http://www.democraticunderground.com/?com=forum&id=1284

[meow2u3]

1. If I hit the Powerball Billion

I'd set up a sanctuary to take in and care for "orphaned" pets, i.e., pets who have outlived their humans.

[discntnt_irny_srcsm]

12. I can relate

My daughter runs a cat rescue for cats with medical issues.

[Hassin Bin Sober]

2. I would lobby for a reapeal of the death tax and lobby for no tax on ....

..... interest, capital gains or dividends.

Tax and spend liberals really grind my gears.


( )

Seriously, I wouldn't be able to give the bulk of that money away quick enough.

[discntnt_irny_srcsm]

13. Seriously, I think I might need a psychotherapist due to the shock

At least I'd be able to get a good one.

[Downwinder]

3. Change my name to Brewster.

[discntnt_irny_srcsm]

14. I think I might change my surname to...

...literally, "you don't have a need to know".

[NightWatcher]

4. Start a charity/ business that teaches green tech on Native reservations and builds green housing

out of converted ISO shipping containers.

First, the reservations would benefit from the new housing, then the people would benefit from the jobs as they built and shipped the homes to other reservations and low income areas where the homes would be welcomed. I knew some people here who provide self contained power units to 3rd world countries and those could be adapted for the container based units.

I've thought about this a lot.

[discntnt_irny_srcsm]

15. An outstanding idea

[Roland99]

28. Yeah...this too!!

[pinboy3niner]

5. Expand and remodel the MFM No Pants Saloon. nt

[jmowreader]

6. No dude, that saloon has to remain closed forever

NO ONE could top MFM, and it's pointless even to try.

[kentauros]

7. Will it include a Door-Buzzard?

[discntnt_irny_srcsm]

16. great memories

[HeiressofBickworth]

8. I'd love to do what people of great wealth do....

buy my very own politician.


hehehehe

[discntnt_irny_srcsm]

17. I hear there cheaper by the dozen

[Goblinmonger]

9. The cash payout rate is the same

State taxes might be different, but Powerball pays the same thing regardless of which state you live in. What happens after that isn't up to Powerball.

So, yeah, in the end, same amount you have left and all, but the cash PAYOUT doesn't vary by state.

[discntnt_irny_srcsm]

11. Yes, of course, the payout is the same

The difference will depend on your state's tax rate applied to what you win. That will determine what you net.

[LynneSin]

10. Well lucky for me I live in one of those 11 states that doesn't tax the winnings

I'm going to cash it all out and make a giant bonfire and burn it all!

Haha - just kidding.

I'd probably quit my job and open a used Book/Record store somewhere in Wilmington. I wouldn't care that I never made any money because I'd be doing what I love.

And I'd buy everyone at DU a round of beer!

[discntnt_irny_srcsm]

18. Thanks

I hope we'll be sharing the winnings.

[FSogol]

20. "And I'd buy everyone at DU a round of beer!" Sniff....that's beautiful!

[LynneSin]

21. There's 229k members of DU and I don't drink cheap beer...

So it could get expensive. I hope Dogfish Head can crank out enough 90 minute IPA!

[FSogol]

22. +1 n/t

[discntnt_irny_srcsm]

23. My daughter is an IPA fan

I like Heineken but it'll be your choice.

[baldguy]

26. I'll put my order in now.

[LynneSin]

37. You get the beer I buy everyone else. There are no special requests

If I win the Lottery then everyone is drinking Dogfish Head. I'll be nice and toss in some Namaste for the lightweights who need training wheels!

[baldguy]

46. As long as it's not some pisswasser like Screamin' Green Genny Cream.

[discntnt_irny_srcsm]

19. kick for the update

[TexasBushwhacker]

24. I just read a story about people whose lives WEREN'T ruined

by winning the lottery. Their secret? The spent their winnings on OTHERS. The people that keep it all to themselves end up going broke.

[jmowreader]

25. The first thing ANYONE needs to do if they win...

Figure out some nice safe hole to stick all but about a million dollars in, and don't do a thing with the money you cached until your 2016 tax return is filed.

[Roland99]

29. Yeah, the 14.6% beyond the 25% withheld could be invested separately...

why not make money on that money before giving it to Uncle Sam the following April 15.

[jmowreader]

30. It'd have to be invested in something very safe

[Roland99]

31. Just see what Jim Cramer is recommending...

and avoid those at all costs!!

[jmowreader]

32. You can buy $5 million in T-bills

And 1-year CDs have a pretty decent (for this day and age) interest rate...if you get your financial advisor to give you $1M to spend on bill payoff, house, car etc., bury $5M in 1-year T-bills, and buy $5M 1-year CDs in as many different banks as you have money to do, you should be reasonably safe. Any legitimate charity you want to richly gift is gonna be there when all those CDs mature and you pay your taxes.

Good call on Jim Cramer.

[A HERETIC I AM]

39. T-Bills would be safer than CD,s

If you want liquidity and a safe place to stash it for a short time, there really is no safer security worldwide than US Treasuries

[jmowreader]

40. Exactly, but they don't let you buy as many as you'd need

[A HERETIC I AM]

44. Sure they will

You just need an account at a brokerage with a bond desk

[jmowreader]

45. What are you thinking, buying in the secondary market?

[A HERETIC I AM]

47. Of course

Just like every other major player at that level

Treasury Direct is fine for a few hundred thousand but if you need to purchase several hundred million worth, buy in the secondary.

The shorter the paper, the lower the commission. Plus you can buy all sorts of maturities. 2 year notes that have been held for six months already for instance.

[Roland99]

27. Oh...much would be planned!

Buying a few hundred acres near where I am now and building multiple houses and moving close family/friends (and some neighbor friends) there...and building a wicked cool lazy river connecting all the houses.

But, with that much freakin' money that I could never possibly spend it all and certainly not setting up kids/grandkids to where they'd never work (not raising "trust fund kids" but not leaving them with nothing either), I'd be setting up endowments and scholarships at my alma mater high school and university and also schools here in this area. Oh, the charitable donations and research funding I'd setup for cancer (r.i.p, Pop) and heart disease (my late father-in-law).

I'd fund artistic creativity in schools and help provide whatever instruments and tools and supplies needed for children willing to learn and helping parents who are trying to get their kids to explore their creative side. Perhaps even open some type of school for all kinds of creative endeavors (music, painting, sculpting, even computer creativity like gaming and programming)

Travel...

a new car for me (passed 12 years last month and less than 1,000 miles away from 200,000 miles on it)

Sponsoring my own kind of Make a Wish foundation to help children with illnesses, disabilities, etc. be able to live out a dream.

Fund job training and counseling services for injured and homeless Vets. Might even open a housing complex that could become a standard for cities/states across the country.


oh gosh...the ideas have only just begun

[onethatcares]

33. looks like

no one would come down with a case of "affluenza"

Good to see that.

[discntnt_irny_srcsm]

34. One of the worst afflictions of being poor...

...is fundamentally relating to others in bad or worse situations and being powerless to help.

http://www.democraticunderground.com/?com=forum&id=1118

http://www.democraticunderground.com/?com=forum&id=1284

[Paper Roses]

35. If I survived the shock, I would:

After consultation w/ lawyer and financial adviser, I will pay for the college education of my grandchildren.
I would have long needed work done on my house, then start a plan to endow the two colleges my children attended.

Then will come plans to distribute funds in trust for family and charitable organizations. First would be a large number of animal rescue sites. In have given to various charities throughout the years but I will now start with the poor animals first.

It is really hard to chose another charity but In think I would start with 'Doctors without Borders'.

It is my hope that whoever wins this unbelievable amount will share it with many worthy causes.
Sure hope this prize is won by several people, the pot is too large for one winner.

I think that after the prize reaches a fixed level, there should be 2 numbers drawn.

[NewJeffCT]

36. When I win

I'd love to build a home that can generate as close to 100% of its own heat, hot water and electricity as possible.

I'm sure I'd set up my relatives to have comfortable lives as well.

While I do okay at it now, I'd probably do a better job of supporting local businesses

[LynneSin]

38. I wouldn't setup my relatives with anything...

But my family I would definitely make sure they get some.

I have a slew of relatives - just because someone is blood related to me doesn't mean I'd want to cut them in on a share. And I know some of my relatives would come crawling out of the woodwork expecting handouts.

My family, some are related by blood, some by marriage and some by friendship, they would definitely be remembered. And they would be the ones that would never ask for a penny from me because they know it's my money. But I would want to take care of them because they have been with me thru thick and thin!

[NewJeffCT]

42. my family is fairly small

and, I already know who needs what. Maybe pay off student loans and/or help pay for college - that sort of thing.

I'm sure I'd hear from a lot of "long lost" relatives, though, if I won.

I'd probably open my own gaming store as well and undercut amazon.com prices. So, a $50 gaming book that is $35 on amazon, I would sell for $29.99 or something.

[KamaAina]

41. Endow a nonprofit institution

there are several former college campuses for sale.

Adopt several kittehs, and support rescue groups.

How about my own SuperPAC? If it was good enough for Colbert, it's good enough for me.

[NewJeffCT]

43. I was thinking of something like that

though, even $1.5 billion isn't enough to buy the presidency anymore...maybe a governorship?