The 1 percenter's keep getting 1 percenterer

[Jack Davenport]

http://www.msnbc.msn.com/id/45465019/ns/us_news-wonderful_world/#.TtQWIVZbUvE

 

[Mayhem]

$103 million after taxes on 254 million. This isn't coming as a surprise to me, mind you. I'm just sayin' -

Makes me wanna pitch a tent somewhere.

 

[Jack Davenport]

Mayhem

Do you live in Europe?

 

[Mayhem]

Nope. Vegas.

Edit: Jeez, is that how much people pay attention to me around here? When did I ever give the impression that I don't live in the US and drive around with a trunk full of guns?

 

[Jack Davenport]

Oh that's right. I thought you were comparing the tax rate in the US to European tax rates.

 

[Mayhem]

I'm talking about the big wet chunk that got taken out of their asses. I understand the penalty for taking it as a lump though. If I was to win lottery like this, I'm taking it on the 20 year plan (after talking to a lawyer), just out of spite.

I'll have to space out my hooker/stripper budget, but I know it'll be there in 20 years.

 

[Jack Davenport]

I'm talking about the big wet chunk that got taken out of their asses. I understand the penalty for taking it as a lump though. If I was to win lottery like this, I'm taking it on the 20 year plan (after talking to a lawyer), just out of spite.

I'll have to space out my hooker/stripper budget, but I know it'll be there in 20 years.

It's always smarter to take the lump sum. There are many low risk investments you can make that will yield you more over the same period of time. These guys spent most of the time before claiming it with tax attorneys I am certain. But then again they probably already think they know how to manage the money best being they are wealth managers. I am really surprised a couple of lawyers didn't go there and claim it within blind trusts.

 

[Mayhem]

It's always smarter to take the lump sum. There are many low risk investments you can make that will yield you more over the same period of time. These guys spent most of the time before claiming it with tax attorneys I am certain. But then again they probably already think they know how to manage the money best being they are wealth managers. I am really surprised a couple of lawyers didn't go there and claim it within blind trusts.

How many shows have there been on lottery winners winding up broke. I would actually like a coherent count of people who have won, say, 50 million or more, and wound up in the gutter. I know the list goes on and on.

On the 20 year plan, nothing you (I) do to fuck this up gets in the way of getting a bright, shiny new check to cash on the first of the year (or whenever). And you ultimately pay less taxes.

Now, I'd like to think that I would be wise enough, and have the restraint to not completely blow $103 million and even wind up in debt. But considering the boost to my lifestyle that would come anyway, I think I'd go with the idiot proof option.

 

[Jack Davenport]

You do realize that people can borrow against lottery winnings right? If you're gonna blow it, you're gonna blow it. There are so many options available with that kind of money from annuities (which is what the total jackpot figure comes from). I would rather invest it than have the state do it. But to each his own. It would be a nice argument and decision to have to make.

 

[PirateKing]

We need to go deeper.