Rancher whose family had fallen behind on taxes wins Powerball

That's why I play whenever I venture west to Louisiana, Slap .... we got more casinos than we know what to do with on the Coast.

 

You do know what the term "Armed" means, right?

 

Nah. The lump-sum payment (before taxes) is the jackpot amount less the estimated interest you're giving up by dragging out your payments over 25 years. Under normal circumstances, a smart investor could turn the lump sum into much more money than the original jackpot amount in that time period.

(Important note: Hauling $100K-plus in cash around in your car and leaving it there while you're at a strip bar in rural West-by-God-Virginia is not considered a smart investment.)

 

Why would you ever leave your money in the car when you visit a peeler bar?

 

I just don't understand how the government could tax a guy that much and no one raises an eyebrow. I mean, come on. Because that guy spent $2 on a lottery ticket he deserves to pay the government over $100 million of his winnings? Where is that fair?

I wish one of these guys would take the IRS to court for this. No way can that be legit.

 

I thought this was a very moving AP quote:

Dave Assman, who owns farmland next to the Wanless ranch, said he is happy they won't have to worry about money any more. "They've been real short on finances for a long time," Assman said. "They are from real meager means, I guess you'd say."

 

They'd lose. Gambling winnings are taxable income.

Ask Whittaker: http://www.cbsnews.com/stories/2004/12/20/national/main662123.shtml

(FACT: I googled west virginia powerball winner loser and that was the first link on the results page. )

Wonder if he's related to Dick Assman?

 

The government didn't take $140 million in taxes. The jackpot gets taxed under the highest rate. 33 percent? Not sure. But that 33 percent comes off the discounted amount. The $232 million is only the pot if you take the annuity and let the government invest it. So, a whole bunch comes off the top.. and then the government gets the taxes off the reduced amount.
This guy is an interesting story.. but dammit.. that was my jackpot!

 

I'm trying to get his phone number. I'd move to the Dakotas for a few million

 

Hell, for that money, I'd be co-wife! ;D

 

I did it for $21k/year and $500 in moving fees.

But then, I love it up here.

 

We could talk Star Trek, cats and Ohio all day. It could be fantastic