Isn't that ironic...if he dies tomorrow, I mean...

[MAC]

90-Year-Old Wins $16 Million Lottery (http://story.news.yahoo.com/news?tmpl=story2&u=/ap/20030604/ap_on_fe_st/lotto_oldest_winner&e=2)
Wed Jun 4, 8:14 AM ET Add AP - Feature Stories to My Yahoo!

TALLAHASSEE, Fla. - Luis Salazar has seen a lot in his 90 years. But he's never seen $16 million. Until Tuesday.

The Osceola County man, believed to be the oldest person ever to win the lottery in Florida, came to Tallahassee to collect his prize. Salazar chose a lump sum of $10,089,377.57 over 30 annual payments of $533,333.

He plans to give some to his church in Kissimmee and spend the money on his grandchildren and other family members.

He said he might do a little traveling too — back to where he grew up.

"I have to go back to Puerto Rico," he said Tuesday at Lottery Headquarters.

Salazar moved to Osceola County 14 years ago after retiring from a Puerto Rico cement-distribution company, where he worked as a purchasing agent.

Then he went to work at Winn-Dixie in Buenaventura Lakes as a bagger, retiring at age 87. It was the same store where he bought his winning ticket last week.
--------------------------------

meanwhile, this just in from the over 5 million loosers in last week's florida lotto:

"damn."

[MAC]

It just occured to me that my "problem" with the lotto is loosing.
I genuinely don't understand why do ppl do something where everyone looses unless luck lets you win. No amount of skill, fair play, competition, hard work, dedication, or faith will help you achieve victory.

The deal is your willing to give a dollar or two for the chance to win all the dollars everyone else puts in.

That chance is what gives them a good feeling
The thought that they might win is their only reward.

Best of luck to you lotto players, I hope your $3 good feeling pays off.

[Billyman]

Suppose Luis Salazar shared your views.

He'd sitll be a poor old fart.

Think about that.

Your views are heavily one sided and against the lottery.

The lottery has pros and cons.

I make the money the way I want to so I'll spend it the way I want to and when I win umpteen zillion dollars, YOU'RE NOT GETTING ANY OF IT MISTER!!!! :p

[MAC]

billy consider this

if louis salizar DID share my views he wouldn't have just paid over $6,000,000 in taxes to a state that STILL insists it needs more money to protect its shore lines, fund its public education, feed its homeless, assist its jobless, and take in every freedom loving cuba who can get his boat the 60 miles to the keys. (if he just spend sth erest at walmart he'll pay another $900,000+, if he invests it all at 6%, he'll be in the 38% tax bracket + selfemployemnt tax + sale tax when he spends it) thats money the ppl of florida where taxed. primarily at low rates (15% and below)that can now be taxed at a top rate
imagine getting a letter in th email that says
"dear billy,
we've decided to lump your income in with 2,000,000 other ppl and make you all pay taxes based on your cumulative income. you owe us and additional 28% of your last check" you $3 lotto ticket just turned into a $300 lotto ticket didn't it?
you might as well say the ticket costs $1.05 and you are paying $1.95 in tax.


Luis Saliza should have taken his $3 and fed one homeless guy and told the gov't of florida to go fuck itself.

but, yeah, I'm one sided

watching every citizen say "I approve of a 65% tax" does that to me

the philosphy of something-for-nothing

don't DO a damn thing, just buy a ticket and let chance decide

you wanna know something funny?

an atheist would buy alotto ticket becaus ehe firmly believes its true chance and mathematical probebility
a religious person would buy it thinking "the lord has a plan"

but both of them believe its out of their hands and not only accept it, but go out of their way to participate

[SimpleSimon]

Originally posted by MAC
billy consider this

if louis salizar DID share my views he wouldn't have just paid over $6,000,000 in taxes to a state that STILL insists it needs more money to protect its shore lines, fund its public education, feed its homeless, assist its jobless, and take in every freedom loving cuba who can get his boat the 60 miles to the keys. (if he just spend sth erest at walmart he'll pay another $900,000+, if he invests it all at 6%, he'll be in the 38% tax bracket + selfemployemnt tax + sale tax when he spends it) thats money the ppl of florida where taxed. primarily at low rates (15% and below)that can now be taxed at a top rate

He wasn't taxed at that rate, Mac. The lotto works on time payoff over a specified period (typically 25 years) by using a set percentage of the funds taken in to purchase an annuity. If you elect to take the cash payout instead, you will only get that principal amount. That will be taxed by the federal government at 28.8% of the payment, if the state has income taxes as well, that will be taken up front at the state set rate.

If he is wally world shopper, or a shopper anywhere, he'll pay sales tax on his purchases. Everyone does, except in the 2 states with no sales tax.

If he invests it, he'll pay income tax on the interest, as does anyone else with interest income.


imagine getting a letter in th email that says
"dear billy,
we've decided to lump your income in with 2,000,000 other ppl and make you all pay taxes based on your cumulative income. you owe us and additional 28% of your last check" you $3 lotto ticket just turned into a $300 lotto ticket didn't it?
you might as well say the ticket costs $1.05 and you are paying $1.95 in tax.


Luis Saliza should have taken his $3 and fed one homeless guy and told the gov't of florida to go fuck itself.

but, yeah, I'm one sided

Most lotto tickets are $1, not $3. As for how anyone chooses to "invest" their entertainment budget, that is their business.

watching every citizen say "I approve of a 65% tax" does that to me

the philosphy of something-for-nothing

don't DO a damn thing, just buy a ticket and let chance decide

you wanna know something funny?

an atheist would buy alotto ticket becaus ehe firmly believes its true chance and mathematical probebility
a religious person would buy it thinking "the lord has a plan"

but both of them believe its out of their hands and not only accept it, but go out of their way to participate

Mac, I buy about 2-3 lotto tickets a month. Cheap entertainment. I never check the winning numbers but once a month, on the 1st, online. As long as I don't look, it might be a winner, its a cheerful thought.

[Billyman]

I can't argue with any of that Mac.

Consider this,

Luis takes chunks of cash, gives to his kids, and spends some on grand kids and the like. If given in small enough amounts, he avoids "gift tax". The purchases he makes, he'll have to pay tax on those items, well so do I. He'll pay no more tax for those items than I do regardless of his tax bracket. He decides not to put what money hasn't been given away into the bank. It can't draw any interest so he lives out the rest of his day’s making transactions from coffee cans until he dies or pisses it all away.

He decides to make a few investments, put most of it in the bank where it can draw interest. He could live comfortably off the interest alone AND pay the taxes without ever touching the actual money deposited initially.

In the mean time, his children, grandchildren, etc are financially secure unless they too piss it away. Again, smart investing (if there is such a thing), interest earned, turning money into money.

I mean really, my cousin lost his leg from just below the knee down when he was sixteen. It was proven by Duke Med. that Wayne Memorial Hospital was negligent and at fault for the loss of the limb that would have been easily saved. When Ben turned eighteen, he filed suit and accepted a settlement (it never went to court). I don’t know the numbers of the settlement but I do know it was a few hundred grand. He’s never touched that money really, he lives very, very well off the interest alone despite the taxation. He does work but only because he got bored sitting around all day and doesn’t care much for traveling (except for going to Texas two or three times a year hunting). He has more now, with the help of a few investments, the rollercoastering stock market and good since (outside the fact he bought his mother and father new rides and one of his closest friends a new truck) than he did when he got his big check.

Luis pays a shit load in taxes, paid a shit load for penalties and yet he’s still a millionaire.

I’d say it’s the best damn $3 he ever spent.

[MAC]

simon, I didn't know they cost a buck.
but he paid $6,000,000 of $16,000,000 upfront
thats 38%, our highest tax bracket

so every one who bought a tax free lotto ticket paid $0.38 in tax included in the price, (I shouldn't have counted his self employment tax in their purchase price.)
Why not pay $0.62 and NOT let the gov't get a dime?
Cause the purpose of the lotto is to supplement gov't income.
They tax you on everything then offer you one more tax with the option of you winning an ungodly amount of money that they can then tax at the highest level. Try top establish your own lotto....you will be taxed. Its Illegal to do it without proper liscencing or...unless you're a gov't.

I can appreciate your but anyway
I have to assume this is about fantasy
like masterbation
this is "if I won I'd....."

actually I should buy a ticket too

cause if my grandparents don't die and leave me something I'll never have a college fund for my kid or a nice house or be debt free, or get a college education in a field I WANT to work in for 40 years, or start any investments, or a retirement fund, or buy my wife a wedding ring

I can't do those things by myself and I'll never earn them

Boy o boy what I could do with just a little bit of someone else's money that I don't have to do anything to get

think how it will help me and my child

jesus, its 1am

I act like I don't have to be at work tomorrow and theres' nothing in this world important enough to work for.

[Koliedrus]

I used to refer to the lottery as "idiot tax". The same people who can't afford federally imposed taxation give it up voluntarily on odds that any casino in Vegas would absolutely love.

Then, it came to Tennessee. Religious groups slammed it as sinning and politicos retorted with scholarships. If idiocy and damnation mean better educations, I may just find myself twiddling my thumbs in Hell. At least I (think I) know where the money is going. In a sense, it's a ticket to a college football game with at least a small possibility of personal gain. More importantly, waiting for grandparents to kick won't factor in for every kid with goals of self improvement.

But... What does a 90-year-old do with that much sudden-income? I can only base my thoughts on what I would do:

In a Niven universe, I'd be replacing worn out parts left and right. Since this isn't a Niven universe (and I wouldn't expect to live to be 115 or be able to enjoy my winnings by spending them on myself), relatives would find themselves a lot better off than they were yesterday and taxes be damned. It's a helluva lot more than they had. Trust funds for the kiddies.

Fortunately, I have another 51 years to think about it and technology is still on the upswing. Maybe I'll be able to afford an anti-gravity suit by then. Buzzing beaches in a wheelchair sounds like fun.

[MAC]

Kol, in Texas we where told all that money would go to schools
but the money is allocated to "the general fund"
and they ALL still need money and I've never seen, not one time anything published to prove that any $$$'s went to any schools

call your local school and ASK THEM, I'll be impressed if they can produce a copy of a check from the lottery commision or even from the state education dept earmarked from the lotto fund.

anbyway, i know I'm being ridiculous about this. I should buy ticket and shut up right?

but as I said earlier, its not that you tryed and failed, its that you accept failure because you feel the universe will select you for something better.
I cannot stomach that concept. And I watch millions of ppl poor into stores with their dollars so they can walk away with this thought in the back of their head that maybe all their trouble's are over.
Fuck, you can't live life like that...can you?
As hard as ppl are on themselves for the stupidest things, I cannot imagine why everyone who buys a lotto ticket doesn't eventually feel like a giant looser.

Fuck, say "hello" to one stranger per week on the street. I bet you have a better than 1 in 16,000,000 chance of getting a better job or a life long friend out of the deal.

[Koliedrus]

Originally posted by MAC
anbyway, i know I'm being ridiculous about this. I should buy ticket and shut up right?


*hackenslash*

Idiot tax is Idiot Tax. If I buy a ticket with particular purposes in mind and the money doesn't go toward either my expectations or my fantasy, I am the idiot.

I've yet to buy one and have no plans to do so. What others do with their money disposable income is up to them. Maybe I'm just looking for silver linings while standing under an umbrella.

[Mudflap]

Texas lotto has suckered me out of FIVE of my dollars since last December. I should have hit the jackpot with dollar #3. I think its rigged.

[Koliedrus]

$5 spent on education. That works.

[SimpleSimon]

Mac, once again, he did NOT pay a a 38% tax. Had he elected to accept the 30 year payout, he would have paid 28.8% of $533,333 = $153,599.90 in federal taxes, leaving him with $379,733.10 this year and every year (barring changes in the tax rate) for 30 years.

Since he took the lump sum payout of $10,089,377.57 instead, his federal tax on that is $2,905,740.75, leaving him with an actual received amount of $7,183,636.82 subject to Florida state income tax at whatever their rate is.

Again, the majority of people I know who play the lottery have no expectation of winning, it is treated as cheap entertainment.

You like good cigars and good whiskey - I know that to you these are pleasure items, but every time you burn a cigar, money goes up in smoke; every time you take a drink, money ends up pissed in the toilet.

Different strokes for different folks.

[Billyman]

What fucking difference does it make what percentage of tax was paid? He spent a dollar or three and maybe hundreds of dollars over the years. So what? It was his money and he could do with it as he pleased. He got lucky and won the freakin' lottery! If you win 20 mil. and they take one point some-odd mil. what are you out of? How much did you have in your wallet before you won the lotto?

Jeebus.