[quote]New York (CNN) -- After winning half of a staggering $587 million Powerball payout in November (netted to $136.5 million after taxes) Mark and Cindy Hill of Dearborn, Missouri, had unlimited options.
They could have decided to travel the world, fill their garage with sports cars, or even buy their own island -- fantasies most people entertain when dreaming of a big win.
But the couple chose to stay put in Dearborn. Mark still meets friends daily for coffee at a local convenience store. And although he considered buying a Camaro after his win, Mark opted for a pickup.
In fact, what the Hills have elected to do with their windfall is far from island buying -- which brings us back to the sewage treatment plant.
It's one of many civic projects the Hills have decided to fund for their local community, and specifically Mark's hometown of Camden Point, Missouri -- a small enclave comprising fewer than 500 residents. They'll pay for a new fire station and a new ball field. They'll also donate $50,000 towards the sewage treatment plant.
[img]http://i2.cdn.turner.com/cnn/dam/assets/130307112045-iyw-missouri-lottery-winners-2-story-top.jpg[/img][/quote]
[url]http://www.cnn.com/2013/03/07/us/iyw-missouri-lottery-winners-give-back/index.html?hpt=hp_bn1[/url]
Fun fact: My father has worked at a sewage plant for the past 22 years and I have visited many times. It's not as disgusting as one would think, really.
I did that in SimCity today when I got a money gift.
After winning half of a staggering $587 million Powerball payout in November (netted to [b]$136.5 million[/b] after taxes)
Are you fucking shitting me? All of that money lost to taxes?
[QUOTE]$587 million Powerball payout in November (netted to $136.5 million after taxes)[/QUOTE]
450 million in taxes?
[editline]10th March 2013[/editline]
JESUS FUCK CHEESEIST
Ah, they only won half. That makes more sense
[QUOTE=Cheeseist;39870945]After winning half of a staggering $587 million Powerball payout in November (netted to [b]$136.5 million[/b] after taxes)
Are you fucking shitting me? All of that money lost to taxes?[/QUOTE]
Careful, you may get pegged as a Republican for that post
:v:
[QUOTE=Liem;39870950]450 million in taxes?
[editline]10th March 2013[/editline]
JESUS FUCK CHEESEIST[/QUOTE]
A lot of it goes into things like Scholarship programs.
Thats an insane amount of money, even after taxes. With their age, it would be hard to spend all the money on themselves unless they bought a sports team, or a business.
[QUOTE=Cheeseist;39870945]After winning half of a staggering $587 million Powerball payout in November (netted to [b]$136.5 million[/b] after taxes)
Are you fucking shitting me? All of that money lost to taxes?[/QUOTE]
[b]half[/b] of $587 million, puts it around $290 million. Still pretty bad, but not as much as you'd thought before.
[editline]10th March 2013[/editline]
aka someone else won too and they split the pot
hey dumb dumb's it says "after winning [b][u]HALF[/b][/u] of a staggering $587 million Powerball payout in November". half of $587 million is $293.5 million
[QUOTE=Liem;39870950]450 million in taxes?
[editline]10th March 2013[/editline]
JESUS FUCK CHEESEIST[/QUOTE]
[QUOTE=Cheeseist;39870945]After winning half of a staggering $587 million Powerball payout in November (netted to [b]$136.5 million[/b] after taxes)
Are you fucking shitting me? All of that money lost to taxes?[/QUOTE]
They only won half the jackpot guys so it's far less than that not to mention they probably took the lump sum instead of the payment plan, and some money has to stay to kickstart the lottery again.
[QUOTE=Cheeseist;39870945]After winning half of a staggering $587 million Powerball payout in November (netted to [b]$136.5 million[/b] after taxes)
Are you fucking shitting me? All of that money lost to taxes?[/QUOTE]
No, they only won half of the jackpot, so about $293 million. Then that got slimmed down to $136.5 mil. It's still a huge loss, but they didn't lose over 400 million to them.
[QUOTE=Liem;39870950]450 million in taxes?
[editline]10th March 2013[/editline]
JESUS FUCK CHEESEIST[/QUOTE]
No, 136.5 million was the half they got after being taxed, that being said the taxes were 157 million, still quite a lot. At least in Europe, euromillions prizes are tax esempt, sure the values never get near as big but at least it's all yours if you win it.
[QUOTE=Wealth + Taste;39870980][b]half[/b] of $587 million, puts it around $290 million. Still pretty bad, but not as much as you'd thought before.
[editline]10th March 2013[/editline]
aka someone else won too and they split the pot[/QUOTE]
Ahhhh this makes much more sense
I was about to say lol damn does NY have massive tax's on the lotto, considering here they take out at most 30% depending on if you chose to have it all at once or get the winnings over a period of time.
[QUOTE=Cheeseist;39870945]After winning half of a staggering $587 million Powerball payout in November (netted to [b]$136.5 million[/b] after taxes)
Are you fucking shitting me? All of that money lost to taxes?[/QUOTE]
1/2 of 587 = 293.5 million
i'd say that's a fair tax. about 50%.
[editline]10th March 2013[/editline]
lmfao
[QUOTE=DeanWinchester;39871014]No, 136.5 million was the half they got after being taxed, that being said the taxes were 157 million, still quite a lot. At least in Europe, euromillions prizes are tax esempt, sure the values never get near as big but at least it's all yours if you win it.[/QUOTE]
Uh what are you talking about? They're not tax exempt at all, they just appear to be because the winner isn't directly paying the tax himself.
[QUOTE=Cheeseist;39870945]After winning half of a staggering $587 million Powerball payout in November (netted to [b]$136.5 million[/b] after taxes)
Are you fucking shitting me? All of that money lost to taxes?[/QUOTE]
They won half of that. So two people won the powerball, so really they won a but under like 290m each.
This thread isn't striking the proper tone. However much was lost to tax, these people did a great thing with their earnings.
[QUOTE=Shirky;39870971]Thats an insane amount of money, even after taxes. With their age, it would be hard to spend all the money on themselves unless they bought a sports team, or a business.[/QUOTE]
Even for someone young who doesn't goes on wild spending sprees like buying a gold turd for 50 millions or something stupid like that, it's still a lot. You'd be set for life even if you stopped working and lived an average life with no huge spendings.
Hell, I'd be set for life with around $5mil after tax.
Weren't lotteries a way to raise money for the government in the early days?
Down here in AUS you don't pay taxes on winnings.
[QUOTE=Blackfire76;39871497]Down here in AUS you don't pay taxes on winnings.[/QUOTE]
Pretty sure the tax IS paid, but you don't notice because it's paid before payout.
Dumb that you get taxed on a prize. Here in Canada they can't touch our winnings
[QUOTE=Emperor Scorpious II;39870923]Fun fact: My father has worked at a sewage plant for the past 22 years and I have visited many times. It's not as disgusting as one would think, really.[/QUOTE]
The sewage treatment plant in my town smells like shit, and so does the area around it. It's kinda jarring because the nature trail ends right behind it (A+ zoning, borough) so you go from crisp fresh air to literal shit air.
[QUOTE=Aman VII;39871535]Dumb that you get taxed on a prize. Here in Canada they can't touch our winnings[/QUOTE]
Well, for the lottery, taxes are already factored in; the government still gets a huge amount of money. But it's good that we don't get taxed on private winnings, especially non-monetary assets e.g. cars. In the US, if you win a car, you have to either pay taxes out of pocket, or sell the car and buy a cheaper one to pay the taxes.
[QUOTE=Aman VII;39871535]Dumb that you get taxed on a prize. Here in Canada they can't touch our winnings[/QUOTE]
It's a deep shame, before a lottery winner could afford 30 mansions and a small army of servants, now they can only have 15 mansions. :C
[QUOTE=Sobotnik;39871750]It's a deep shame, before a lottery winner could afford 30 mansions and a small army of servants, now they can only have 15 mansions. :C[/QUOTE]
It's less relevant to the situation in this thread where they're winning $300mil cash, but it's actually a real problem for people who win something like a car on The Price is Right (or Oprah that one time). Yes, they can sell the car and get a cheaper one, but the car already loses value, and it's a huge waste of time.
I wouldn't want my new $294,000,000 self to be publicized..
[QUOTE=Mr. Someguy;39871716]The sewage treatment plant in my town smells like shit, and so does the area around it. It's kinda jarring because the nature trail ends right behind it (A+ zoning, borough) so you go from crisp fresh air to literal shit air.[/QUOTE]
It's honestly not that bad at my father's plant.
I mean, there is a slight fragrance in the air but it's not so pungent as to be jarred by it. The only room in the whole place that is really bad is the one intake room and that's only because of the ammonia in the air.
My school is a half block away from my sewage treatment plant. I never smell anything coming off of our plant.
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