Lotterule

Lotterys are usually paid out in annuities where you would get that amount over a period of 10-30 years. However, they also give a lump sum amount which is usually ~half the stated amount and after taxes you could expect to receive 1/3 the stated amount.

Still, it's generally best to take the lump sum unless you have very bad self control and would blow through the money.

Such a joke. While I personally believe everyone should pay their fair share... Winning lotto or winning at the casino ect, should not be taxed.

However if you use that money and make more money with it you should be properly taxed.

They should hold onto the lottery ticket and borrow against its value.

424 millions is still a mighty respectable amount

80% taxes how does that work?

suddenly germany feels like a tax haven :D

Best. Billionaire. Ever.

idk what's worse. the punchline of this joke, with pre-existing elites not being taxed, or the fact that someone could look at recieving 420 million, and find an excuse to get mad about it

Why does he look like lil bow wow

Should have bought the ticket in the Cayman Islands.

I'm kind of surprised the USA taxes lottery winnings and I live in one of the heaviestly taxed countries. We don't tax lottery winning or other winnings from games of chance. Only winnings from games where some skill is involved (like poker I believe) is taxed.

I'm sure if I was the lottery winner I'd be salty in this scenario, but you only get half as a lump sum anyway, and having $1 billion taxed at roughly half is probably how it should be.

The thing that makes it painful is as OP said, all billionaires should be getting taxed like this, not just that one who can't exploit tax loopholes.

OH NO! Only $424M USD?! How will he get by?

I can tell you what I would do with $424m, disappear. I'd still do good with most of it but I'm going to leave human society and go join a herd of elephants.