Families outraged after Illinois fails to pay out $288 million in lottery winnings
Now, this is an example of how a government can rewrite the law, do what it wants and openly commit fraud. They still sell tickets and then have no intention of paying.
The only one around that is buy only from non income tax states. Nine of them I seem to remember. Second make sure they have no other special deals which probably leaves Washington State out. third is the public disclosure the winners identify question. Some blast it all over the news, some give you a 30 or 60 or 90 at best head start if memory serves. A few don't say zip to anyone except the State and Federal IRS.
I'm not sure if social security gets a cut or not....
How do Lincoln lovers think the looting scum was elected?
Illinois has been a good example of socialist democracy since 1860.
Lots of Laptops, Smartboards, and other high tech junk, but for some reason, test scores continue to drop?
Of course the government has to pay when you win.
Here's how it works for real. Prize for that week is announced minus the cut of the corporation and minus the cut of the sponsoring government.
The remainder is held pending decision of the winner(s) then taxes are subtracted and unless people are stupid stupid stupid paid immediately AND anothere amount set aside for tax increases which no one knows until the year of the win is now the former year.
Typically one half after the first skim goes to the government immediately which then taxes the paid out half as well. Win is 200 million option is 100 million now US and Arizona for example take 46% combined. Winner gets 54 million. On a 100 million win half that etc etc etc.
The next step is the locust feast and the relatives feast and the friends feast....But if yiou can side step all of that the real problem is not where to invest it's to protect. What for treat that amount of the ready as risk capital? Especially when it means a. all those tax headaches and b. all those commissions on all those good deals - that aren't.
What's needed is a good system for protection which to me means get it outside the clutches of the Obamacula's as fast as possible. At some point they are going to a. raise taxes and b. ban taking money outside the country. Nothing new about that.
I cannot begin to understand people who are set for life who then worry about investments. Even inflation is unlikely to reduce it down to their current level of living. As for 'giving back?' What an idiotic statement. What the hell do they call the 3/4 o f the total that already went back?
As for over 20 years or 30 years THAT takes someone with brass balls and a PhD in Risk Management.
Of course it is Illinois, which contains Chicago, so perhaps they are justifiably afraid of consequences.
Or the non income tax states could start selling tickets through the internet with a guarantee of no disclosure of the winners names and payable minus taxes to any place in the world.
Now that would be worth the gamble.
Right uh huh Greed will win out every time if it's presented that way. The greedy but stupid can go pound sand.
Never happen. Indiana can't see past the end of it's nose either.
would have to pay: first, the costs of operation
(printing the tickets, etc.); after that, a certain per-
centage to the winner of what is left; after that, have whatever is left go to the state government. But of course, they could not know
in advance what the total would be, because of
not knowing how many tickets would be sold.
I voted for the lottery to be brought in in Virginia.
I thought it would be one way of demonstrating
that there is a possibility of having voluntary fi-
nancing of the proper functions of government in
a free society. And I spent a dollar for a ticket
once in a while, I think about once a week, and
maybe an extra one on a special occasion, such as my birthday. But after they said they
were going to give all the leftover money to the
public schools, I quit buying lottery tickets, be-
cause of what I think of the public schools and
public education.
centage of the take-in. It should state ahead of
time what percentage it will be. Of course, this will
not guarantee any specific amount, depending on
how many tickets are bought. And it would still
be necessary to have it be monitored, to make
sure there was no misrepresentation of the am-
ount of the prize.
"The law requires that at least 50 percent of the Lottery's total annual sales is paid to players as prizes. The Lottery currently pays out traditional game (Oregon’s Game Megabucks, Powerball, Mega Millions, Scratch-its, Keno, Win for Life, Lucky Lines, and Pick 4,) prizes at a combined rate of 64 percent, which means that overall 64 cents of every dollar played goes back to players in prizes. Video Lottery game prizes pay out at a combined rate of 93 percent."
So, I would have to assume Illinois was also to have some percentage of their money set aside for prizes.
Here is what Illinois says:
http://www.illinoislottery.com/en-us/...
They claim 61% paid back. So it should be a set aside, and not subject to anything with the state.
Here is their law:
(10) The apportionment of the total revenues accruing from the sale of lottery tickets or shares and from all other sources among (i) the payment of prizes to the holders of winning tickets or shares, (ii) the payment of costs incurred in the operation and administration of the lottery, including the expenses of the Department and the costs resulting from any contract or contracts entered into for promotional, advertising or operational services or for the purchase or lease of lottery equipment and materials, and (iii) for monthly transfers to the Common School Fund. The net revenues accruing from the sale of lottery tickets shall be determined by deducting from total revenues the payments required by paragraphs (i) and (ii) of this subsection."
Basically, they are required to set aside enough to pay the winnings, so the State should have no claim on it, and what the state is doing is, or would seem to be, a violation of Illinois State Law. But when has law stopped any state from doing what it wants> This is a good example of just how bad things have gotten.