How would you take your multi-million dollar jackpot win?
Wednesday October 1, 2008
Last weekend I was with some friends and we were discussing what we would do if we won the Powerball or hit a progressive slot jackpot. Everyone had their own ideas about how they would spend the money but everyone agreed that they would give up their present "day job."
What we did not agree on is how we would take the winning payment. Would we choose a lump sum which is usually about half of the jackpot or would we opt to take a yearly annuity payment? Since I live in a State with and income tax, I said I would choose a yearly annuity because it would give me time to move to another State that has no income tax. How wouold you take your jackpot winnings?
Discuss your reasons in the forum.
Comments
Coming from the Netherlands it’s even worse with tax. They still have no clue if internet gambling is legal or illegal. No they say it is illegal, but you do have to pay taxes over you winnings, pretty bizar.
Hopefully there will be European law soon, given the gamblers some security over their winnings.
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