re: Bring Us Your Memes Thread

Not a meme, but wow talk about getting fricked over by the government.

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cwill

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You finally got double digit upvotes, for once. I know this is an unfamiliar experience for you. Don't let it go to your head.

Actually the IRS doesn't get all that. A huge chunk of that disparity is the penalty for choosing the lump sum over annual disbursements. That money, in a manner of speaking, never existed.

True, the lump sum before taxes was probably 700 mil or so. Still, that's a sht ton of money stolen.

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Not a meme, but wow talk about getting fricked over by the government.

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I think part of the loss, like 600 or 700 million is a penalty for taking the money in a lump sum and the rest is taxes. But yeah, it’s ridiculous.

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Actually the IRS doesn't get all that. A huge chunk of that disparity is the penalty for choosing the lump sum over annual disbursements. That money, in a manner of speaking, never existed.

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Lump sum amount would have been $742,400,000.00. The tax burden on that worked out to be over $300,000,000.00! Most of that is federal, the remainder goes to the state of Illinois.
The money that “never existed” would be thirty years’ worth of accrued interest on the lump sum amount. Of course, it’s perfectly fine for government to misrepresent a benefit in order to sucker folks into paying for it.

General rule for the lump sum amount is to take the advertised jackpot amount and multiply by 0.58. Then figure you’ll lose 39% to the IRS, and another lesser percentage to your state unless you live in TX, TN, or FL.