Lottery winner on welfare

Discussion in 'The Fire For Effect and Totally Politically Incorr' started by norahc, Mar 7, 2012.

  1. raven818

    raven818 Well-Known Member Supporting Member

    Oct 3, 2011
    Jax, Fl.
    Right now, they don't seem to be able to come up with any crime.

    Fox news last nite...a bill ( two actually ) was written to mandate anyone, reaching a certain income, be taken off the food stamp list. But, those same folks forgot(?) to put the law in place.

    Mind-boggling? Nah... :rolleyes: Normal? Yep..
  2. jstgsn

    jstgsn Well-Known Member

    Nov 1, 2009
    Milford, Delaware
    Kinda like our congressmen getting free haircuts. I gotta pay $8.00 and I'm still ugly.

  3. whymememe

    whymememe Former Guest

    Oct 29, 2011
    FEMA Region IV
    What, they got a congressional barber or something?
  4. Brass Tacks

    Brass Tacks New Member

    Jan 9, 2012
    NW Arkansas
    and everyone watch, she'll be dead broke in less than two years and back on welfare
  5. Two years? More likely by the end of this month.:mad:
  6. Ed~

    Ed~ New Member

    Jan 24, 2012
    Ya'll got that right. Wealth primarily is a state of mind. Those who grow up on the dole have the poverty mentality no matter how much is actually in the bank account (if there is one).

    Case in point... Ms. Lottery Winner feeling like it was OK to draw financial support.

    She has no understanding of where that money comes from... has no understanding of money PERIOD -much less how to go out and make it. To her money is something to spend when its there. That's it!

    So of course she would choose to give up half her millions for a lump sum payout, so there would be some actual money to spend NOW. And of course she would buy this and buy that and continue to draw public money because it's all there to be used. And of course she will be back where she started before too long when it is all SPENT.

    All goes back to the poor upbringing and education in the US. Kids don't learn nothing later if they aren't taught to value learning in the first instance.
  7. Jerryboy

    Jerryboy Well-Known Member

    Mar 8, 2012
    Sorry, but I'm not familiar with how the lottery works. What would the payment plan have been if she hadn't taken the lump sum payment? If it'd been like ten bucks a month until she was paid up I could understand her taking the lump sum. And would she still have had to pay taxes on it?
  8. Ed~

    Ed~ New Member

    Jan 24, 2012
    According to what I read, if the lottery winner could have taken her $1 Million over a period of time -sometimes 28 years at $$38,500/year- she would have kept her entire payout minus Tax/year (at long term capital gains rate of 15%?).

    But she chose the 1x lump sum payout at a reduced $700K, was taxed on that amount for $200K, and so left with half the original lottery winnings in hand, or $500K in the bank.

    Given the state of the economy and the questionable long-term value of the Greenback, I'm not sure if that was the worst decision. However, I do not agree with her motives in principle given that I doubt her intentions were how best to invest the money to make it last, but likely to simply to spend the money frivolously to mask the pain in her life.

    At any rate, she should have expected to give up her her food stamps, and probably did, but decided not to report her winnings to the State Agency in charge of that. But she still would have had a guaranteed yearly income of almost $32,700 after taxes if she were honest and literally did nothing else to make money throughout the year.

    No not enough to hang out in Hawaii for her and her kids, but certainly frees one up to pursue a happier lifestyle than flippin' burgers 40 hours/week to scrape by.

    Again, I am only criticizing her attitude about life, and not her life as a whole. I know that I wouldn't choose to flip burgers full-time given the choice.

    But the short answer? -She probably would have gotten $2,700/month after taxes playing it straight.

    What would you have done?
    Last edited: Mar 12, 2012
  9. raven818

    raven818 Well-Known Member Supporting Member

    Oct 3, 2011
    Jax, Fl.
    It wasn't " social security checks " she gave up. It was food stamps/welfare:

  10. Ed~

    Ed~ New Member

    Jan 24, 2012
    Correct. Changed my post accordingly.
    Last edited: Mar 12, 2012
  11. Blackshirts

    Blackshirts Well-Known Member

    Jun 7, 2011
  12. Gun Geezer

    Gun Geezer Well-Known Member

    Oct 5, 2009
    Central Florida
    It's a sad commentary on life as an addict. It's too bad the same government that got her addicted to welfare couldn't have put her winnings in a trust fund for her kids. Give an addict enough money and they will snort it up their nose until their head explodes every time.
  13. 76Highboy

    76Highboy Well-Known Member

    Jan 1, 2012
    Re: Gimmy a Break I cant beleave I just read this!

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