Lotteries: You Winsome and You Lose Some

Last night someone, one individual, won $450M in the Megamillions lottery. The ticket was bought in Florida, so if you have yet to check your ticket, and you didn’t buy it in Florida, don’t bother looking. A little research turned up this information: That estimated $450 million prize is only if the winner opts to take the winnings in 30 payments over 29 years. If you want the money now in one lump sum, the jackpot is approximately $315 million, a cut of roughly 30 percent. .Lottery winnings are taxed as ordinary income.

Folks often refer to buying lottery tickets as a voluntary tax, others see it as a tax on stupidity.

Over $300M is nothing to sneeze at, but that’s a chunk of change to fork over to the tax man. In Canada lottery winnings are tax-free. Given the fact that the provincial governments are the sole operators of lotteries and casinos, they are essentially already a tax. Folks often refer to buying lottery tickets as a voluntary tax, others see it as a tax on stupidity. Regardless, while your chances of winning are razor thin, they are zero if you do not buy a ticket. In life, you winsome and you lose some.

I often fear that if I ever won a substantial amount of money on a Saturday night Lotto6/49  draw, I would not let go of the ticket until Monday morning when I would be waiting at the LottoQuebec office before nine! And God forbid it should be a long weekend, with a Monday holiday. I just hope that winning ticket will still be in one piece when I place it on the counter!

DCMontreal – Deegan Charles Stubbs – is a Montreal writer born and raised who likes to establish balance and juxtapositions; a bit of this and a bit of that, a dash of Yin and a soupçon of Yang, some Peaks and an occasional Frean and maybe a bit of a sting in the tail! Please follow DCMontreal on Twitter and on Facebook, and add him on Google+

1 thought on “Lotteries: You Winsome and You Lose Some

  1. Some of us have reached the age where the long wait for the money is kind of funny, really. Assuming we won, which would be assuming we bought tickets, which is pretty big assumption, I would be well over 100 getting the money “the long way.” My son might not even make it. Now that’s a thought to ponder, eh?

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this:
search previous next tag category expand menu location phone mail time cart zoom edit close