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Based on the information in the post quoted below, I may be changing my stance a little bit...
Aahhh, see, now this I didn't know! And I'll bet the poor citizens don't either. That same powerball ticket you didn't buy 2021 because the prize was "only" $667M but was SOO enticing in 2024 when it crossed $1B was actually for the SAME EXACT $500M cash prize. Wow. Talk about fine print!
Given that this is the case, my earlier rant becomes slightly softened but not entirely moot. Now my anger is directed at the marketing department that highlights the fantasy of untold riches based on a long-term scenario that almost no one selects.
But back to the top:
Once a cash pot gets to be $500M the could split the whole thing and draw five or ten winning numbers, make it five or ten winning pots. Or even better for society: Maybe say that it hits a certain level, split it into 10 and give 2 shares to the state (or whatever sponsoring municipality/region it is) and create 8 new pots with existing tickets. Those 8 are drawn and winners are selected, yay, and if no winners the cycle starts again, etc. More and more people win, and the sponsors get more and more of the money. And no one gets obscene pots--and we don't have to pretend anyone is EVER going to be a billionaire on their fellow citizens' hard-earned cash.
So are you saying just pick tickets randomly to give the prizes to, even if they didn't match all the numbers?
So are you saying just pick tickets randomly to give the prizes to, even if they didn't match all the numbers?
No, I'm saying make the split before the drawing happens. The pot reaches a certain size and that's the trigger. No winning tickets have been selected. (Unless I'm completely misunderstanding how these things work--do they already have the winning number from the start? You can tell I don't play these games.)
Winners of those huge billion or more pots in CA and Florida robbed a bank. They only had to pay federal taxes, which is of course a good amount, but still...
New York, New Jersey, Maryland and Oregon OTOH have largest state taxes on lottery prizes.
No, I'm saying make the split before the drawing happens. The pot reaches a certain size and that's the trigger. No winning tickets have been selected. (Unless I'm completely misunderstanding how these things work--do they already have the winning number from the start? You can tell I don't play these games.)
No, they have numbers on balls in a spinning barrel and then they release balls wanted to time and then they rolled down to make the numbers is totally random. Some local stations have their drawings live in like a 2 minute period between shows. To win the jackpot you have to match six or seven numbers, I don’t remember how many it is plus the Powerball. If you went all the numbers but not the Powerball you still get a lot of money may be 1 million or so. So if it is split in that regard people who match some of the numbers, do get some thing. Just lesser amounts when they match lesser numbers.
The odds of any sequence of numbers matching someone’s ticket is so astronomical it’s like one and 309 million or some thing. That’s why the jackpots grow. It starts out at a much lower amount, but every week that no one has the winning numbers, the jackpot keeps getting bigger. Remember, Powerball and mega millions are the only multi state lottery, where tickets are sold in many many different states, that is why the jackpots grow so large the jackpot grows each week more tickets are sold.
I don’t play very much, if I go to convenient store for something, which is not that often, I’ll buy a Pick 6 or Cash 5. I feel like it’s destiny if you win, so you only need one ticket. But Pick 6 in New Jersey is so much lower odds. The odds for Powerball are 1 in 309 million but the odds of winning the Pick 6 jackpot are 1 9 million because Power Ball uses numbers 1 to 69 and Pick 6 1 to 42. Cash 5 odds are 1 in 1 million. I’ll be fine with that jackpot I’m not greedy, LOL. The last Pick 6 jackpot a couple of weeks ago was $100 million. And it’s half the price of a Powerball, or mega millions ticket, just a dollar.
what bothers me is if you are a NJ resident and you bought a winning ticket in NYC, you are responsible for NYS AND NYC tax!!!! So ~6% more down the drain
You don't get double taxed. You get a credit on your resident state for taxes paid to the non-resident state. NJ residents don't pay NYC taxes.
Writers and news people always point out the odds of winning, BUT someone always wins it. If you don't play, you're not a part of the odds.
Winners of those huge billion or more pots in CA and Florida robbed a bank. They only had to pay federal taxes, which is of course a good amount, but still...
New York, New Jersey, Maryland and Oregon OTOH have largest state taxes on lottery prizes.
What could possibly be wrong with gambling? Just because winners prosper at the expense of the losers?
When did morality and equitable trade become hallmarks of Hamerican culture?
People buy items on "sale" in hopes of getting more than others, who paid the full price.
And let's not forget the "kings" of skim - governments and banks.
Aggregate government spending / taxing takes 44.4% of the GDP.
KUDOS to money madness!
What could possibly be wrong with gambling? Just because winners prosper at the expense of the losers?
When did morality and equitable trade become hallmarks of Hamerican culture?
People buy items on "sale" in hopes of getting more than others, who paid the full price.
And let's not forget the "kings" of skim - governments and banks.
Aggregate government spending / taxing takes 44.4% of the GDP.
KUDOS to money madness!
Who said there was anything wrong with gambling? Who claimed it was immoral?
Till some years ago, NJ too used to not tax lottery winnings.
NJ did not have a state income tax until late in 20th century either.
State did tax the heck out of railroads and some other entities, but post WWII the once great railroads that once dominated NJ (PRR, Erie-Lackawanna, etc...) were going belly up or otherwise vanishing.
Who said there was anything wrong with gambling? Who claimed it was immoral?
Look at posts #2 #3 and #4 on this thread
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