Posted by: mrpeatie | May 20, 2008

A Tax on the Ignorant and Stupid

You can’t really win the jackpot in the Powerball lottery. Sure somebody wins every other month or so, but trust me, it won’t be you. The odds are just too outrageously high. The lottery in general has often been dubbed ‘a tax on the ignorant and stupid.’ Odds are you will loose way more money then you ever put it in, yet so many continue to feed that insatiable dream of picking those winning numbers. Now, I’ll admit, I purchase a Powerball ticket every now and then. It’s a fun escape to dream about winning every now and then. I even won it once! The life-changing winnings totaled a whopping $36. 

Sometime last week a 19 year old construction worker from Gaston, SC decided to purchase a Powerball ticket for the first time. He picked numbers based on the ages of his siblings and Mother and then just guessed on picking the Powerball number.

Somehow he defied the seemingly preposterous odds of 1 in 146,107,962 and won the $35 million jackpot.

Now comes the hard part…do you take the whole winnings (minus 28% for taxes) and spread it out over something like 29 years, or take half the winnings right now in a lump sum?


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