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First a hypothetical situation/question: If a person wins the lottery for 50 million dollars, how much do they get TOTAL after taxes?
Now a fun question:
What would you do if you won the amount of money in the first question?
Usually, (at least in denmark) that would total 50 million dollars (or equivalent in our currency) The 50 million would be with all taxes paid and soforth and I'm positive it's the same way it works in america and elsewhere.
What I'd do with that kind of money? Travel like hell Go places I've always wanted to go, stay on HOTELS instead of HOSTELS and see the world. Oh, and move out with all my animals...
In america, the 50 million is before taxes....and the government will take about a 40% bite out of that. If you don't want to take yearly payments, and a lump sum, you'll get about half the 50 million, then 40 % of that will go to taxes.
I dont know how much you would get afterwords, here is what I would do with the money:
1. Take money out for school and flight training.
2. Buy myself a Chevy Silverado 1500
3. Travel
4. Invest
5. Do something special.
You've got to try to find what's right before your eyes-Finger Eleven
In the US it is taxable, as the money going in to the lotto was not already taxed...or something like that..You also have to pay tax on any interest gained from the winnings. US citizens are able to be taxed on winnings no matter where they win them (Say a US guy wins 10,000$ in Canada)...And not just lotto winnings, gambling and such also applies. Buy a 1$ ticket and win 100$, you should be claiming $99
Lottery winnings from a charitable cause may not be though..
In Canada you don't have to pay taxes on the winnings, but you do on any gains from it (interest)
In america, the 50 million is before taxes....and the government will take about a 40% bite out of that. If you don't want to take yearly payments, and a lump sum, you'll get about half the 50 million, then 40 % of that will go to taxes.
Wow, 40%, that's crazy.
And I thought the 25% they take here is too much..
1) Get the eph out of here for a while
2) buy a baron
3)do a whole crapload of traveling (including taking my baron over to Europe via Canuckistan, Greenland, and Iceland).
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