What Would You Do If You Won 50 Million USD

[Andreas Lilja]

Lmao people who would continue working.

 

I'd stop at 2 mil, 5 percent invested is like 100,000k income, I'm kinda frugal. 

 

[amdorintel]

1 hour ago, Andreas Lilja said:

Lmao people who would continue working.

 

I'd stop at 2 mil, 5 percent invested is like 100,000k income, I'm kinda frugal. 

 

define work?

 

a lot of philanthropic stuff would be considered work, starting a business and hiring yet the owner does fuck all, would be considered work, meeting with investment firm, and lawyers, flying over to Africa to see the water wells that your charity did would be considered work.

 

on the other hand, you will play the good ole game of writing things off as work, to pay less taxes, to get one of your countless companies to pay for a "trip" to check out them water wells, and yet your really on vacation, perhaps doing a safari or hunting big game in Africa.

[amdorintel]

1 hour ago, D.U.F.F. said:

$ 1.000.000 new lotteries and a little game trip to Vegas. Nevada also have proper brothels

you got a great point on the proper brothels, remember you also have the scandavian countries for legal, and safe sex industries.

 

the $1M in new lotteries would be a big waste of money

 

being a "big whale" in vegas is interesting with gambling big money, but again your gunna lose it, and with that kind of thinking, be broke within 3 yrs.

[wasab]

Your government will defiantly take out a cut of that 50 million in taxes. 

 

What I would do is to buy myself a submarine and then cruise the oceans like Twenty Thousand Leagues Under the Seas.

[amdorintel]

Just now, wasab said:

Your government will defiantly take out a cut of that 50 million in taxes. 

i've said that twice now, people dont seem to realize that lotto is taxed, even game show winnings on jeapordy, wof, feud, pir etc, im sure the limit is $10k or something before they start slicing chunks of cash off your winnings.

 

also the game of the rich is using loop holes in the tax code to the riches advantage, nothing illegal about that

anyone who doesnt do it is just losing money

[wasab]

1 minute ago, amdorintel said:

i've said that twice now, people dont seem to realize that lotto is taxed, even game show winnings on jeapordy, wof, feud, pir etc, im sure the limit is $10k or something before they start slicing chunks of cash off your winnings.

 

also the game of the rich is using loop holes in the tax code to the riches advantage, nothing illegal about that

anyone who doesnt do it is just losing money

I heard like if you incorporate a bussiness and move majority of your earnings to your bussiness account, you can slash your income taxes to 15% instead of 50%. 

[amdorintel]

Just now, wasab said:

I heard like if you incorporate a bussiness and move majority of your earnings to your bussiness account, you can slash your income taxes to 15% instead of 50%. 

every country is different

 

lots of legal tips and tricks to play in the tax game

you can have your wife as a secretary for your "home office"

your dog is a "guard" dog for your "home office"

probably even have your children as "consultants"

but you'd have to look into it to know for sure what the loop holes are

[Drak3]

12 minutes ago, amdorintel said:

people dont seem to realize that lotto is taxed

No, we just know that it isn't near as severe as you want us to believe it is.

[BigRom]

$50m? I wouldn't work another day in my life

 

Buy a land (preferably a little bit further out from the city center), build a house with a gigantic garage and commence collecting cars. Leftover money in a high-interest savings account and live off the monthly interest

[Bombastinator]

3 minutes ago, BigRom said:

$50m? I wouldn't work another day in my life

 

Buy a land (preferably a little bit further out from the city center), build a house with a gigantic garage and commence collecting cars. Leftover money in a high-interest savings account and live off the monthly interest

High interest savings accounts don’t really exist.  There are equivalents that are effectively similar for that kind of money though.  I’ll go with “works”

[amdorintel]

On 11/18/2019 at 6:30 PM, dizmo said:

I'd buy my mom a car.

what car would that be?

[amdorintel]

1 hour ago, Drak3 said:

No, we just know that it isn't near as severe as you want us to believe it is.

obviously depends on the state, but it can be that high. if you live in the golden states, like indiana, their tax rate is very low. but new jersey is way high.

[Bombastinator]

1 minute ago, amdorintel said:

obviously depends on the state, but it can be that high. if you live in the golden states, like indiana, their tax rate is very low. but new jersey is way high.

Doesn’t.  It’s the same all over.  And they take it before they give you the money. (This is agreement btw. Provisional but still agreement)

[Drak3]

3 minutes ago, amdorintel said:

obviously depends on the state, but it can be that high. if you live in the golden states, like indiana, their tax rate is very low. but new jersey is way high.

As I've already said, you're very likely keeping at least 60% of the winnings, $30 million, which is still enough money for most people here to do what they want and still have quite a bit left over.

[Drak3]

1 minute ago, Bombastinator said:

Doesn’t.  It’s the same all over.  And they take it before they give you the money. (This is agreement btw. Provisional but still agreement)

That's false. Base Federal withholding rate is 25%, and states can have their own withholding rate (New Jersey being the highest at just over 10%, and 6 states don't charge taxes on their lotteries). That 25% also isn't the final taxes due, your income and other withholdings also play into that, so one can pay less than 25% of the lottery winnings in taxes when all is said and done, or the winnings raises your tax bracket (though, most agencies will pay you 60% up front regardless).

[Bombastinator]

6 minutes ago, Drak3 said:

That's false. Base Federal withholding rate is 25%, and states can have their own withholding rate (New Jersey being the highest at just over 10%, and 6 states don't charge taxes on their lotteries). That 25% also isn't the final taxes due, your income and other withholdings also play into that, so one can pay less than 25% of the lottery winnings in taxes when all is said and done, or the winnings raises your tax bracket (though, most agencies will pay you 60% up front regardless).

There’s a special one just for lotteries though.  The issue was Vegas.  It’s so they can tax there iirc.  It had problems because the people who won big frequently just kept gambling and lost it again.

[TheKDub]

On 11/18/2019 at 8:29 PM, amdorintel said:

why not invest it so you can donate more in the long run

Gotta invest it all in AMD. Get rich quick  

[Drak3]

2 minutes ago, Bombastinator said:

There’s a special one just for lotteries though.  The issue was Vegas.  It’s so they can tax there iirc.  It had problems because the people who won big frequently just kept gambling and lost it again.

Yes, 25% Federal, and 0-11% depending on the state.

And as it's considered income by the IRS, it becomes subject to standard income tax.

[The1Dickens]

1 minute ago, TheKDub said:

Gotta invest it all in AMD. Get rich quick  

Would you buy 50million in stocks, or 50million in components? Or would you buy 25million in stock, then 25milion in components?

 

Or, 25million in stocks, 25million in components, then give it all to charity (for the tax break (or whatever the maximum allowed is))?

[Bombastinator]

4 minutes ago, Drak3 said:

Yes, 25% Federal, and 0-11% depending on the state.

And as it's considered income by the IRS, it becomes subject to standard income tax.

And all states take the 11% and the IRS collects everything on the spot before the handover... and before any tax avoidance action can be taken.  

Hence a flat percentage fee.  

 

It is possible to fudge the IRS bit if you can keep your name hidden long enough to make arrangements which is one reason why so many big lottery winners go through all kinds of hell trying to be identified initially.

[Drak3]

17 minutes ago, Bombastinator said:

And all states take the 11%

No, only one state takes 11% (10.8% technically). New Jersey.

Six states take literally nothing.

Seven don't have lotteries.

18 minutes ago, Bombastinator said:

IRS collects everything on the spot before the handover

Not quite. They collect the withholding rate. Nothing more, nothing less.

Withholdings are still subject to tax returns. If you already withhold more than you're legally liable for, the IRS will refund part of what they take.

[dizmo]

1 hour ago, amdorintel said:

what car would that be?

Probably an SLC 300.

[zassou]

save it to an american bank as time deposit, only widthdraw the interest.

[TheKDub]

1 hour ago, The1Dickens said:

Would you buy 50million in stocks, or 50million in components? Or would you buy 25million in stock, then 25milion in components?

 

Or, 25million in stocks, 25million in components, then give it all to charity (for the tax break (or whatever the maximum allowed is))?

Components will only depreciate in value. Stock could go either way. (And with how its been going for the past year or two, that'd be up)

[lewpy]

I'd first off get myself some pizza. After I enjoy me a good Pizza I would replace all my PCs with top tier epic gamer pcs, go to a store and buy crap to giveaway and save the rest.