Robbing the lottery in CA.

uscitizen

uscitizen

Villified User
Anyone else read about Ahunlds plan to rob the lottery in CA. Well it worked so well rogging SS didn't it ? Ohh wait we have not felt the pain from that, about 5 more years to go till we have to start paying back the approx 3 trillion.

reason 1 why If I win the lottery I will take the cash payout. I do not trust the govt with my money.
 
uscitizen said:
Anyone else read about Ahunlds plan to rob the lottery in CA. Well it worked so well rogging SS didn't it ? Ohh wait we have not felt the pain from that, about 5 more years to go till we have to start paying back the approx 3 trillion.

reason 1 why If I win the lottery I will take the cash payout. I do not trust the govt with my money.
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The government has been robbing it since day one.

This is how the california lotter works:

For every dollar in ticket sales, there is a $.50 "payout".

So if the "jackpot" is worth $10 Million, it means that they've collected $20 Million in ticket sales to produce that jackpot.

Then the 10M is paid out over 26 years, from an annuity worth about 4 million (2.5% of the total the first tear, graduated by .1% eery year until the 26th year @ 5%). They use the interest to make the bulk of the payments. So if you take the lump sum, its 4 million, but after taxes it works out to about 2.8 million.

So they've sold $20 million in tickets to pay some asshole $2.8 million.

And uscitizen, sherlock holmes over here, just figured out that its a ripoff?

Its like paying $7 to get a dollar back, every time.
 
maybe you PEOPLE in Cali-fornia will stand up and.???

until then expect to continue to be raped...

I used to love California..now it's like the PEOPLE REPUBLIC of the Soviet Uniion of the United States...:clink:
 
Beefy said:
The government has been robbing it since day one.

This is how the california lotter works:

For every dollar in ticket sales, there is a $.50 "payout".

So if the "jackpot" is worth $10 Million, it means that they've collected $20 Million in ticket sales to produce that jackpot.

Then the 10M is paid out over 26 years, from an annuity worth about 4 million (2.5% of the total the first tear, graduated by .1% eery year until the 26th year @ 5%). They use the interest to make the bulk of the payments. So if you take the lump sum, its 4 million, but after taxes it works out to about 2.8 million.

So they've sold $20 million in tickets to pay some asshole $2.8 million.

And uscitizen, sherlock holmes over here, just figured out that its a ripoff?

Its like paying $7 to get a dollar back, every time.
Click to expand...

Umm this was about increasing the robbery rate. And Ahnuld got shot down.
 
uscitizen said:
Got me I just read the high points on the issue.
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His plan has been criticized but not shot down. The budget isn't due until June and it is rarely completed on time.

Edit: What article did you read where it claimed he was shot down?
 
cawacko said:
His plan has been criticized but not shot down. The budget isn't due until June and it is rarely completed on time.

Edit: What article did you read where it claimed he was shot down?
Click to expand...

Quotes, get criticized for posting quotes and for not posting quotes.
I am not going to search for it.
 
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