this post was submitted on 08 Mar 2025
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Lottery winners usually have a choice of getting their winnings paid out over the course of twenty or thirty years, or as one lump sum. If they take the lump sum the winner only gets about half of what they would with the annual payments. So assuming this guy took the lump sum and got $1B the tax would be closer to 60%. Still a lot, but $450M is nothing to sneeze at.
Getting the money over 20 years seems so stupid, it won't give you any interest and over 20 years just because of inflation it will be probably worse than 50% less...
That depends entirely on how good you are at managing your money. With regular payments you'd still have a ridiculous amount of money even the first month, and no matter how badly you fuck up you're still rich 20 years from now.
Unless the government collapses in the next 20 years and can't pay it.
If the government collapses then your money is worthless anyways.
Oh, there'll still be a government. But they may not be willing to ship his checks to the labor camp.