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What are you buying when you win the $700 MILLION Powerball?

I'm not a lawyer, so you could be right, I've just never heard of any collected jackpot that didn't get taxed up front.
If thats possible why doesn't every one do that?
Why do you think I mentioned it?

Btw Besides a FairTax supporter and Tax protester. I know too much. Did you know that the 16th amendment was never actually ratified?

It was declared passed but if you understand the law, it didn't even come close.

How do you like the government swiping 1/3rd of your paycheck, just because?
 
Why do you think I mentioned it?

Btw Besides a FairTax supporter and Tax protester. I know too much. Did you know that the 16th amendment was never actually ratified?

It was declared passed but if you understand the law, it didn't even come close.

How do you like the government swiping 1/3rd of your paycheck, just because?
I used to listen to a Sunday night radio show called Alan Handleman and one of his regular guests was a guy named Irwin Schiff who wrote a book called The Federal Mafia. He frequently referred to the 16th Amendment and what you're referring to. He told everyone that you MUST file a return every year. But on his return he always put zeros in all the columns and sent it in. Point is he paid NO Fed income tax at all. So the host and the callers would try to argue the tax code and always failed. Handleman even called IRS people and asked them for input. Of course they could never comment on specifics and didn't want to. But more than one would say something like they were aware of Schiff and had something waiting for him. But it never developed that I'm aware of. Schiff even had a running bet or reward for anyone that could show him the Federal law that forced him to pay income tax.
 
Some states, Illinois is one I think, prohibit "big" winners from remaining anonymous, the name is required to be made public. That's just one of the reasons I now live in Georgia.
Take the annuity, and pay taxes as you go, you will still have more money than you can spend.

My boss at the time and his wife won $2 million in the lottery in AZ, that was just about the right amount. Pay off house, buy new vehicles, take a couple trips, pay taxes and salt the rest away for retirement. No more worries, set for life.
 
I would pay someone to write my resignation letter. I would never miss a ballgame either of my kids ever played in. I would buy our family farm that my family sold a few years ago. I'd buy lots of overalls. I would sell my razor. I would buy a place in the mountains and a place at the beach. Maybe get my pilots license so I could fly on mission trips since I can't fly with someone else. I would find people who are having a hard time but trying and leave a little mailbox money to help them out. I'd find kids who's families can't afford for them to play sports and sponsor them. I would then spend time attending the games and cheering for them. I would mentor young men. I would take my kids kayaking and fishing and camping for an extended vacation the first break they got from school.
 
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I would pay someone to write my resignation letter. I would never miss a ballgame either of my kids ever played in. I would buy our family farm that my family sold a few years ago. I'd buy lots of overalls. I would sell my razor. I would buy a place in the mountains and a place at the beach. Maybe get my pilots license so I could fly on mission trips since I can't fly with someone else. I would find people who are having a hard time but trying and leave a little mailbox money to help them out. I'd find kids who's families can't afford for them to play sports and sponsor them. I would then spend time attending the games and cheering for them. I would mentor young men. I would take my kids kayaking and fishing and camping for an extended vacation the first break they got from school.
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In reality id probably make poor life choices and wind up dead or in jail or hopefully rehab at best. I'd hope my kids don't become turds and my wife's second husband us good to them.
 
Here is a very real problem if you won this amount of money......where do you put it?? Bank accounts are insured by the FDIC for only $300K each, so to protect your money you would need hundreds of bank accounts alone. Nice problem to have, but practically it would be a pain in the ass.
 
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