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The state takes in 50% off the top, then they take 50% of the winners winnings in taxes. Basically 75% of every dollar you put into the lottery goes to the state.
The state takes in 50% off the top, then they take 50% of the winners winnings in taxes. Basically 75% of every dollar you put into the lottery goes to the state.
That's still not a scam. You know what you are signing up for and the money goes to help fund the bloated pension systems.
People on Social Security I'm sure are hurting deeply.
Heck, I've just looked up my salary when I started my job last decade and converted it to today's dollars. I've gotten two promotions, taken on alot more responsibilty and am basically making slightly less then when I started working at this job 7 years ago.
Interesting site. Very cool, thanks for sharing. This confirms, in my experience, the value of company hopping. The fact you are still with the same company 7 years later is perhaps your biggest problem.
Interesting site. Very cool, thanks for sharing. This confirms, in my experience, the value of company hopping. The fact you are still with the same company 7 years later is perhaps your biggest problem.
Well the larger picture is, your dollar lost 40% of its value in 7 years. You literally need to be making 40% more than you did 7 years ago to be above where your salary.
Companies are still giving out 2-3% raises when Bidenflation is 15% a year.
Well the larger picture is, your dollar lost 40% of its value in 7 years. You literally need to be making 40% more than you did 7 years ago to be above where your salary.
Companies are still giving out 2-3% raises when Bidenflation is 15% a year.
You’re wrong though. This very tool you referenced says $100,000 in 2017 is worth $126,601.66 in 2024, so that is 26.6%, not 40%. And from 2017 to 2021 (pre-Biden), is 10.5%. 2021 to 2024 is a 14.5% increase. Yes, it’s larger than 2017 to 2021 and with one less year in the span to boot, but how do you get 40% over 7 years? This tool also does not suggest 15% a year either.
What were the % raises you got during your two promotions? I can tell you that two promotions I got while working for the same company were 16% each. However, the two times I switched companies before that netted me 35% and 46% increases.
You’re wrong though. This very tool you referenced says $100,000 in 2017 is worth $126,601.66 in 2024, so that is 26.6%, not 40%. And from 2017 to 2021 (pre-Biden), is 10.5%. 2021 to 2024 is a 14.5% increase. Yes, it’s larger than 2017 to 2021 and with one less year in the span to boot, but how do you get 40% over 7 years? This tool also does not suggest 15% a year either.
What were the % raises you got during your two promotions? I can tell you that two promotions I got while working for the same company were 16% each. However, the two times I switched companies before that netted me 35% and 46% increases.
Trump left office in at the start of 2021 (lame duck by end of 2020) which he managed to get inflation to 1.8% a year (5.59% total in 4 years), and that includes all that covid stimulus. By all accounts, it was the best economy since the end of WWII.
Biden accounts for 2021-2024 (although we are barely at a quarter of the way through 2024). Biden rammed through the massive spending bills, and played around with the oil which caused printed out trillions. There will be more inflation in the next 6 months under Biden, then the total 4 years under Trump with all that covid stimulus.
The dollar losing 26.6% of its value in 6.25 years is awful, likely low-mid 30s % range when 2024 is complete.
Promotions are 10% and raises are 2-3%. Its pretty much industry standard.
Trump left office in at the start of 2021 (lame duck by end of 2020) which he managed to get inflation to 1.8% a year (5.59% total in 4 years), and that includes all that covid stimulus. By all accounts, it was the best economy since the end of WWII.
Biden accounts for 2021-2024 (although we are barely at a quarter of the way through 2024). Biden rammed through the massive spending bills, and played around with the oil which caused printed out trillions. There will be more inflation in the next 6 months under Biden, then the total 4 years under Trump with all that covid stimulus.
The dollar losing 26.6% of its value in 6.25 years is awful, likely low-mid 30s % range when 2024 is complete.
Promotions are 10% and raises are 2-3%. Its pretty much industry standard.
You don't know what the eff you're talking about.
"Trump as president approved large increases in government spending, as well as the 2017 tax cut. As a result, the federal budget deficit increased by almost 50%, to nearly $1 trillion (~$1.13 trillion in 2022) in 2019.[16] Under Trump, the U.S. national debt increased by 39%, reaching $27.75 trillion by the end of his term; the U.S. debt-to-GDP ratio also hit a post-World War II high.[17] Analysis has suggested that the economy would have grown without any intervention by the Trump administration.[18]"
Maybe $300,000,000 after. So maybe $15,000,000 a year in interest and now pay taxes.
Would still take the annuity.
From NJ.com
"The final take home amount will likely be staggeringly lower.
To begin with, the cash option of the final jackpot — actually $1.128 billion per Mega Millions officials — is worth $536.6 million. With only the rarest of exceptions, jackpot winners have overwhelmingly chosen the cash lump sum option rather than the annual payments.
Then the IRS gets a big bite — 24% — or more than $128.7 million according to the New Jersey Lottery. Finally, New Jersey receives another 8% in state taxes — more than $42.9 million will go into the coffers in Trenton.
That leaves the winner with about $364,888,000 with the cash option after taxes — an embarrassment of riches, to be sure, but significantly less than the estimated jackpot."
"The final take home amount will likely be staggeringly lower.
To begin with, the cash option of the final jackpot — actually $1.128 billion per Mega Millions officials — is worth $536.6 million. With only the rarest of exceptions, jackpot winners have overwhelmingly chosen the cash lump sum option rather than the annual payments.
Then the IRS gets a big bite — 24% — or more than $128.7 million according to the New Jersey Lottery. Finally, New Jersey receives another 8% in state taxes — more than $42.9 million will go into the coffers in Trenton.
That leaves the winner with about $364,888,000 with the cash option after taxes — an embarrassment of riches, to be sure, but significantly less than the estimated jackpot."
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