steveox
Well-Known Member
In the new movie "Lottery Ticket," the rapper Bow Wow plays a sneaker salesman from a poor part of town who has to survive a three-day weekend after his neighbors find out he's holding the winning numbers.
But for financially troubled consumers, the size of the jackpot may not matter: Five years out, people who win $150,000 are just as likely to declare bankruptcy as those who win less than $10,000.
That's according to a new study by researchers at the University of Kentucky, the University of Pittsburgh and the Vanderbilt University Law School. The paper appears in a forthcoming issue of the Review of Economics and Statistics.
"I've always been interested in whether you could solve people's problems to some extent by giving them additional cash," says Mark Hoekstra, assistant economics professor at Pittsburgh, who co-authored the paper with Kentucky's Scott Hankins and Vanderbilt's Paige Marta Skiba. "And ane taxrescdotally you always hear these things about lottery winners -- someone wins a bunch of money and the story doesn't end very well. But we weren't aware of any real empirical evidence on whether this was true."
http://finance.yahoo.com/retirement/article/110553/jackpot-winners-just-as-likely-to-go-bust
Wanna know why they go broke? ITS TAXES!!!!! Now if i win Powerball im leaving America for good and become a Canadian. Canadas lotto winners pay no taxes its all tax free. So there the IRS cant touch me can under canadian law i cant be extradited.
But for financially troubled consumers, the size of the jackpot may not matter: Five years out, people who win $150,000 are just as likely to declare bankruptcy as those who win less than $10,000.
That's according to a new study by researchers at the University of Kentucky, the University of Pittsburgh and the Vanderbilt University Law School. The paper appears in a forthcoming issue of the Review of Economics and Statistics.
"I've always been interested in whether you could solve people's problems to some extent by giving them additional cash," says Mark Hoekstra, assistant economics professor at Pittsburgh, who co-authored the paper with Kentucky's Scott Hankins and Vanderbilt's Paige Marta Skiba. "And ane taxrescdotally you always hear these things about lottery winners -- someone wins a bunch of money and the story doesn't end very well. But we weren't aware of any real empirical evidence on whether this was true."
http://finance.yahoo.com/retirement/article/110553/jackpot-winners-just-as-likely-to-go-bust
Wanna know why they go broke? ITS TAXES!!!!! Now if i win Powerball im leaving America for good and become a Canadian. Canadas lotto winners pay no taxes its all tax free. So there the IRS cant touch me can under canadian law i cant be extradited.