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Can someone who knows this educate me please

OK so here in California they are talking about IOU's for state refund because we are so broke granted I don't like it but whatever. My question is with the california lottery the people who win and take the lump sum usually end up with about half of their winnings - what happends to the other half? Why can't it go towards stimulating the state so that the people who are expecting a refund from California can get it instead of an IOU? Another thing the people who have to pay taxes can't send California an IOU saying they will pay it when they can, so why does the state get to do it to the people?

 
JAJA_Steele

Asked by JAJA_Steele at 8:55 PM on Jan. 22, 2009 in Politics & Current Events

Level 13 (1,078 Credits)
This question is closed.
Answers (3)
  • Anyone who wins, actually wins that "half" amount. If you take a lump sum, you get the base amount. If you take the annuity, you get payments that include the interest earned off that amount over 20 years.
    NotPanicking

    Answer by NotPanicking at 9:13 PM on Jan. 22, 2009

  • I haven't heard about this, but if it's true that's very interesting.
    brokenmelody

    Answer by brokenmelody at 9:12 PM on Jan. 22, 2009

  • oh ok I see thank you for clearifying that for me
    JAJA_Steele

    Answer by JAJA_Steele at 9:41 PM on Jan. 22, 2009