The Everybody gets a Million$$$ Wet Dream...
Just wondering a "What If" Scenario.
Heard someone say after that last big Multi 100 Million Lottery, that if they won they would give every one in the U.S a cool tax free 1 Million.
Now lets look at this seriously. Just say that it could happen. Say that every LEGAL Citizen in the U.S making less then 7 Figures gets a nice big lump sum oh Money.
How would that effect the economy?
Good or Bad?
300,000,000,000,000. Lotto would have to pay out over 300 trillion to you after taxes. You'd dwarf Bill Gates net worth. Not gonna happen lol. Most people would spend the entire million and be back in same situation they were before. It would stimulate the economy at first, but you'd end up with current conditions eventually. I'd say the price of everything may go up too.
Originally posted by Tattoos N Scars
300,000,000,000,000. Lotto would have to pay out over 300 trillion to you after taxes. You'd dwarf Bill Gates net worth. Not gonna happen lol. Most people would spend the entire million and be back in same situation they were before. It would stimulate the economy at first, but you'd end up with current conditions eventually. I'd say the price of everything may go up too.
I just kept in the Hundreds of Millions, not whatever made up # you used.
It would have a good impact on the economy short term as in a lot of big ticket items would likely be purchased (real estate). Long term, however, people who saved a good portion of the million or invested it would be better off while those who bought expensive property on the coasts where property values are higher and they couldn't afford the subsequent property taxes (having likely quit their jobs) or spent all their money on depreciating items like cars would end up back in the work force and selling those homes/losing them to tax liens, so the status quo would essentially roll on with an increased percentage of people having more to pass on to their children and children's children.
That was in reference to Ares. If in this hypothetical scenario it's a winning lottery ticket which is divided up to $1M for each citizen then the initial jackpot which was won in this scenario was from lottery ticket purchases, so this isn't a scenario where a fiat currency was simply printed causing hyper inflation, it's the populace buying so many lottery tickets that the jackpot eventually reaches a payout large enough for everyone to have $1M each. A hypothetical Powerball Jackpot that rolled over without a winner for 10+ years.
Re: The Everybody gets a Million$$$ Wet Dream...
Originally posted by Flyattractor
[b] Just wondering a "What If" Scenario.Heard someone say after that last big Multi 100 Million Lottery, that if they won they would give every one in the U.S a cool tax free 1 Million.
Now lets look at this seriously. Just say that it could happen. Say that every LEGAL Citizen in the U.S making less then 7 Figures gets a nice big lump sum oh Money.
How would that effect the economy?
Good or Bad?
[/B]
If every citizen in the country received a million dollars, taxes would eventually raise negating the gesture. People still have to claim a million dollar gift. The only way that would stimulate the economy is if everyone invested the million dollar gift in banks or stocks.