Food Stamp Millionaire

If I was the guy, I would stop the foodstamps. First, states can change the laws and seize your assets, a crazy in the general public may decide to make an example of you. And finally for moral reasons.
I would not only re-pay all my benefits but make a big donation to local food banks.

I would be embarrased beyond belief...this guy has no pride...none.

The only positive to this story is that this guy will likely loose all of his $2M doing stupid things and will again truly need food stamps.

I don't think that's a positive for taxpayers. He probably also considers himself retired and has no plan to lift a finger for himself again.

Lottery winnings are a liquid asset, eh?

Bear - one problem with your analogy - in this state at least, if you own your home outright, make no payments on it, you are automatically disqualified from food stamps even if you have no income nad have had no income for some time. Several of our neighbors have this issue.

Yet in Texas, I know people who had better incomes than my own, and got food stamps without a blink - similar life too.

Each state may have to follow certain federal guidelines, but it sure as hell seems like they also make up their own arbitrary rules.

The only good thing I can think of is the guy paid a ton of taxes with his instant million. So at least he contributed to the government which pays for food stamps.

But he's a jerk for still defending spending them. He should be embarrassed, but it seems clear he isn't. And that's just sad.

pineinthegrass wrote: The only good thing I can think of is the guy paid a ton of taxes with his instant million. So at least he contributed to the government which pays for food stamps.

But he's a jerk for still defending spending them. He should be embarrassed, but it seems clear he isn't. And that's just sad.

Yes, indeed. Back in the late 50's my parents (we) received food stamps. It helped when it was and only as long as they were needed. My parents were too proud to continue using them once we got a little income and the garden going. So for me, this guy's perspective is beyond my comprehension.

So, how much in taxes do you think he paid? I would think he can live off the interest on 1m alone, and the interest is income. What is the best interest rate you can get on a long term savings note these days? 2% ? That would give him 20k/y still not enough to get him off food stamps I suppose.

pineinthegrass wrote: The only good thing I can think of is the guy paid a ton of taxes with his instant million. So at least he contributed to the government which pays for food stamps.

But he's a jerk for still defending spending them. He should be embarrassed, but it seems clear he isn't. And that's just sad.

Didn't think about the taxes...good point. He's still a leach.

Of course, you DO realize the "gub'mint" in this case is the State of Michigan... NOT the Feds...?

Oh, but then it would waste a good "Obama bad" rant...

I think this sleazebag is despicable... But it's up to Michigan to close the loophole.

$2 million lottery winner still gets food stamps
'If you're going to ... try to make me feel bad, you aren't going to do it,' he says

DETROIT — A Michigan Lottery $2 million jackpot winner from last year is eligible and collecting some food stamp assistance under a loophole state officials have been working for months to close.

So far as what taxes he'd have to pay goes, I depends on how the $2 million is paid to him. Usually lotteries pay off the sum over about a 40 year time frame. So he'd get $50K a year. That puts him in the 25% tax bracket if single, 15% if married. But his actual federal income tax paid would be much less after exemptions and deductions. He'd probably play closer to 15% a year. And Michigan has a 4.35% tax.

Usually there is an option to take a lump sum instead of spreading it over 40 years (and there are companies which will take your 40 yr winnings and give you a lump sum). But then he'd maybe only get about half the $2 million. If so he'd be in the 35% bracket. Now, don't you wish Obama was able to raise that back to 39.6% just so we could stick it to this guy? lol