Powerball Dreams, Tax Realities

Many of us went out to buy a Powerball ticket over the last few days.  Why not?  Even a tiny, ridiculously remote chance to win a $1.5 billion jackpot is still . . . a chance to win a $1.5 billion jackpot!  How often does the average Jane or Joe have a chance at such enormous sums of money?  It’s an irresistible temptation.

according-to-math-heres-when-you-should-buy-a-powerball-ticketPart of what you are buying when you purchase a Powerball ticket under these circumstances is a chance to dream.  What would you do with hundreds of millions of dollars?  Would you quit your job, move to your dream location, buy a professional sports team, make each of your relatives a millionaire, stay in the President’s suite at the Ritz and take a champagne bubble bath, buy a Ferrari . . . or something else?  If you literally had more money than you knew what to do with, even the wildest dreams are possible.  I’m guessing that 99.9% of the people who are in the Powerball drawing — even people, like Kish and me, who never play it — have thought something like this at an idle moment:  “I know it’s unlikely that we might win, but what if we did?”  And then the enjoyable dreams begin.

The passing dreams of millions will come crashing to the ground tonight, when the drawing occurs and, presumably, somebody else will win.  It won’t hurt too much, because no one really expected to win, of course, and in any case the opportunity to dream a little about a life-changing cash payout isn’t a bad thing even if the fickle finger of fate passes us by.

Oh, and then there’s the issue of taxes — which are going to take a pretty big bite out of any jackpot.  The cash payout amount will be $930 million ($930 million!) and unless you live in a state where there are no state or local income taxes, or lottery winnings are exempt from such taxes, you’re going to pay federal, state, and local income taxes on that staggering sum.  In New York City, a single winner of the payout would walk away with $579.4 million, and then would pay another $100 million or so in initial federal taxes.

So that $1.5 billion in the headlines would be reduced to $475 million or so.  I guess we could live on that if we had to.

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Kids On The School Stage

A few days ago a drama teacher at Richard and Russell’s school gave Kish some pictures of the kids when they were in various productions, years ago.  There were some snapshots of Russell dressed up like a Native American for one school play, and this picture of Richard in a somewhat Harry Potterish old man costume and makeup for another.

The pictures brought back memories, of course — and they were all good ones.  Any parent who has watched their child perform in a school play remembers the tension and nerves as the show time neared, because you were praying fervently that there wasn’t some mishap or stumble after the weeks of learning lines and practicing and staging.  But then the curtain would go up, the kids would perform like champs, the parents would feel a sense of great relief, and in the end it was clear that the kids who were in the show had a ball.

IMG_0129And years later, when you think about your kids’ school years, it turns out that the theater performances created many of the strongest memories.  When Richard was in kindergarten he played a squirrel in a short play called The Tree Angel and had the first line.  The teacher said she picked Richard because she was absolutely sure that he would not be nervous and would say the line without a problem, and she was right.  I felt like I learned something important about our little boy that day.  Several years later, Richard played Grandpa Joe in Charlie and the Chocolate Factory, even sang a song on stage (“Cheer up, Charlie . . . “), and did a great job.  Russell, too, had his turns before the footlights, memorably playing a Munchkin in The Wizard of Oz and the aforementioned Native American character, who I think was named Bullseye and (intentionally) got a lot of laughs in another show.

The point isn’t that our kids were great actors or stars, and their participation didn’t turn them toward Broadway or Hollywood for their adult careers.  But those school plays did give them a chance to shine on stage and to know firsthand what it was like to perform in front of an audience — and, in the process, to get a better sense of themselves and their capabilities.  School is supposed to do that.  The fact that the performances are warmly recalled by parents, years later, is just the icing on the cake.

When I look at these old photographs, I think about the school systems that, for budgetary reasons, have cut their theatre programs, or their orchestra or choir programs, or their art programs.  When the budget axe falls, those programs get chopped first, on the rationale that they are non-academic and therefore non-essential:  after all, the standardized tests that seem to drive school policy these days don’t check whether you can act or sing or play an instrument.  But that reasoning is wrong-headed, and also sad.  It doesn’t recognize how those programs greatly enrich the school years and help to produce more well-rounded students who have tried something new and now are bonded by the shared experience of performing before an audience — and it also deprives the parents of that deep, lasting thrill of learning something new about their child.