What would the taxes be for 5000 a week for life?
The annual income from 5000 a week would be 260,000, which would be taxed at the highest federal tax rate of 35% (currently), which would be 91,000/year. Of course this would vary depending on your deductions and other income. The state and local taxes would depend on the state and local government tax laws.
At a casino or in a lottery you have to put money in to get money out. So, is the Publishing clearing House contest a scam since you do not put any money in, yet they claim you can win $7,000 a week for life? How does that work?
They do this to promote advertising of magazines and other products. Many people buy them because they think their chance of winning increases. If you check the fine print, PCH can also sell your contact information if you respond. It’s all advertising. This information is valuable because they know that these are people who like contests. The people who buy this already have an idea of how to market to you.Their biggest prizes are given out once a year or less. Looking at annuity prices, they can get the annuity for 6–7 million dollars. If their cut of subscriptions and selling their lists covers their printing and mailing costs, that’s a good deal for a nationwide ad campaign.
What are these Patriot checks that Publisher's Clearing House has all over it advertising free money from Trump? How can they advertise it if it isn't true?
They aren’t. Publishers Clearing House is not advertising “patriot checks” from Trump. This is a con as old as time.How the con works:The con artist buys ads with fake logos. Wells Fargo Bank, Publisher’s Clearing House, whatever. The ad says you can get free money.It is very, very important to understand that the con artist is not associated with the bank or Publishers Clearing House or whatever. He just steals their logos, because a certain percentage of the population is gullible enough that the instant they see the logo, they believe it absolutely, without question.Gullible marks say “hey, I want free money!”The con artist says “Good news! You qualify for $10,000 (or $100,000 or whatever)! You just need to pay a $45 application fee.”The gullible mark sends the con artist $45. The con artist says “Great news! We’ve issued you a check for $10,000. Here’s a picture of your check. You just need to give us $250 for certified insured mail and we’ll send it to you!”The gullible mark sends $250.The con artist says “Oh no! Your check wasn’t delivered! You must have mistyped your address. We will send you a new check. You’ll need to send us $100 to put a stop payment order on the first check we sent. Then send us another $250 to cover insurance and certified mail and we’ll send you another check!”The gullible mark sends $350.The con artist says “Oh no! Your check was lost in the mail! But don’t worry, we’ll wire the money straight to you. Just send us $100 to cancel the list check and $45 to pay the Western Union wire fee and we’ll deposit the money straight into your bank account.”The gullible mark sends another $145. At this point, the gullible stooge has sent the con artist $790.The con artist says “Oh no! The bank transfer failed! But we’ll make sure you get your money. Just send us…”Well, you get the idea.This works. People have been conned out of crazy amounts of money this way.How can they advertise it if it isn’t true? They can’t. It’s against the law. They’re criminals. They don’t care about laws against false advertising. Criminals break the law.How do they do it without getting caught?Most of the time, they do it from countries that have no extradition treaties with the US. Even if you can trace them, US law enforcement can’t touch them.Why are they going after Trump supporters? Because statistically, Trump supporters tend to be more gullible. (Hey, don’t get mad at me, this is empirical fact.)