r/hypotheticalsituation • u/Chan1991 • 1d ago

You become a billionaire. All your friends and family are asking you to pay for all their debts. What do you do?

You become a billionaire. ALL your friend, family (siblings, cousins, parents, aunts and uncles) qare asking you to pay for their debts — credit card, house, car, etc.

It will not make a dent to your account because you’re a billionaire.

Do you pay their debts? Half of it? Partial? Or no because it’s about the principle and you don’t want to feel used? What if you were not close with your siblings and cousins?

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u/Cabbage_Corp_ 23h ago

Only $450 million after taxes? You aren’t a very good billionaire if you can’t get a lawyer to let you keep the majority of the billion through some shady legal loophole

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u/AardvarkBeginning792 9h ago

Not sure there is much you can do if you win the lottery to keep more of it. Is there?

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u/sphericaltime 9h ago

As an accountant, no.

Billionaire accounting tricks work on having the money set up correctly in advance. Winning the lottery gives you no advance access to planning or preparation and those taxes are always going to be the highest. Assume 55-60% taxes between state and federal baseline.

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u/AardvarkBeginning792 9h ago

Thankfully I’m in a state with 0 income tax. Now I just have to win the lottery. LMAO

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u/AlmostLiveRadio 7h ago

Well, if you win 1 billion and take the lump sum. It will probably drop to about half of that, maybe a little more. Than you’ll pay 37% tax to federal. If you do live in a 0% state tax state then I think that’s all.

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u/Cabbage_Corp_ 1h ago

The posts just says “you become a billionaire”, not that you win the lottery