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Powerball winner

squerly

squerly

Supported Ben Carson
GOLD Site Supporter
The winner of the $338M jackpot will walk with about $150M after tax dollars. Now all jokes aside, that's just to big a friggen bite for the government to take. :hammer:
 
Doc

Doc

Bottoms Up
Staff member
GOLD Site Supporter
That sure does seem excessive. :eek:
Is the 150m the amount left after the feds take their hunk, or is that inclusive of state and local taxes? I heard the winner is from New Jersey and I know they do have state tax and probably a locality tax also.
 
jimbo

jimbo

Bronze Member
GOLD Site Supporter
Actually it is not quite that bad. The quoted value of the lottery is the amount paid out over time with an annuity. Typically the cash value of the annuity is slightly over half the quoted value. Still the government cut is huge.
 
tiredretired

tiredretired

The Old Salt
SUPER Site Supporter
Factoring in the fact that the Gov't keeps at least 50% of the lottery ticket money up front before the jackpot amount is computed the gov't must get close to 80% of the total intake. In other words, 676Mil is taken in, 150Mil is given out. Nice cut on the proceeds I would say. As I have no desire to give the government any more of my money that I have to, I do not purchase lottery tickets.
 
grizzer

grizzer

New member
I thought the winner is an illegal immigrant >> in which case their winnings are tax free if he returns home.
 
jimbo

jimbo

Bronze Member
GOLD Site Supporter
Non residents illegal or otherwise, can buy and cash lottery tickets, and they are subject to 30% tax. About the same as residents.
 
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