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| Topic | Don't forget to buy your Mega Millions tickets |
| AllstarSniper32 10/18/18 6:20:02 AM #14: | Keebs05 posted... Between federal and state taxes, it can get pretty damn close to 50%. Lottery winnings are taxed like income. IRS taxes the top income bracket at 39.6%. Then comes local government to get their cut. Most of the 44 states that participate in Powerball will take a piece. The local cut depends on the state. Yes, I know this. But he specifically said that was just taken out and then there were taxes after that. Oh, I know what the problem was, I think he was basing it on the 650 mil that he pulled from somewhere. The 650 would be the initial 50% he was talking about. Whatever, I've talked about this with my dad before cause he always buys the tickets and always likes to talk about if he won. I remember looking things up and deciding that if you won it when you're about 45 or older, you'd want to just take the lump sum, but if you're younger than 45, it'd be good to take the annuity. But the only thing that really matters is that the taxes for winning are ridiculous. --- If the people only understood the rank injustice of our money and banking systems, there would be a revolution before morning - Andrew Jackson ... Copied to Clipboard! |
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