Bigdog
Harris - make America a 3rd world shithole
" ... $1 billion is the value of annuity payments over 30 years. If you opt for an immediate lump-sum cash payment, your payout will be a mere $565.6 million—before taxes. And make no mistake: Your tax bill will be significant and unavoidable.
The top federal tax rate is 37% on 2018 income of more than $500,000 for individuals ($600,000 for married couples filing a joint return). That means you’ll pay about $203 million in federal income taxes if you take the lump sum, reducing your spendable winnings to around $345.6 million. (The IRS will automatically take 24% of your winnings, and you’ll owe the rest at tax time).
Your state may want a piece of the pie, too. The biggest hit applies to New York residents, who would have to pony up 8.82% of the jackpot, reducing an Empire State resident’s winnings even further to about $306 million. New York City collects an additional 3.876% in local income taxes, whittling a Big Apple resident’s take to roughly $284.5 million.
Residents of Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming are off the hook because those states have no income taxes. (Alaska and Nevada don’t sell Mega Millions tickets, but residents can buy them out-of-state.) California winners also get a break because the state exempts state lottery winnings from taxes—as long as you buy your ticket in California. Other states withhold taxes at rates ranging from 2.9% to 8.75%. Maryland and Arizona withhold taxes on lottery winnings from non-residents."
https://www.kiplinger.com/article/t...ax-you-will-pay-on-your-lottery-winnings.html
Friggin' Vig.
Does Cali have the right idea? Should winnings be exempt from Federal tax?
The top federal tax rate is 37% on 2018 income of more than $500,000 for individuals ($600,000 for married couples filing a joint return). That means you’ll pay about $203 million in federal income taxes if you take the lump sum, reducing your spendable winnings to around $345.6 million. (The IRS will automatically take 24% of your winnings, and you’ll owe the rest at tax time).
Your state may want a piece of the pie, too. The biggest hit applies to New York residents, who would have to pony up 8.82% of the jackpot, reducing an Empire State resident’s winnings even further to about $306 million. New York City collects an additional 3.876% in local income taxes, whittling a Big Apple resident’s take to roughly $284.5 million.
Residents of Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming are off the hook because those states have no income taxes. (Alaska and Nevada don’t sell Mega Millions tickets, but residents can buy them out-of-state.) California winners also get a break because the state exempts state lottery winnings from taxes—as long as you buy your ticket in California. Other states withhold taxes at rates ranging from 2.9% to 8.75%. Maryland and Arizona withhold taxes on lottery winnings from non-residents."
https://www.kiplinger.com/article/t...ax-you-will-pay-on-your-lottery-winnings.html
Friggin' Vig.
Does Cali have the right idea? Should winnings be exempt from Federal tax?
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The new conservative campaign slogan.
