oliver clotheshoffe
Regular Member
Posts : 1723
Join date : 2019-02-04
Age : 64
 | | Subject: The Winner Of The Mega Millions $1.28 Billion Will Keep About $433 Million After Taxes Sat Aug 06, 2022 10:26 am | |
|  One lucky winner in Illinois recently hit the jackpot with the $1.28 billion in the Mega Millions lottery, the second largest total in Mega Millions history, according to Forbes. However, if you want the money right away, you only get to keep $747.2 million.
Yeah, only…. that’s still enough money to live comfortably for generations. I think any American on this planet would still be perfectly content with $747.2 million, but little did I know, the lump sum dwindled even more after the initial tax.
After the $742.2 million, the IRS hits you with a 24% withholding tax, dropping the total to $567,872,000.
On top of that, the state of Illinois has a 4.95% state income tax, which takes off another whopping $37 million off the $567 million, which means the winner of the Mega Millions will only keep about $433.7 million.
I know, I know, $433.7 million is way more than enough to never have to worry about money again, but I can’t help to think about the people who’ve won far less money off the Mega Millions in the past, and how their winnings probably weren’t even in the ballpark of what they thought they’d won.
If you live in a state with a large income tax, good luck.
The government, man…
https://www.whiskeyriff.com/2022/08/05/the-winner-of-the-mega-millions-1-28-billion-will-only-get-to-keep-about-433-million-after-taxes/ |
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