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https://archive.ph/ZFkGL

The winner can pick a cash lump sum or payments over time.

The lump sum is only about half the alluring top line prize. If the winner picks the lump sum, that $2.04 billion drops to $997.6 million. Of course that is before taxes. To get the full $2.04 billion instead, the winner would have to pick the 30 annual payments. That works out to about $68 million a year, again, before taxes. Most winners seem to take the cash, but whether it is cash or installments, what’s the tax bill?

From the start, the winner losses 24% federal tax withholding that goes off the top to the IRS. On the $2.04 billion win, the cash election is really $997.6 million. Tax withholding of 24% amounts to $239.4 million, leaving $758.2 million. But the IRS isn’t done yet. Although only 24% is withheld and sent directly to the IRS, our lucky winner will owe a lot more in April of 2023. Since federal income tax rates go up to 37%, and the winner is in the top 37% bracket, another 13%—$129.7 million more in taxes—is due on April 15.

https://archive.ph/ZFkGL >The winner can pick a cash lump sum or payments over time. > The lump sum is only about half the alluring top line prize. If the winner picks the lump sum, that $2.04 billion drops to $997.6 million. Of course that is before taxes. To get the full $2.04 billion instead, the winner would have to pick the 30 annual payments. That works out to about $68 million a year, again, before taxes. Most winners seem to take the cash, but whether it is cash or installments, what’s the tax bill? > From the start, the winner losses 24% federal tax withholding that goes off the top to the IRS. On the $2.04 billion win, the cash election is really $997.6 million. Tax withholding of 24% amounts to $239.4 million, leaving $758.2 million. But the IRS isn’t done yet. Although only 24% is withheld and sent directly to the IRS, our lucky winner will owe a lot more in April of 2023. Since federal income tax rates go up to 37%, and the winner is in the top 37% bracket, another 13%—$129.7 million more in taxes—is due on April 15.
[–] • 2 pts

Here's another kick in the balls:

  • Lottery winnings are "considered taxable income" for both federal and state taxes.

  • Lottery winnings "don’t count as earned income" for Social Security benefits.

Then you got this glownigger Glenn007... Don't be mad at the (((government))) goyim. It's your fault they steal your money, because you don't math enough.

[–] • 1 pt

Not all states. Last I heard, California doesn't tax lotto winnings.

[–] • 1 pt

Why aren't lottery winnings tax free? They are in Canada.

[–] • 1 pt

Ducking amazing that always seem to be in debt too

[–] • 1 pt

there are too many

  • sheeple
  • liars
  • hypocrites
[–] • 0 pt

I love how people think that a $2B lottery win will get them $2B. And then they are pissed at the government because the actual winnings are MUCH less than $2B. People just don't understand annuitized payments.

[–] • 0 pt

I bet you're one of those blatant motherfuckers who argue that banks should practice usury and charge interest because otherwise they won't survive in this economy.

[–] • 1 pt

The two are entirely different. Should they do it? No. Hitler proved very recently just how detrimental usury is to a society. But they do it, and the government collects taxes; if you’re looking at a real-world example of extremely basic economics, you should take real world factors into account. The government is going to tax lotto winnings. Lotto winners should not be surprised.