this post was submitted on 08 Mar 2025
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Damn is it really like 80% tax
Lottery winners usually have a choice of getting their winnings paid out over the course of twenty or thirty years, or as one lump sum. If they take the lump sum the winner only gets about half of what they would with the annual payments. So assuming this guy took the lump sum and got $1B the tax would be closer to 60%. Still a lot, but $450M is nothing to sneeze at.
Getting the money over 20 years seems so stupid, it won't give you any interest and over 20 years just because of inflation it will be probably worse than 50% less...
Plus, if the company goes out of business, you're fucked.
At least in my state, the lottery is run by the state government. The taxes from it go to schools.
Dozens of people have gotten a chuckle out of this over the years. dozens!
I mean, the taxes from the lottery do. What that don’t tell us is the taxes originally earmarked for schools now go to something else.