The Dirty Little Secret Of Winning The Lottery
Let me start by saying…at the end of the day, I don’t care. I’ll explain later, but I bet you’ll agree.
The Mega Millions Lottery Jackpot on Friday is worth the paltry sum of $340 million, BUT no one will take that money home. Here we go:
-Regardless of whether the winner chooses to take payments or a reduced lump sum, 24 percent of the jackpot will be withheld for federal taxes, says April Walker from the American Institute of CPAs.
-In the case of Friday’s drawing, the lump sum payment will be $230.8 million. Minus the initial government taxation, it drops another $55.4 million.
And that’s just the beginning.
-Come tax time, Uncle Sam will take another 13 percent, which comes out to another $30 million. “There is still a sizable tax bill coming, for sure,” Walker says.
-When all is said and done, the $340 million winner will be left with about $145 million, while the government will be $85 million richer.
Now back to the part about I don’t care. So you mean to tell me, at the end of the day, after EVERYONE has had their taste, I still walk away with $145 million in my account that wasn’t there the day before?
Okay.
Can’t wait for Friday night.
