648/2 = 324
324 - 120 = 202
Could that be right?? 202 million in taxes??
that’s my thought....the way the math worked in the video it seems there were four winners, 648/4 =162 - .25 = 125
No.
She elected to take a cash payout, which is considerably less than the other option of a 30 year annuity.
“Could that be right?? 202 million in taxes??”
Yep.
The government takes 62% or your ‘winnings’ as a ‘windfall profit’ tax.
Nice scam, if you can get away with it. (which they do)
Yep, it’s a con game. You win the lottery but so does the state, the city, the feds, social security, Obamacare and whatever other leeches they can tag on to it. And don’t forget: This is after the state already rakes in a fortune in ticket sales. I mean the odds of winning are something like 200 million to one so you would think just on principle alone they would give the winner a break on the taxes, but noooo...Their rationale is “Well he or she will end up with millions anyway so let’s take as much as we possibly can and then some.” Oh yeah and BTW they just recently raised the odds of winning even higher. You use to have to pick out 6 winning numbers from numbers 1 to 54. Now they raised it from 1 to 74 so there will be less winners from now on.
The $324 million represents the amount that the $120 million would have bee, worth had she chosen to take it over 30 years, with the state investing on her behalf.
I think the total taxation is about a third.