24-year-old Wisconsin Powerball winner to lose nearly half to tax


The lottery is one of the best deals going for government. They keep a cut of sales (a much larger cut than casinos for instance) and then they get to tax the winnings.
(From Yahoo Finance)

In Wisconsin, the state is expected to take a tax bite equal to 7.65 percent or the top tax rate, deducting another $36.5 million.

That brings the overall tax tab up to about $213 million. From the lump sum value of $477 million, this would mean the take home pay is around $264 million.

Reprinted from: https://www.ac2news.com/2019/04/24-year-old-wisconsin-powerball-winner-to-lose-nearly-half-to-tax/

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