|
|
Recently, I came across a heartbreaking piece of news about a staggering jackpot in the U.S. Powerball lottery! The winners are undoubtedly the luckiest people in the world, and there are two of them! The jackpot amounts to a whopping $632 million, making it the seventh-largest prize since its introduction in the 1990s. Wow! However, what's heart-wrenching is that if one of them chooses to take the entire amount at once, they will have to pay a whopping $110 million in income tax!?
Officially confirmed, one winning ticket was sold in California, and the other in Wisconsin. It's still uncertain whether it's an individual or a group win, but officials suggest a higher probability of an individual win. The two winners will each receive $316.3 million. It is reported that the winners can choose to receive the full $316.3 million over 30 years or opt for a one-time cash payment of $225.1 million. Opting for the lump sum requires the winners to pay a 37% federal income tax. Additionally, Wisconsin imposes an extra 7.65% state tax on lottery winnings exceeding $5,000. Therefore, the winner in California will receive an after-tax prize of $142.4 million, while the winner in Wisconsin will only get $125.1 million.
As a result, there is a difference of about $17.3 million between the two lottery holders, almost equivalent to a basic jackpot of $20 million. It's heartbreaking to hear! Winning such a jackpot isn't an instant stroke of luck; it must have been the result of a considerable investment, right? For someone like me who hasn't won once, the thought of paying a 37% income tax if I do win is disheartening! It's not just the winners who find it unfair; over 60% of the public also believes that this practice is unfair to the winners! However, the winners can only acknowledge their bad luck. |
|
Post time 25-11-2023 09:54:22