Mike Huckabee

Paying taxes on the Mega Millions lottery There was one winning ticket in last week’s historic $1.337 billion Mega Millions lottery drawing, sold in Des Plaines, Illinois. We may never find out who the winner was, but one thing is certain: He/she/xi will NOT be a billionaire. You see, first, the winner has to pay taxes. https://www.breitbart.com/local/2022/08/03/winner-of-1-337-billion-mega-millions-jackpot-may-only-earn-453-million-after-tax/ Ethan Letkeman at Breitbart.com did the math. Most winners take the lump sum payment, which knocks the prize down to a still respectable $780.5 million. Then, subtract 24% federal withholding tax. That drops it to $593 million. Because of the high tax bracket, an extra 13% federal tax, or $101.4 million is deducted, leaving $491 million. But we’re not done yet. Illinois being a blue state, there’s a 4.95% state income tax. That takes a bite of $38.6 million. When all the tax is taken out, the would-be billionaire will be left with $453 million. Nothing to sneeze at, but only about a third of the promised $1.337 billion, and just 58% of the lump sum payment. The good news: that will still leave the winner rich enough to be accused by Democrats of not paying his “fair share” of taxes.