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Safe USA dot com. This past weekend, the Powerball jackpot was almost six hundred eighty eight million dollars divided between two winners. One was from Iowa and one was from New York, So that's three hundred and forty four million dollars each, right, No, my friends, no, no, no, no, no, not even close. CNBC looked at the winners tax bill. Now, they can choose to take their prize as a lump sum or spread over thirty years. Now, let's say they
choose the lump sum. They start with about two hundred millions. The Feds take twenty four percent off the top and more when winners file their taxes. After federal taxes, the winnings are down to roughly a hundred twenty five million dollars each. New York and Iowa state taxes bring the winnings to about one hundred seven million dollars each, and then come the local taxes. The bottom line, the winners who started with three hundred forty four million will pay
almost forty five percent of their prize and taxes. That's a shame. Are you stunned? You maybe even feel sorry for the winners who have to fork over so much on a prize they won. Probably not. You think it's still a lot of money. Let me ask you this, then, Do you feel the same for people forced to pay those taxes on money they have earned? Not one. A lot of people pay the same amount of money on money they earn. How do you feel about that? You probably don't care either, because it isn't you