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I just read an article which stated that New Yorkers should buy their Powerball tickets in CT to save taxes on a winning ticket. I did some research, but generalized state tax information on lottery winnings is contradictory. One web-site said the winner pays taxes to the state where the Powerball ticket was purchased, unless there is no state tax on lottery winnings, like in Florida. Since I purchase Powerball and Mega Millions tickets in CT occasionally, I would like to know if I would pay less state tax on a winning CT ticket vs.a NY ticket. Thanks!
Shame really..so many who can't afford it will dump hundreds of dollars on this pipe dream.
That's why the irony is that the Lottery is a tax on people who can't do math that is used to help fund education** so they will be better at math.
** In many States
It basically is ...a tax on the poor and uneducated. Although I do admit dropping a couple dollars on a payout this high never hurt anyone. I won't get suckered into it but..
Top rate will apply at 39.6%
Plus Obamacare tax at 3.8% (any income over 250K)
MA- 5.1%
480.5 X 48.5% combined taxes (-233.04mm) = 247.46 million in spendable money!
For some reason most of the newspaper articles love to quote the 25% withholding rate (lottery takes that at a minimum despite another 14.6% being actually owed).
It basically is ...a tax on the poor and uneducated. Although I do admit dropping a couple dollars on a payout this high never hurt anyone. I won't get suckered into it but..
Or look at a $6 investment that returned 247 million net!
Pretty sure Warren Buffett or any other Hedge Fund guys have never had a return that strong!
Can you see how lottery winners get duped so easily? Who's counting, yet Raider is wrong by 73-83 million!
I just read the article online quickly about the lady who won.
I didn't have time for the nonsense below
(Everyones a genius on an anonymous forum)
Quote:
Originally Posted by City Guy997S
Top rate will apply at 39.6%
Plus Obamacare tax at 3.8% (any income over 250K)
MA- 5.1%
480.5 X 48.5% combined taxes (-233.04mm) = 247.46 million in spendable money!
For some reason most of the newspaper articles love to quote the 25% withholding rate (lottery takes that at a minimum despite another 14.6% being actually owed).
I just read the article online quickly about the lady who won.
I didn't have time for the nonsense below
(Everyones a genius on an anonymous forum)
Simple math makes someone a genius?
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It basically is ...a tax on the poor and uneducated. Although I do admit dropping a couple dollars on a payout this high never hurt anyone. I won't get suckered into it but..
