Not that I feel sorry for the guy, but here's why both the Feds and State Tax guys love this lottery chit.
Cash payout was $164,000,000
Max Federal tax rate is 38%
Max California tax rate is 12%
Do the math, the guy "won" $270,000,000 and will end up with $82,000,000. Not that I'm feeling sorry for him, but it ends u being about 1/3rd of the advertised payoff.
I buy $10 worth of tickets every week. Drawing is on Tuesday and Friday nights. I'll be happy with a one with six zero's after it. That'd pay all my debts and leave enough left over to buy a couple bikes, a couple cars and a boat. Beyond that I can retire on 60% disbility pay with everything that's wrong with me.
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