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March 31, 2012
The Big Winner in Last Night's Mega Millions Drawing: The Tax Man
According to press reports, last night's $656 million Mega Millions jackpot works out to a $473 million lump sum payout, or $157.7 million for each of the three winners (from Illinois, Kansas, and Maryland), leaving them with $92.3 million - $94.6 million after-tax (more here):
|
State |
Federal Withholding |
State Withholding |
Federal Tax Rate |
State Tax Rate |
|
Illinois |
25% |
5% |
35% |
5% |
|
Kansas |
25% |
5% |
35% |
6.45% |
|
Maryland |
25% |
9.25% |
35% |
5.5% |
March 31, 2012 in Tax | Permalink
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Comments
Based on these numbers, the feds should increase the withholding to 40% and states to 8%.
Posted by: None | Mar 31, 2012 3:54:21 PM
This is a tax on the poor, because it's primarily the poor who play the lottery!!!
Posted by: Woody | Mar 31, 2012 9:48:41 PM
