Monday, March 25, 2013
Forbes: How Much Tax Will You Owe on a [$338] Million Powerball Jackpot? A Lot More Than In 2012, by Janet Novack:
The good news: You are about to win a [$338] million Powerball Jackpot. The bad news: You’ll owe millions more in tax than you would have had you won the same pot in 2012. ... The top combined federal and state rate for a New Jersey resident on lottery winnings would be 46.2%, which translates into a tax bill topping $97 million–$11 million more than it would have been in 2012— if Saturday’s winner elects to take the $211 million lump [sum].
(Hat Tip: Greg McNeal.)