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2016-01-13 16:56:22 Post No. 1040285
Post No. 1040285
With the powerball cash payout at 930 million, the highest federal tax bracket being 39.6%, and my state's highest tax bracket being 6%, that works out to $505,920,000.
That's an unfathomable amount of money personally, but you know greed has no end so.... When you actually collect your winnings, they only withhold 25% for federal taxes and 5% for my state, which means you would end up with $651,000,000, with the balance of $145,080,000 due at the end of the year.
145 million is a lot of money too. What could you do with it in the say 9 or 10 months that you would have it to offset that tax burden?