Big Joe does the math on the lottery’s $1.5 billion up for grabs
Nobody won the Powerball or Mega Million lotteries this weekend. The combined possible winnings for the two lottery games is a staggering $1.5 billion. $1.5 Billion! Each of the drawings are hovering around $800 million.
So let's say you win one of the lotteries and the listed prize is $850 million. If you've chosen the one time cash payout here's what happens. Your one time cash payout becomes $628,200,000. So that's still good right? Hold on!
Now 24% goes to the federal government before it gets to your awaiting arms. That's $150,768,000 going to Uncle Sam. Add additional federal taxes and take away another $81,630,000 leaving you with a measly $395,800,000.
Oh wait a minute, New Jersey says not so fast, we need a cut of that. They're taking in an additional 8% of your total which is $50,250,000, then additional $17,275,000 comes out for more taxes here in New Jersey, leaving you a net profit of just $328,270,420. Who could live on such a paltry sum? I could!
What would you do with $328 million? Buy an island? Buy half of Iowa? You know $328 million just doesn't buy what it used to.
The chances of winning one of these lotteries is 1 in 292 million, or about the same chance of me doing a sit-up. I normally don't play the lottery, but you can bet I'll be there tomorrow getting my tickets.
If I win we can all go out to dinner, socially safe, of course. Good luck!
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