is that federal, state and local taxes considered? i know people who won millions and had to pay over 45% and they live in same town as me
took this from forbes site… According to Powerball’s home page, the $320 million was run by a Michigan resident. The state has a flat 4.35% income tax, as well as a local option income tax. The highest local tax is Detroit’s 2.5%, with Highland park charging 2%. If the winner is a Detroit resident, he or she will pay a total tax bill on a $213 million lump of about $84 million, leaving about $129 million. Not bad, but not exactly $320 million
this numbers dont add up to me
according to forbes if you win 213million you pay 93million in tax for ny resident