Lottery Taxes – How Much Tax Is If You Win The Lottery Video



Winning the Lottery


Lottery taxes are really high, so if you think you will ever win this is how much money you would actually get to keep.

Rock – – – FOLLOW FOR GOOD LUCK OUTRO SONG –

If you have ever wondered how much money you would get if you won the lottery then here ya go..

the jackpot for the last lottery was one billion five hundred million dollars now let’s say hypothetically you won the 1.5 billion dollar jackpot do you know how much of that money you would actually keep you see if you won the 1. 5 billion dollars and you asked for the money immediately you would not get 1. 5 billion dollars if you ask for all the money right when you hand them the ticket they’re only going to give you nine hundred and thirty million but if you spread out the payments over thirty years you will receive the full 1. 5 billion this is because the lottery lies to us you know when you see the Billboard or the commercials you see 1.

5 billion dollars how they advertise the jackpot being that high that’s not how much money they have in fact they only have nine hundred and thirty million sixty two percent of that but they advertise it at 1.5 billion which is why if you won the 1. 5 billion dollar lottery and asked for the money right away they’d only hand you a check with nine hundred and thirty million but if you spread it out over 30 years that gives them time to invest the nine hundred thirty million and so if you spread it out over thirty years you would receive the full 1. 5 billion they advertise but that’s only if you wait 30 years instead of asking for it upfront this is because they take the money and invest it obviously if you borrow a thousand dollars from a bank you’re not going to owe the bank a thousand dollars you’re going to owe the bank a thousand dollars plus interest so you’re going to owe them like a thousand one hundred dollars and that’s what the lottery does if you wait thirty years then that gives them time to loan out the money to people and make you know investments you know make return on their money and that’s why if you get the money right away you get nine hundred and thirty million but if you wait thirty years they will invest it and you’ll get the full 1. 5 billion that they advertised and told you you would so anyways let’s say you took the 930 million well now you have to pay your federal taxes which because you got nine hundred thirty million dollars and that is classified as income to the government that puts you in the highest tax bracket which means you have to pay thirty nine point five percent taxes on your nine hundred and thirty million dollars which basically means of your nine hundred and thirty million dollars you’re going to owe the government three hundred and sixty eight million which is only going to leave you with like five hundred and seventy million dollars after that and then lastly you have to pay your state tax which six different states don’t actually charge attacks so that’s pretty nice if you went in one of those states but the lowest state is New Jersey which charges three percent and the highest is New York which is like eight point six percent so if you win in New Jersey you know after the five hundred and seventy million after federal and you know the lottery takes their part and then state tax is probably on take you know from New Jersey like twenty million so you’re still gonna be left with you know five hundred and forty million but if you win in New York that a percent it’s actually going to take a little bit of a chunk you know because a percent of a billion dollars is eight hundred million so 500 million dollars eight percent of that still going to be like forty million dollars so if you won in New York try to move somewhere else before you claim your ticket or something like that I don’t know if that’s how it works anyways that’s that so it all said and done you win the lottery let’s exclude the state taxes because it’s based on where you live if you win the lottery you’re going to get five hundred and seventy million dollars that’s not including state tax and it’s advertised as a 1.

5 billion dollar lottery but if you actually win you’re only going to get five hundred and seventy million which is still a lot your kids kids kids kids kids and no one in your family is ever going to have to work as long as you invest it and aren’t and you know an idiot and blow it all in like cocaine and alcohol and stuff like that so anyways as the video hopefully you enjoyed so..

Comments on this entry are closed.

Previous post:

Next post: