Tuesday, May 3, 2016

"Powerball Approaches $350 Million"

From Racine County Eye:

By Heather Asiyanbi in Community · May 2, 2016 · No comments


"After 17 drawings without a winner, the Powerball jackpot is expected to be pretty close to $350 million come Wednesday.

"The largest jackpot in lottery history was $1.5 billion in January and was split between three winners from California, Florida and Tennessee. The last winner was drawn March 2.

"Powerball officials are advertising the total winnings Wednesday at $348 million, according to a story at WISN 12 News. A single winner would only be awarded that amount if they take the 30-year annuity. Opting for the lump-sum payout will net someone $226.1 million before taxes.

"Wisconsin tax withholding stands at 7.75 percent of the total, and the federal tax rate hovers around 39.6 percent, according to Time Magazine. That means if the winner is a Cheesehead, they’ll pay over $108 million in taxes, reducing their lump sum winnings to 'just' $118 million.

"There are 44 states that participate in Powerball, and the chances of winning the jackpot are miniscule. Still, buying a ticket at least means a chance"

Read more:  http://racinecountyeye.com/powerball-approaches-350-million/


"'just' $118 million."  Pffft.  Hardly worth the effort.

No comments: