Here’s the tax bite on $1.6 billion Mega Millions and $620 million Powerball jackpots

The very politicians who claim they want less economic inequality intentionally create these huge jackpots.

The biggest buyers of tickets make less than $30,000 a year.

And the money often isn’t even used for what they say it will be used for. For example, it goes into an education budget but then other funds are taken out.

(From CNBC)

While it’s anyone’s guess who will end up winning the Mega Millions and Powerball jackpots, there’s at least one guaranteed recipient of a chunk of the loot — the IRS.

With the Mega Millions jackpot at $1.6 billion and Powerball’s top prize at $620 million, that tax bill will be hefty even if the winner employs strategies to reduce their taxable income.

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