Lottery winner of $425.3 millions plans to travel, start charity group
Original post made on Apr 1, 2014
single-play ticket decided to claim his prize in Sacramento today, April Fool's Day, nearly six weeks later, California Lottery officials said.
Read the full story here Web Link posted Tuesday, April 1, 2014, 8:11 PM
on Apr 1, 2014 at 9:56 pm
Hate to rain on his parade. But according to 2014 tax rates as published on the Forbes Magazine site, Uncle Sam is going to want a substantial slice of that $242.2 million dollar payout - namely 39.6% of everything over $406,750 plus $118,188.75. And after the I.R.S. takes its cut, the California Department of Revenue is going to want its cut. Also, if he's unlucky enough to live in certain California counties that have "county" income tax, they'll want their cut, too.
A lot of hands are going out for their piece of his pie. So before starting any charitable foundation, I hope he deals with his tax obligations first.
on Apr 2, 2014 at 8:44 am
Let me win, I don't mind paying the taxes!
on Apr 2, 2014 at 10:03 am
He sounds like a good guy with a level head on his shoulders. I hope he enjoys his newly found wealth and uses it to do a lot of good.