Government Is the Big Lottery Winner
PHILADELPHIA (CBS) -- On Talk Radio 1210 WPHT, Chris Stigall shared an article following the announcement that the $1.6 Billion Powerball jackpot will be split between three winners that lottery sales and taxes collected from lottery winnings make the federal and local governments the real winner of every lotto drawing.
Stigall, referencing Michelle Malkin's piece from Town Hall, stated that the government will always get their share.
"The Feds automatically, as we know, skim about 25 percent of the top of your lump sum cash award. Additional state withholding taxes vary depending on residency status. Mega winners are taxed at the highest federal income tax bracket, nearly 40 percent. Those who live in states with personal income taxes could pay up to an additional nine percent. Local municipal taxes can add another three to five percent to tax burden. Government lotteries of all kinds raked in a whopping $70 Billion in revenue last year."
