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Cake day: March 16th, 2024

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  • Davel23@fedia.ioto196@lemmy.blahaj.zoneDeath and taxes rule
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    1 day ago

    Lottery winners usually have a choice of getting their winnings paid out over the course of twenty or thirty years, or as one lump sum. If they take the lump sum the winner only gets about half of what they would with the annual payments. So assuming this guy took the lump sum and got $1B the tax would be closer to 60%. Still a lot, but $450M is nothing to sneeze at.