Quote:
Originally Posted by raymor
Tax is 50%, payout is about half, so actual value of "$476 million" is about $120 million.
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Tax is 30% capital gains, and in NJ no state tax on lottery winnings. I don't consider it a tax any more than laying 5 bucks down on the blackjack table, or placing a bet on a horse race. I had 2 tickets for last night and will have 2 tickets for Friady.
The mistake a lot of people make is to keep buying more tickets as the jackpots rise, I did that for a long time. But the difference in odds of winning do not change if you buy 2 or 200, so I spend a cup of coffee on the drawing, have "won" a few thousand over the years, down long term for sure. But what the hell, someone wins, might as well have that 1:200 million chance.
Cash option is 341.4 million so 235 plus in the bank for 1 winner.