RUSH: This past weekend, the Powerball jackpot was almost $688 million, divided between two winners, one from Iowa and one from New York.

So that’s $344 million each, right?

No, my friends, not even close.

CNBC looked at the winners’ tax bill. Now they can choose to take their prize as a lump sum or spread over 30 years.

Let’s say they choose the lump sum. They start with about $200 million. The feds take 24% off the top, and more when winners file their taxes. After federal taxes, the winnings are down to roughly $125 million each.

New York and Iowa state taxes bring winnings to about $107 million each. Then come local taxes. Bottom line: winners who started with $344 million, will pay almost 45% of their prize in taxes.

That’s a shame! Are you stunned, and maybe even feel sorry for winners who have to fork over so much, on a prize they won? Probable not, you think it still a lot of money

So let me ask this: Do you feel the same for people forced to pay those taxes on money they’ve earned? Not one. A lot of people pay the same amount of money on money they earn! How do you feel about that? You probable don’t care either because it isn’t you.

Related Links
CNBC: Two Winners Nab $687.8 Million Powerball Jackpot. Here's the Tax Bill

        

                        

                        
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