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BullNBear52

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BullNBear52

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Re: janice shell post# 101981

Friday, 01/15/2016 9:06:03 AM

Friday, January 15, 2016 9:06:03 AM

Post# of 222208
I'm not sure about that.

And you wouldn't have to pay any state taxes.

If you were a resident of NYS when you won the lottery they would probably want their cut. Simply saying I'll move to FL and collect the winnings they probably wouldn't allow. They would lose out on about $40M in revenue.

Worse would be a resident of NYC then the city would want their cut as well. That's another $15M.

The winners in FL and TN luck out since they don't have a state income tax. The CA winner is screwed since CA has one of the highest tax rates in the country.

The Fed rate BTW is 39.6% That is $209M on a $530M win.

People who take the lump sum payout are nuts IMO. You just give away a huge chunk of cash.

New Year's Day--Now is the accepted time to make your regular annual good resolutions. Next week you can begin paving hell with them as usual. - Mark Twain

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