One winner of the $1.128 billion Mega Millions jackpot faces hefty taxes, leaving them with less than expected.
One winner of the $1.128 billion Mega Millions jackpot faces hefty taxes, leaving them with less than expected.

A Blinder Hits the Jackpot

Well well it seems there's a new winner in town and they didn't even need a Shelby brother to rig the lottery. A single ticket from New Jersey takes home a staggering $1.128 billion in the Mega Millions jackpot. Quite the tidy sum but ah the taxman cometh.

'By Order of the IRS'

The winner now faces the tough choice between an annuitized prize or a lump sum payout but either way they're handing over almost half to the taxman. Ah the powers that be always taking their cut like a real gangster.

Shelby's Numbers Game

Calculating taxes the winner will see a 24% federal withholding upfront then potentially owe another 13% depending on other income. Add in New Jersey's 8% automatic withholding and top tax bracket of 10.75% and that jackpot looks a lot slimmer.

A Little Less Than Expected

When all is said and done the winner could be left with significantly less than the eye watering amount they thought they'd won. As I always say 'It's not about the money it's about the money.'

Powerball's Next Big Target

For those feeling lucky the Powerball jackpot is still up for grabs at $865 million. Another chance to win big or as Arthur would say 'Do we get to gamble before the shooting starts?'

The Odds and the Irony

With odds of winning the Powerball at 1 in 292 million it's a real gamble. But as they say 'I'm not a traitor. I'm just a better businessman.' Perhaps the next winner will remember to budget for the tax bill.


Comments

  • BABIE88 profile pic
    BABIE88
    6/3/2024 5:06:19 PM

    Arthur Shelby would probably blow his share of the winnings on a wild night out, taxes be damned.