To: SamAdams76
Doesn’t the lottery or state take half?????
3 posted on
12/21/2022 1:32:42 PM PST by
Hambone 1934
(Dems love playing Nazis.....The republicans love helping them)
To: Hambone 1934
4 posted on
12/21/2022 1:40:49 PM PST by
SamAdams76
(4,762,307 | Truth Social | 87,863,616 | Twitter | Trump Followers)
To: Hambone 1934
Doesn’t the lottery or state take half????? No. It's just treated as ordinary income, for federal and state tax purposes. 37% is the top marginal tax rate for federal taxes, and I don't know about michigan state income tax rates, but they are usually only a small fraction of federal rates. When all is added up, it's probably close to 40% deducted.
5 posted on
12/21/2022 1:42:51 PM PST by
fwdude
(Society has been fully polarized now, and you have to decide on which pole you want to be found.)
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