Same thing applies to Lottery winnings..take a so called $100 mill prize..which is actually $4 million annually for 26 years..if you elect a lump sum, it’s about $50 million...and then fed, state and city taxes will take about 50%..so you end up with about $25 mill..not complaining, but why doesn’t Sen Warren launch an investigation? If an investment company played with the numbers like that...they’d be in front of her, and the cameras..
In most states there is no state tax on lottery winning