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To: Bringbackthedraft

Actually, if I recall correctly, most - if not all - states do not collect income taxes on the lottery winnings themselves. Obviously if you invest it, the gains are taxed, but not the principal.


25 posted on 01/08/2016 9:53:14 AM PST by kevkrom (I'm not an unreasonable man... well, actually, I am. But hear me out anyway.)
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To: kevkrom

Not in Mass. They will take every nickel up front.


27 posted on 01/08/2016 9:55:36 AM PST by Vermont Lt
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To: kevkrom

Most states do collect state income taxes, but some do not, notably CA, FL, PA, and TX. Federal income taxes always apply.
The lottery withholding does not usually cover the entire tax bill.


29 posted on 01/08/2016 10:05:12 AM PST by jjotto ("Ya could look it up!")
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