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Billion-Dollar Jackpot Tax Reality | Sacramento News
One billion dollars—yes, you read that right—hanging over the next Powerball winner, but don’t get too excited: taxes will slash that dream almost in half. The IRS takes 24% upfront, then you’ll likely owe another 13% when you file, thanks to being pushed into the top tax bracket. Where you live matters too: eight states and Puerto Rico don’t tax lottery wins, so winners in California, Florida, or Texas could walk away with over $272 million after federal taxes. Meanwhile, those in high-tax states? Their take-home plummets. After 44 drawings without a winner, this jackpot proves that while…
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