With the PowerBall Jackpot reaching staggering, record-breaking numbers (currently $1.5 Billion), many have been trying to figure out what they’d pay in taxes if they won the big prize.
When you factor in state taxes and donation exemptions the whole thing becomes pretty confusing, figure after taxes on the lump sum you’d walk away with somewhere between $500 and $600 million. A far cry from the $1.5 billion jackpot but not too shabby nonetheless.
Bernie Sanders looks to make this process a whole lot simpler for people.
The presidential hopefully plans to tax all lottery winnings at 110%
The self-described socialist believes the winnings should be taxed at 100% because you “don’t deserve” the money with an additional 10% tax tacked on that Bernie calls the “Luck Tax”.
The candidate’s position is baffling conservatives and liberals alike while being widely lauded as a “perfect policy” from many of Sanders’ staunch supporters.
When Bernie was questioned on his radical plan he spoke about the lottery’s high cost of entry as the driving force behind his taxation plans, saying “Not everyone can afford $2 a ticket, let alone the extra dollar for the PowerPlay”
This is obviously satire, but given some of the other stuff he’s said it’s probably not that far off.