« Rush Limbaugh Morning Update

Rush Limbaugh October 30th 2018

2018-10-30

This past weekend the Powerball jackpot was won by two winners to take a huge lump sum but not so as the winnings will be taxed by state and local taxes.

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This is an unofficial transcript meant for reference. Accuracy is not guaranteed.
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simply safe, USA, dot com. This past week end the power board. Jackpot was almost six hundred and eighty eight million dollars divided between two winners, one was from Iowa add one was from New York City S, three hundred and forty four million dollars. Right now, my friends, no, no, no, no, no, not even close, see and be she looked at the winners tax bill? Now they can choose to take their prize as a lump sum or spread over thirty years now. Let's say they choose the lump sum. They start with about two hundred million to the feds, take twenty four percent off the top and more when winners file their taxes after federal taxes, the winnings are down
Roughly a hundred twenty five million dollars. Each New York in Iowa State taxes bring the winnings to about one hundred and seven million dollars each and income, the local taxes. The bottom line the winners who started with three hundred and forty four million- will pay almost forty five percent of their prices and taxes. That's a shame. Are yes and you may be even feel sorry for the winners have to fork over so much on a prize. They one. Probably not you think it's still a lot of money. Let me ask you this name: do you feel this for people forced to pay those taxes on money. They have earned not one a lot of people the same amount of money on money they earn? How do you feel about that? Your pride not carried her because it isn't you
Transcript generated on 2020-10-10.