What Kentuckians Would Owe Uncle Sam After a $700 Million Lottery Win
You have your ticket? The Powerball jackpot is up to $700 million. If you win, you'll owe federal and state governments a chunk of change.
So, what do you squirrel away in a magnificent situation like this?
First of all, USA Today informs us that the odds of hitting the jackpot are 292.2 million to one. In other words, it could be more likely that you'd see a goat driving a Cadillac in reverse up the side of a building.
But let's say you win.
You'll need to set aside 25% of that massive swag for good ol' Uncle Sam and another 6% for good ol' Uncle Frankfort.
Keeping in mind that the one-time cash option would be $443 million dollars, and after doing the calculations on my handy-dandy Android phone, that would mean the federal government would receive a whopping $110.75 million and Kentucky would get $26.58 million.
That would leave you with a measly $305.67 million.