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The Powerball jackpot has hit a massive $1.7 billion after 41 straight drawings without a winner. This makes it the third biggest lottery prize in American history. Millions of hardworking Americans are dreaming of hitting it big this Saturday night.
But here’s what the government doesn’t want you to focus on. If you win, Uncle Sam will immediately grab 37% of your winnings in federal taxes alone. That $770 million cash payout suddenly becomes just $485 million after the feds take their cut.
Some states will take even more money from winners through state taxes. Thank goodness states like Florida and Texas don’t tax lottery winnings. These Republican-led states understand that winners have already been taxed enough.
The odds of winning are an astronomical 1 in 292 million. That’s worse than getting struck by lightning multiple times. Yet millions of Americans will spend their hard-earned dollars chasing this dream while politicians get rich off the revenues.
Speaking of politicians, they love to brag about lottery money going to education and public programs. But we all know how well government runs our schools and programs. Most of that money disappears into bureaucratic black holes instead of helping real people.
This jackpot has been building since May because no one has won for over three months. That’s 41 drawings of disappointed Americans while state governments collect millions in ticket sales. The house always wins when government runs the game.
If someone does win on Saturday, they’ll face a choice between annual payments or the lump sum. Smart money says take the cash now before inflation and higher taxes eat away at future payments. Don’t trust politicians to keep their promises about future payouts.
The real winner here isn’t the lucky ticket holder who beats impossible odds. It’s the government that collects billions in ticket sales and then takes nearly half of any winnings. That’s the American way under big government taxation.
