The maximum tax bracket!

Reply #6

TheMeatman2005 — Fri, 29 Jul 2016 09:04:17 GMT

Currently, the maximum federal tax is 39.6%. At the time you win, the IRS collects 25% leaving you to owe the remaining 14.6% on April 15 the following year.

Just take the amount equal to 14.6% of your winnings an invest it so it will make interest. At least you end up making something with it before you have to pay up.

$330.6 x 14.6% is about $48 mil. That can generate a lot of interest if invested correctly.

Reply #5

gogidolim — Fri, 29 Jul 2016 04:39:30 GMT

Or simply an art school that actually teaches how to draw, paint, and sculpt to get an actual job in the industry

Reply #4

Rexer90 — Fri, 29 Jul 2016 02:43:22 GMT

Instead of a non-profit animation studio, you might want to consider a non-profit animation school.

Reply #3

realtorjim — Fri, 29 Jul 2016 02:18:34 GMT

Yes, the tax that will come due above the tax taken at the time of claim is a considerable amount when considering lottery jackpot wins. I agree, much could be done with this additional tax, however, there is not a choice in the matter. The taxman is alive and well. Setting up a non-profit will not balance this burden. One must look at the actual net amount they won and not dwell on the taxes as an amount they think they lost.

Reply #2

gogidolim — Thu, 28 Jul 2016 21:46:45 GMT

You know, the aftermath of a jackpot called the tax.

And there are many non profit film production companies. And same with animation studios.

Reply #1

LiveInGreenBay — Thu, 28 Jul 2016 21:33:58 GMT

Non-profit animation studio? LOL! Good luck with that. When I hear non-profit I usually think of charities...But then thats just me. BTW what does this have to do with the lottery

The maximum tax bracket!

gogidolim — Thu, 28 Jul 2016 17:38:39 GMT

I can live with 25% tax withholding but seriously? I can do a lot of good things with the additional 15% of tax bracket.

Since I live near LA and many of my friends are animators, maybe I can setup a non-profit animation studio that does a lot of research on new graphics technology?

As for those who oppose the idea, well...at least I am creating jobs.