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Winning the lottery might seem like a dream come true, but according to this infographic by Mint.com, lottery winners don’t always come out on top.
Between 4.08% and 6.27% of lottery winners file for bankruptcy according to this infographic. In the United States, lottery jackpot figures are before tax, which means 30% of your winnings go straight back to the government. In Canada, the winning figures are already taxed so what you win is what you get. This means that in the US, if you win 68 million dollars, you’re taxed 25% federally (17 million dollars) and 4.84% on a state level ($2,468,400). That leaves you with just over 48 million dollars from a 68 million dollar pot.
These are important figures to remember before lottery winners spend the entire pot in their heads. Otherwise, you could be in tax trouble.