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2.04 Billion and he gets $995 million? Land of the free my fucking ass. That’s criminal
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Even if there were zero taxes, you still don’t get the full 2.04. The full amount is based on them earning interest, more lotto drawings, etc, to be able to afford that. So you automatically only get around 50%’ish. The IRS takes 24%, but you are going to pay 38% (or whatever the top bracket is now) so he’s going to owe more money, CA will hit him for income taxes too.
I gotta be honest, this dude is stupid. I would have moved to another State, bought a home, cut all financial and property ties with CA, declared residency (FL, WY, NV) and then claimed the prize. Fuck CA and their taxes. They would probably try to come after him.
That is still a really cool house, but fuck CA, I would have had it built in a better State, with a killer view (MT or WY would be awesome, shit even parts of New England.)
He likely only got around $757mil… He’s going to owe the Fed another 13% ($129mil) and then the State of CA (128mil roughly)… So he’s taking home roughly $500mil at the end of the day. He can still afford the house. lol. With good solid financial advising and a reasonable (for that amount of money) life style, he could crawl up to be a billionaire at some point. But, he dropped $25mil inside of 30days, so he may not be too smart.
Don’t forget he likely has to furnish it and he’s not going to Ikea, he’ll need a couple of vehicles and I doubt he’s going to Kia.
He’ll start investing in stupid shit, he’ll want to be a baller, he’ll blow most all of it and maybe all of it. If he was 50-60, I’d say go for it, not at 30 though.
I say the above, because a smart person would have gotten the fuck out of CA. Go to NV, you can fly over anytime you get homesick. Iirc LAS has a flight to LA like every 30-45min, if he wants to watch his carbon footprint and not fly private.
*it said after taxes (probably the initial 24% withheld, so I’m roughly $240mil low… He doesn’t have to go to Ikea after all. lol.