The MegaMillions Jackpot is reaching record territory this week. On Tuesday December 17, 2013 the Jackpot is $550M, and the cash option is $295.3M. If you won this money – and elected the cash option – at this time last year, you would have paid $24.8M less in taxes. Obama’s tax increases will cost, a cash option winner, close to $25M in taxes.
How do we get to that number?
Continued after the jump
Due to Obama policies the top marginal tax rate went from 35% to 39.6% on January 1, 2013. That’s a difference of 4.6% or approximately $13.6M on the cash option winnings.
The Affordable Care Act, put in place a 3.8% surtax on unearned income starting January 1, 2014. This results in an $11.2M increase in taxes on the cash option winnings.
This is a total increased tax burden on a sole MegaMillions winner, that elects the cash option, of $24.8M.
That’s $24.8M less a winner can give to charity, $24.8M less they can share with family and friends, and $24.8M less they can use to help the truly needed in their own community. $24.8M less that goes to Barack Obama and his failing policies.