House Bill To Drop Withholding Tax

[maxwell]

Two U.S. reps introduce bill to eliminate the 25% withholding tax.

Some simple math:

1,0000,000 Pick Six winner:

20% (20.6 ) takeout brings the winnings down to 800,0000

70% goes to winner, 30% to 5 of 6 winners brings the winnings down to 560,000

25% withholding tax brings the winnings down 420,0000

Sound about right? :eek:

[toetoe]

Some places split it 75/25, I think.

New York rake is 26% during carryovers. :ThmbDown: .

Withholding is at 28%, no ? :confused: .