Lottery Jackpot Represents 73 Minutes of Federal Spending

PowerballThe largest lottery jackpot in US history headlines as a princely sum of $1.5 billion.

But if you’re the lucky winner – overcoming the astronomical odds of 1 in 292 million – and managing to not split the pot with other lucky individuals who also managed to overcome the same astronomical odds….you’ll never see that much thanks to your long lost friends in the Internal Revenue Service and state departments of revenue.

That’s right, not only will you have to fight off droves of never before seen “cousins,” long lost friends, acquaintances, that guy who held the door open for you that one time when you went to buy a lottery ticket…you’ll have to fight off scores of government bureaucrats looking to feast on your winnings in exchange for all the value the government provides to you for the roads they haven’t been building or maintaining.

First, the cash option drops “Billion” from the figure – presently standing at $930 million.

The federal government stands to collect 39.6% in federal income taxes: $368.2 Million

Next, most Americans will face a state tax bite – which varies by state (0% in some states all the way up to a top rate of 12.3% in California. Really California?! No wonder people are packing up and leaving you…), but we’ll estimate state taxes at 5% : $46.5 million

Some will also face city or local income taxes – but we’ll disregard those for now.

Your net winnings will be approximately $515 million.

Federal spending in 2015 was $3.687 trillion (about $421 million per hour).

Meaning the amount of money you’d expect to see from winning the largest lottery jackpot recorded in US history will net you…..73 minutes worth of federal spending.

May the odds be ever in your favor…

Lottery Jackpot
Photo Credit:

“Money” by Pictures of Money

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One Response to Lottery Jackpot Represents 73 Minutes of Federal Spending

  1. jeneanmacb says:

    My Seventy-Three Minutes

    If I won the lottery, I’d hate to think that it cost me tons of money to get the impersonal attention of the IRS, but…it is probably the only attention I will ever get from the government. Certainly, my elected representatives never give me a second’s thought. And, given that, if I won even a million dollars, it would be worth the investment of $2.00 because it’s a million dollars I didn’t have before I won. So, I would be very happy, grateful, astounded, etc. etc. Let the government have all of it except a million and I’ll be fine.

    As for the federal debt of trillions, it makes me sick to think my descendants will be obligated for debt they never incurred voluntarily. On the other hand, I’ll be dead and will probably never know what they did with that debt: default, struggle to pay it, have another tax revolution (my preferred solution) like the one that started the country, or nor worry about it because of the zombies running around eating peoples’ brains or the jihadi cutting the heads off their loved ones.

    The one thing that people can do to stop this profligate spending is the one thing Americans won’t do—revolt. They are too busy following the Kardashians (who, it seems, they can keep up with anyway) to study history or follow the important issues of the day.

    For instance, I just finished reading Brian Kilmead’s book Thomas Jefferson and the Barbary War. Few people know we had to deal with Muslim pirates in the early 1800’s. I’m now reading The Generals by Winston Groom, about Marshall, MacArthur and Patton, and have just finished reading about Marshall’s first post in the Philippines where he ran into Muslim agitation in the late 1800’s. Then there’s Carter’s fiasco with Iran and the Islamic revolution in Iran in the 1970’s, the terror attacks in the late 1980’s, and the Balkan war in the 1990’s where Christian Serbs were trying to rid their country of Muslim misbehavior. The rest, as they say, is history.

    Two hundred years of this nonsense should be enough to teach the American people that we need to finish Jefferson’s war once and for all; it is the longest war in our short history that we’ve been fighting.

    So, in addition to the federal budget running amok because Communism has won in America, and in addition to the continual erosion of our civil rights and liberties, Americans still don’t get it. We must deal with problems whether we like it or not, and it’s best to do the one thing that will work, i.e. taking out the scourge of Islam to the third generation, than doing 999 things that don’t work but that cost huge sums of money.

    How’s this for problem solving: unfetter capitalist market forces, let people make a bunch of money on their own so they don’t waste their money chasing lottery winnings, build up our military forces and unfetter our generals to kick the crap out of the terrorists for real, unfetter our Army Corp of Engineers to build the biggest, meanest, strongest Great Wall of America along the Southern border, unfetter our parents so they can discipline their kids so the teacher’s can teach them not to be stupid, and—this is the big one—stop giving tax money to Muslim pirates that are still stealing from us in the form of military defense of their Muslim leaders.

    I believe that solution program would forever be known as the Second Shot heard ‘Round the World.

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