Connect with us

Business

These are the best states to win the Mega Millions jackpot in on August 8, 2023 at 6:50 pm Business News | The Hill

Published

on

(NEXSTAR) — With another record-setting lottery jackpot up for grabs — a $1.58 billion Mega Millions grand prize — it’s hard not to fantasize about being a billionaire. Unfortunately, you won’t become a billionaire right away if you win.

It isn’t just because of how long it takes to validate a winner. Taxes are going to drop you down from billionaire status to millionaire, albeit a double or triple-digit millionaire.

State lotteries are required to withhold 24% in federal taxes on Mega Millions jackpot wins. With additional taxes, about 37% of the prize money will be taken out in total.

Advertisement

Depending on where you live, you could see even more tax withholdings taken from your prize.


Can a Mega Millions jackpot winner remain anonymous? Not in these states

New York has the highest state lottery tax withholding on large lottery prizes like the Mega Millions jackpot (some have different tax rates for different-sized prizes, or the taxes aren’t withheld unless a prize is larger than a set value). State law requires the New York Lottery to withhold 10.9%. If you live in New York City, you’ll face an additional 3.876% withholding, according to the state lottery

These five states have the highest state tax withholdings on large lottery prizes:

Advertisement

New York: 10.9%

Maryland: 8.95%

New Jersey: 8%

Oregon: 8%

Advertisement

Wisconsin: 7.65%

The District of Columbia also imposes an 8.5% tax on lottery prizes won in its jurisdiction.

Where a state tax is withheld, the amount is taken automatically. Think of it like your paycheck — federal and state taxes are taken out before you receive the check, and depending on how much you paid, you might owe some or gain some back at the end of the year, the North Carolina Education Lottery explains.

There are, however, nine states that don’t automatically withhold a local lottery tax: California, Delaware, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming.

Advertisement

To put it in perspective, let’s say the winner of the $1.58 billion Mega Millions jackpot opts to receive the cash prize of $757.2 million. After federal taxes have been withheld, the prize drops to about $477.1 million, according to an analysis by USA Mega.

If the winner lives and purchased their ticket in one of the states without a state lottery tax, they would receive exactly that payout: $477.1 million. A winner in New York state would receive just $394.5 million.


3 things to do immediately if you win the Mega Millions jackpot

Tax withholdings will also impact the annuity payout option a Mega Millions jackpot winner could choose. After the 30 total payments have been doled out, a winner in a state without a lottery tax would have about $977.6 million. In New York, they would have about $808.7 million.

Advertisement

Though the annuity option will, eventually, end up being a bigger payout than the cash option, most jackpot winners select the lump sum payments. Some financial advisers say that might be a mistake.

Experts also recommend keeping your winnings a secret from as many people as possible for as long as you can. In some states, that may not be very long — many have laws that require the lottery to at least reveal the name of the jackpot winner.

So even though you’ll have a larger prize if you win in California, Florida, South Dakota, or Tennessee, for example, your neighbors may soon find out about your newfound wealth.

Want to stay anonymous and keep as much of your jackpot as possible? Wyoming has no automatic lottery tax and allows winners to remain anonymous. Winners in North Dakota can also remain anonymous, and the state’s lottery withholdings are just 2.9%.

Advertisement

​State Watch, Business Want the most bang for your buck?  

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Why 9 Million Americans Have Left

Published

on

The Growing American Exodus

Nearly 9 million Americans now live outside the United States—a number that rivals the population of several states and signals a profound shift in how people view the American dream. This mass migration isn’t confined to retirees or the wealthy. Thanks to remote work, digital nomad visas, and mounting pressures at home, young professionals, families, and business owners are increasingly joining the ranks of expats.

Rising Costs and Shrinking Wallets

Living in the US has become increasingly expensive. Weekly grocery bills topping $300 are not uncommon, and everyday items like coffee and beef have surged in price over the last year. Rent, utilities, and other essentials also continue to climb, leaving many Americans to cut meals or put off purchases just to make ends meet. In contrast, life in countries like Mexico or Costa Rica often costs just 50–60% of what it does in the US—without sacrificing comfort or quality.

Health Care Concerns Drive Migration

America’s health care system is a major trigger for relocation. Despite the fact that the US spends more per person on health care than any other country, millions struggle to access affordable treatment. Over half of Americans admit to delaying medical care due to cost, with households earning below $40,000 seeing this rate jump to 63%. Many expats point to countries such as Spain or Thailand, where health care is both affordable and accessible, as a major draw.

Seeking Safety Abroad

Public safety issues—especially violent crime and gun-related incidents—have made many Americans feel unsafe, even in their own communities. The 2024 Global Peace Index documents a decline in North America’s safety ratings, while families in major cities often prioritize teaching their children to avoid gun violence over simple street safety. In many overseas destinations, newly arrived American families report a significant improvement in their sense of security and peace of mind.

Tax Burdens and Bureaucracy

US tax laws extend abroad, requiring expats to file annual returns and comply with complicated rules through acts such as FATCA. For some, the burden of global tax compliance is so great that thousands relinquish their US citizenship each year simply to escape the paperwork and scrutiny.

The Digital Nomad Revolution

Remote work has unlocked new pathways for Americans. Over a quarter of all paid workdays in the US are now fully remote, and more than 40 countries offer digital nomad visas for foreign professionals. Many Americans are leveraging this opportunity to maintain their US incomes while cutting costs and upgrading their quality of life abroad.

Conclusion: Redefining the Dream

The mass departure of nearly 9 million Americans reveals deep cracks in what was once considered the land of opportunity. Escalating costs, inaccessible healthcare, safety concerns, and relentless bureaucracy have spurred a global search for better options. For millions, the modern American dream is no longer tied to a white-picket fence, but found in newfound freedom beyond America’s borders.

Advertisement
Continue Reading

Business

Will Theaters Crush Streaming in Hollywood’s Next Act?

Published

on

Hollywood is bracing for a pivotal comeback, and for movie lovers, it’s the kind of shake-up that could redefine the very culture of cinema. With the freshly merged Paramount-Skydance shaking up its strategy, CEO David Ellison’s announcement doesn’t just signal a change—it reignites the passion for moviegoing that built the magic of Hollywood in the first place.

Theatrical Experience Roars Back

Fans and insiders alike have felt the itch for more event movies. For years, streaming promised endless options, but fragmented attention left many longing for communal spectacle. Now, with Paramount-Skydance tripling its film output for the big screen, it’s clear: studio leaders believe there’s no substitute for the lights, the hush before the opening credits, and the collective thrill of reacting to Hollywood’s latest blockbusters. Ellison’s pivot away from streaming exclusives taps deep into what unites cinephiles—the lived experience of cinema as art and event, not just content.

Industry Pulse: From Crisis to Renaissance

On the financial front, the numbers are as electrifying as any plot twist. After years of doubt, the box office is roaring. AMC, the world’s largest theater chain, reports a staggering 26% spike in moviegoer attendance and 36% revenue growth in Q2 2025. That kind of momentum hasn’t been seen since the heyday of summer tentpoles—and it’s not just about more tickets sold. AMC’s strategy—premium screens, with IMAX and Dolby Cinema, curated concessions, and branded collectibles—has turned every new release into an event, driving per-customer profits up nearly 50% compared to pre-pandemic norms.

Blockbusters Lead the Culture

Forget the gloom of endless streaming drops; when films like Top Gun: Maverick, Mission: Impossible, Minecraft, and surprise hits like Weapons and Freakier Friday draw crowds, the industry—and movie fans—sit up and take notice. Movie-themed collectibles and concession innovations, from Barbie’s iconic pink car popcorn holders to anniversary tie-ins, have made each screening a moment worth remembering, blending nostalgia and discovery. The focus: high-impact, shared audience experiences that streaming can’t replicate.

Streaming’s Limits and Studio Strategy

Yes, streaming is still surging, but the tide may be turning. The biggest franchises, and the biggest cultural events, happen when audiences come together for a theatrical release. Paramount-Skydance’s shift signals to rivals that premium storytelling and box office spectacle are again at the center of Hollywood value creation. The result is not just higher profits for exhibitors like AMC, but a rebirth of movie-going as the ultimate destination for fans hungry for connection and cinematic adventure.

Future Forecast: Culture, Community, and Blockbuster Dreams

As PwC and others warn that box office totals may take years to fully catch up, movie lovers and industry leaders alike are betting that exclusive theatrical runs, enhanced viewing experiences, and fan-driven engagement are the ingredients for long-term recovery—and a new golden age. The Paramount-Skydance play is more than a business move; it’s a rallying cry for the art of the theatrical event. Expect more big bets, more surprises, and—finally—a long-overdue renaissance for the silver screen.

For those who believe in the power of cinema, it’s a thrilling second act—and the best seat in the house might be front and center once again.

Advertisement
Continue Reading

Business

Why Are Influencers Getting $7K to Post About Israel?

Published

on

Influencers are being paid as much as $7,000 per post by the Israeli government as part of an expansive and sophisticated digital propaganda campaign. This effort is designed to influence global public opinion—especially among younger social media users—about Israel’s actions in Gaza and to counter critical narratives about the ongoing humanitarian situation.

How Much Is Being Spent?

Recent reports confirm that Israel has dedicated more than $40 million this year to social media and digital influence campaigns, targeting popular platforms such as TikTok, YouTube, and Instagram. In addition to direct influencer payments, Israel is investing tens of millions more in paid ads, search engine placements, and contracts with major tech companies like Google and Meta to push pro-Israel content and challenge critical coverage of issues like the famine in Gaza.

What’s the Strategy?

  • Influencer Contracts: Influencers are recruited—often with all-expenses-paid trips to Israel, highly managed experiences, and direct payments—to post content that improves Israel’s image.
  • Ad Campaigns: State-backed ad buys show lively Gaza markets and restaurants to counter global reports of famine and humanitarian crisis.
  • Narrative Management: These posts and ads often avoid overt propaganda. Instead, they use personal stories, emotional appeals, and “behind the scenes” glimpses intended to humanize Israel’s side of the conflict and create doubt about reports by the UN and humanitarian agencies.
  • Amplification: Paid content is strategically promoted so it dominates news feeds and is picked up by news aggregators, Wikipedia editors, and even AI systems that rely on “trusted” digital sources.

Why Is This Happening Now?

The humanitarian situation in Gaza has generated increasing international criticism, especially after the UN classified parts of Gaza as experiencing famine. In this environment, digital public relations has become a primary front in Israel’s efforts to defend its policies and limit diplomatic fallout. By investing in social media influencers, Israel is adapting old-school propaganda strategies (“Hasbara”) to the era of algorithms and youth-driven content.

Why Does It Matter?

This campaign represents a major blurring of the lines between paid promotion, journalism, and activism. When governments pay high-profile influencers to shape social media narratives, it becomes harder for audiences—especially young people—to distinguish between authentic perspectives and sponsored messaging.

As user trust in mainstream news decreases and social media’s power grows, understanding how digital influence operations work is critical for anyone who wants to stay informed and think critically about global events.


In short: Influencers are getting $7,000 per post because Israel is prioritizing social media as a battleground for public opinion, investing millions in shaping what global audiences see, hear, and believe about Gaza and the conflict.

Advertisement
Continue Reading

Trending