… How Much Government Would They Pay For?

 

 

 

taxes

taxes (Photo credit: 401(K) 2012

 

 

 

 ” Let’s assume that the two winners who will split the jackpot take the estimated $379.8 million lump sum. After all, with President Obama’s call for a tax increase on upper income earners, a call echoed by Warren Buffett, these newly minted millionaires could face a 39.6 percent rate—not the current 35 percent.

 

Suppose they’re smart, though, and take the money this year. Then the federal government keeps $132.9 million and the winners keep $246.9 million—less whatever state and local taxes they will owe.

 

Total spending in fiscal year 2012 was $3.54 trillion. Put in other terms, the government spent an average $9.7 billion a day, $404.1 million an hour, and $6.7 million per minute. Do the math, and that $132.9 million in tax revenue would fund the entire federal government for a whopping 20 minutes. “