NEW YORK (PIX11) — The seventh-largest Powerball jackpot is up for grabs on Wednesday night in the $850 million drawing.
Although this number might sound astonishing, any New Yorker who wins has some major taxes to pay if they win.
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A New Yorker who wins the lottery can expect to pay a mandatory Federal tax of 24%. On top of the federal tax, there is a state tax withholding of 10.9%, which is the highest in the United States.
If you’re a resident of the five boroughs, there is a city tax of 3.876%, and 1.46% if you happen to be a winner from Yonkers…