How rich are we really talking about? The winner would have to win 123 equally record-sized Powerballs to take the top spot on Forbes’ list of the richest Californians. “We’re talking about a life-changing amount of money, and I don’t think that’s hyperbole in this case,” said Carolyn Becker, communications director for the California State Lottery. Feds says that Elizabeth Holmes should go to prison for 15 years and pay $804 million in restitution ]. [Read: Billionaires gone wild: Musk, Zuckerberg clash jobs, roll dice with future of tech icons Though the jackpot ended up totaling $2.04 billion, the winner could end up netting about $758 million after federal income taxes, assuming they decide to take a one-time cash option, as most winners do, instead of opting for the entire jackpot split into 30 annual installments. “This is a very poor neighborhood,” Chahayed told the Orange County Register. He said he hopes the jackpot winner ends up being a local who decides to reinvest in the community. In Altadena, Joe Chahayed reaped a reward of $1 million since his Joe’s Mobil gas station is where the winning Powerball ticket was sold. Nowadays, luck helps determine which communities and businesses profit from the sudden influx of lottery winners. “It is more likely to increase your taxes because of increased welfare and police costs.” “NOT A PENNY OF THAT MONEY WILL GO FOR EDUCATION,” former San Francisco Police Commissioner Don Fazackerley and others argued at the time. “EVERY PENNY OF LOTTERY PROFITS would go to PUBLIC EDUCATION.”īack in 1964, California voters shot down an earlier proposal to create a state lottery system after opponents used taxes as a scare tactic against what was known as Prop 16. “Contrary to our opponents’ falsehoods: No lottery revenue would go to the state,” supporters argued at the time. Ironic that the record $2.04 billion jackpot drawing fell on the same day voters resoundingly rejected a pair of measures that would have legalized gambling on sports. How California, often maligned as a tax-happy state, ended up being one of nine Powerball participating states – including red-state rivals like Florida and Texas – that lets lottery winners slide is part of the interesting backstory of how voters here first rejected, then approved lottery sales. Thirty-six other states take their cut of the winnings – including New York, Arizona and Virginia. In this case, it’s like winning a second $123 million jackpot. So will the IRS.īut there’s a surprising reason why the mystery winner is lucky they bought the richest lottery ticket ever sold in the history of the planet here instead of, say, Louisiana or Kentucky: They won’t have to deal with the state taxman in the Golden State.Ĭalifornia doesn’t charge a cent in state income tax on lottery winnings, no matter the amount. Cousins of cousins will suddenly turn up at their doorstep. All week long, the good residents of Altadena, California, have been eyeing neighbors, counting co-workers who call in sick, and ringing up ex-spouses to size up who may have the single winning $2.04 billion Powerball ticket sold at a Mobil gas station in this Los Angeles suburb.Įverybody is waiting for the country’s newest billionaire to come forward.
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