@rapsbyrc California is one of 14 states in the country that does not tax lottery winnings, although the winner may still be required to pay state and local income taxes.
@rapsbyrc Under the installment route, the annual payments will be around $36 million, which could drop to $22.68 million once the 37% federal marginal rate is accounted for.
@BarackObama campaigned against the carried interest loophole during his presidency but is now using a similar tax strategy for his business interests.
The carried interest loophole allows wealthy individuals to pay a lower tax rate than ordinary workers, highlighting the unfairness and favoritism in the tax system. #irony