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$730M Powerball jackpot winner faces single-digit state tax rate

Source: foxbusiness.com - Jan 22, 2021

A Maryland resident was the lucky winner of Wednesday’s $731.1 million Powerball jackpot, the fourth-largest in the game’s history.

The good news for the winner, who purchased the ticket in Alleghany County, is he or she faces a single-digit state tax rate.

Maryland’s lottery would earn $49 million in state taxes on the lump sum cash option – a rate of 8.95%.

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Category: General Business