Just before tonights drawing the Mega Millions Jackpot will be at $1,000,000,000 dollars... Yep, if you win you could be in a whole new tax bracket. Would you take the lump sum or Annuity over 30 years... Well, not going to lie... I still don't know what I would do with $23,000,000 a year so I would probably go that route to save me from blowing my money in the first few years. Plus by the time I figured out how to control my money, I'd still have a couple hundred million... Commence my money problem dream!
TwoCents Life Hacker Reports in michigan the payouts you would get are:
Michigan: 4.25 percent state tax
- Annuity: -avg. net pay per year: $23,199,166; after 30 payments: $695,974,980)
- Lump sum: - net payout: $393,620,500