If you're paying 50% income tax you either need a better accountant or you need to get out of NY/NJ/CA/IL. I think the highest Federal rate is 34% unless Biden had it changed.
Now - if you live in CA and can make a living winning Lotto jackpots you won't pay CA taxes on that so you would be at 34%. Let that sink in - CA doesn't tax lottery jackpots. Makes me wonder if that is because they cheat on that.
If you're paying 50% income tax you either need a better accountant or you need to get out of NY/NJ/CA/IL. I think the highest Federal rate is 34% unless Biden had it changed.
Now - if you live in CA and can make a living winning Lotto jackpots you won't pay CA taxes on that so you would be at 34%. Let that sink in - CA doesn't tax lottery jackpots. Makes me wonder if that is because they cheat on that.