Lottery players not the only ones licking their chops over the Mega Millions jackpotWisconsin News
-- Lottery players are not the only ones licking their chops over tonight’s 540-million-dollar Mega Millions’ jackpot.
Lottery players are not the only ones licking their chops over tonight’s 540-million-dollar Mega Millions’ jackpot. State governments would get millions in extra tax revenues if one of their residents wins. Wisconsin has a 143-million-dollar deficit in its current budget. And if a state resident is the only jackpot winner tonight – and takes the lump-sum prize of almost 390-million – that person would pay just over 30-million dollars to Madison. That would cover just over a-fifth of the state’s deficit. Naturally, state officials around the country are not too giddy, at least in public. Wisconsin officials have not said a thing about a possible tax bonanza. After all, the odds of winning the top prize are 1 in 176-million – and a Wisconsin resident has never won the jackpot in the 26 months the state’s been playing Mega Millions. In Rhode Island, the chair of the House Finance Committee says a jackpot winner tonight could help that state delay budget cuts or tax increases. If the winner chooses to take the prize in 26 yearly installments, the state revenue offices would have to wait for their windfalls. But financial experts say you’d probably be better off taking the installments. It would still net you around 14-million-dollars a year after taxes – and it would stop you from blowing it all too quickly. Experts say most big lottery jackpots are totally spent within five years after they’re won