Powerball Jackpot Soars to $501 Million Ahead of Tonight’s Drawing

The Powerball jackpot has surged to an astounding $501 million after no winning tickets were sold in Saturday’s drawing, setting the stage for tonight’s highly anticipated draw. A lucky winner could claim the massive prize, but will face significant federal and state taxes on their winnings.

For those eyeing the lump sum, the cash option stands at $229.5 million. However, federal withholding taxes would immediately reduce this to $174.4 million, and a 37% marginal tax rate for the highest income bracket could bring the take-home amount down to approximately $144.6 million. Winners also face state taxes, which vary widely; New York imposes a 10.9% rate, while states like Texas and California do not tax lottery winnings.

The next Powerball drawing is scheduled for Monday night, August 11, at 10:59 p.m. EDT. If no winner emerges tonight, the jackpot will continue to grow, with subsequent drawings held on Wednesday and Saturday.

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