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Too Much Online, the free news weekly on excess and inequality, 02 April 2013


Two tales of jackpots and taxes. The first: A New Jersey grocery store employee has just won the fourth-largest Powerball lottery pool ever. The 44-year-old Pedro Quezada will take his cash as a lump sum, about $211 million. Taxes? He’ll owe 46.2 percent of his lump in combined state and federal income taxes. 

Hedge fund manager John Paulson likes to bet, too. In 2009, he bet that the feds would bail out banking giant Citigroup. He bet right — and cleared $1 billion. Taxes? The profits hedgies make qualify as “capital gains” and get preferential treatment at tax time. Paulson paid only a ...