LITTLE ROCK, Ark. – Good news: You roll out of bed Sunday morning and find out you just won the $1.4 billion Powerball jackpot. What could someone in Arkansas do with a sudden $1.4 billion influx to the checking account with fall knocking on the door?
Now we need to get down to some planning. According to USA Mega, after federal and state taxes for someone who’s taking the lump sum, married and filing jointly, you’ll have $375,342,551 to play with.
To make the math easy, let’s call it $375 million burning a hole in your pocket, leaving you with $300,000-plus to blow or stash back or whatever you think.
First, perhaps a small party, like, say, Arkansas-made fudge for everybody in the state.
The Two Dumb Dames Fudge Factory in Eureka Springs has a wide selection, and you’d rack up 3.1 million pounds so everybody in the state could get a pound, figure $54.3 million after taxes.
Now you’re up 13 million pounds of fudge and down to $320.7 million.
Thanksgiving is not that far off, and Butterball has three Arkansas sites, making it part of the Arkansas family for its well-known turkey products. Walmart has an average price on a frozen whole turkey at $13.72, so much like fudge this would run around $42.5 million after tax to get a turkey for everyone in the state.
You’re now down to $278.2 million — but everyone in the state now has a pound of fudge and a turkey.
Or perhaps you’d rather harvest your own turkeys? Remington Arms produces a range of ammunition in Arkansas, including shotgun shells.
But perhaps it’s early to make plans. According to the Arkansas Scholarship Lottery, the odds of winning the jackpot in Powerball is 1 to 292,201,338. The odds of being hit by lightning in your lifetime is 1 in 15,300 making that much more likely.