$1.1 Billion Lottery In Spain Comes With Increased Taxes For Winners

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Spain held an annual lottery drawing called El Nino on Sunday, paying out $1.1 billion ( €840 million) in prizes to winners all over the country. The event has captured numerous headlines, partially thanks to the recession that the country has been in.

According to the International Business Times, there were five winners of Sunday’s drawing, each getting over $260,000. Thanks to said recession, however, each also has to pay 20% in income taxes. International Business Times reports:

The most anyone can win in the $1.1 billion lottery is $260,240, which was doled out to five people in Alicante, Leon, Madrid, Murcia and Tenerife, the AP said. Each ticket costs $26.

A chunk of their winnings will go toward income taxes after Spain implemented austerity measures that include a 20 percent tax on any lottery winnings above $3,250.

Despite the taxes, winners are no doubt happy to take the thousands of dollars they get to keep, particularly in the economic climate that the country is enduring.

Here in the U.S., 2012 was a record breaking year for our own Powerball and Mega Millions lotteries, with Mega Millions hitting $656 million in March, and Powerball hitting $587.5 million in September.

$1.1 Billion Lottery In Spain Comes With Increased Taxes For Winners
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