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Cities have enacted new ordinances creating oversight and capping jackpots. A Waterloo ordinance from 2017 limits a Queen of Hearts grand prize at $2 million. In Belleville, the cap is $500,000.
That’s a grand total of 41.95% in federal and state income taxes. So if you win $2 million in the Queen of Hearts game, you can expect to fork over $839,000 in federal and state income taxes and ...