Can someone explain in simple and direct ways how the gift / donation tax works for a lottery winner?

QuestionsCan someone explain in simple and direct ways how the gift / donation tax works for a lottery winner?
Brightn-n-Fresh Staff asked 4 years ago

My jackpot money is cleared in the bank with all its federal/state/city/village/building taxes paid in full. Now I want to start giving money away. What will be the tax implications if I give or donate more than X per year? I heard something about you have to pay an extra 35% on top of it, so let's say you gave away 10 million to people, you would have to give an extra 3.5 million to uncle sam. Is that correct?

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