I understand that.
The tax law is ■■■■■■ up.
What is the purpose of the law? Is it to penalize the company…or is it to put them out of business? If the fines were not deductible, then should they be as large? What ever the level is decided and if they are or are not allowed as tax deductions, put it into law but when it’s completed…I’ll make you a bet? The next time fines are levied and a company complies with the law, someone else…just like others here in this thread…will still bitch.
Among the companies in the investigation are BP, JP Morgan Chase and Citigroup.
Fines are not putting them out of business.
So a law only applies to those you listed?
It is why it is okay for companies to hire undocumented immigrants as employees. If they could not their cost would increase and they might go out of business.
Fines are usually based on ones ability to pay. The fine is a deterrent. How are fines a deterrent if they are tax deductible?
My traffic tickets are not deductible on my income taxes.
If traffic tickets were tax deductible I would have no reason to follow the speed limit.
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Are you allowed to write off speeding tickets?
It applies to all.
But let us look at the low hanging fruit that is in the report.
The $20.8 Billion fine that BP got for it’s negligence in the Deepwater Horizon spill, $15.3 Billion gets categorized as a tax deductible business expense and is able to be carried forward as a write off for years.
Huh? Carry it forward?
No.
The answer is, no, you can not write off parking tickets and such even though they lower your income.
no.
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Perhaps one should point out that no fines would be levied if there is no illegal behaviour.
Why would people bitch if a penalty is…you know…an actual penalty and not an incentive?
It amazes me how no matter what, people bitch. Enforce the law and if you don’t like it, change it but stop bitching about everything.
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Didnt trump say he has done this? How he kept is tax rate lower or something
Um…“bitching”, as you call it, is like step one in trying to get a law changed.
How do people know a law should be changed until someone lays out an argument for why?
I would love to change it.
How does one go about changing things if one keeps quiet about it?
Change the law, then observe the unintended consequences of your ill thought out plan…stir the ashes and then bitch some more.
It’s right behind building a wall. Now let’s get started…
People should read this report.
Fresenius Medical Care Holdings went to court to overcome an IRS decision and ultimately deducted most of a $385 million civil portion of its settlement for Medicare fraud, securing a $50 million tax refund, plus interest, from the government.
This is one of those things that majority should be able to agree upon.
