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Subscribe to RSSThe Internal Revenue Service wants its cut from oil spill victims who receive BP payments for lost wages, The Associated Press reports:
The agency says that under current law, BP payments for lost wages are taxable — just like the lost wages would have been. The IRS says payments for physical injuries or property loss are generally tax free. ...
The IRS is planning to hold forums in seven cities in the Gulf region on July 17 to help oil spill victims with tax troubles or questions.
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sickening and with a total lack of human dignity or decency
Its income!! However you slice it, it is TAXABLE. It is not sad,bad or wrong of the gov. to want the income tax...that is why it is called INOCOME TAX. Lost or earned...its TAXED!!!
Why should this be a surprise? Unemployment is taxable, Social Security is taxable why wouldn't the money BP is giving out as a replacement to the lost income be taxable. So I see no problem with this.
This is a loss replacement. If it were an insurance payment, it more than likely would not be taxed. Unemployment and SS are like payments from a retirement fund and there are offsets. What offsets will these recipients get? I think the IRS should give these people a break!
I totaly agee with bert1518.. All income is taxed at whatever level you fall in. Low income families will not be taxed, if they fall below poverty levels.
That's horrible!
you would think IRS would have enough humanity and sympathy for the gulf families ... it's a shame our President would allow this to happen.
But that is just the problem. Unemployment shouldn't be taxed. Soc. security shouldn't be taxed. Neither should the BP money. There is now way what is being paid out is covering true costs, some things are not readily apparent or easily identified. And no one has any idea what the long term effects and costs are going to be.
Sad to say I'm not even the least bit surprised. After all, the IRS is missing out on the wages they'd be earning, and our nation is in an insane amount of debt.
Plus you have to remember our government is just as guilty of greed as any corporation- after all, both need to have money to do anything.
AHHHH!!!! Another GREEDY organization STRIKES AGAIN!!!! My God, IRS, I can't believe you have the audacity to tax people who are already down and out! What the hell is wrong with this world?!!
What happened to compassion for your fellow human being? If the Gulf people aren't getting kicked in the ass with BP, they're now getting kicked in the ass with the IRS!! You greedy...............!!! Fill in the blank!
I do believe Obama needs to step in and stop the IRS's pre-meditated madness!
I think I've heard just about all I can hear for one day! Unbelievable!!!!1
These are the same Gulf people @!$%#ing about waiting to see what cause the explosion and what in the future can be done to minimize it's damage. They want the drilling to continue.
It should be taxed. Most certainly they're going to sue BP and get a tax free settlement.
Why doesn't the IRS want it's cut from the 53% of working households in the USA that did not pay one thin dime in income tax last year? This corrupt illegal branch of terrorists directed by the gov is evil and dysfunctional.
WOW...that figures.....at least give a one time exemtion for this...like the fisherman are totally going to recover....the government could at least help out by not taxing them...it just means less unemployment later.