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Looks like the IRS wants to screw the Gulf residents.

  1. tony0724 profile image60
    tony0724posted 6 years ago

    As though things are not bad enough for the residents of the Gulf states , the IRS is proposing taxing those who have recieved compensation for livelihoods and lives that have been all but destroyed ! Says alot about how much Government really helps people !

    http://www.nydailynews.com/news/nationa … er_ho.html

    1. Ron Montgomery profile image61
      Ron Montgomeryposted 6 years ago in reply to this

      It's income.  They're not proposing it, they're doing it and rightfully so.

      Is your income tax free?

      1. tony0724 profile image60
        tony0724posted 6 years ago in reply to this

        I forgot Ron the new regime can do no wrong in your eyes. I still have a job so I get to pay ridiculous levels of taxes. The Gulf residents jobs will be a thing of the past.

        1. Ron Montgomery profile image61
          Ron Montgomeryposted 6 years ago in reply to this

          The only people who refer to the Obama administration as a regime are the FoxNews bunch.  The use of the term is intentionally misleading.

          You speak as if Obama created the IRS.  If he is all you say he is, why are taxes lower now than when he took office?

          Obama has made many mistakes (like every president before him) and I've spoken out about them.

          Try checking facts before commenting.

        2. Dr Love 69 profile image60
          Dr Love 69posted 6 years ago in reply to this

          Here's the thing, I don't have a full-time job any more either but I am still paying taxes on what little taxable income I am still receiving.  I can assure you that those folks will get all sorts of tax breaks next year.  I only worked full-time half of last year--my writing income didn't count as I was generally paid in cash through a third party--and my refund was higher than it ever was!

  2. Greek One profile image79
    Greek Oneposted 6 years ago

    They better not try that in Texas... they are passing laws against that I hear

  3. MikeNV profile image75
    MikeNVposted 6 years ago

    In other articles they break down what can be taxed and what is not taxed.  Income is taxed.  Some forms of compensation that are not income will not be taxed. Payment to offset property losses should not be taxed as the owner is not gaining anything.

    There just doesn't seem to be any one non biased story on this today.

    The real issue is if they will be fairly compensated.  If they are then they would not incur any less income than before and thus would not be effected... they would pay the same tax.

    Will be interesting to note if BP gets any additional tax breaks as a result of the huge "loss".