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IRS May Tax Payments to Gulf Coast Victims
fox ^ | 6/22/10 | fox

Posted on 06/22/2010 11:02:05 AM PDT by Nachum

NEW ORLEANS — Out-of-work Gulf Coast shrimper Todd Pellegal spent his first $2,500 check from BP quickly, paying off bills and buying groceries for his family.

He never even considered putting some of it away for taxes.

Now he's among the people up and down the Gulf Coast reeling from the oil spill disaster who are surprised — and frustrated — to find out the Internal Revenue Service may take a chunk of the payments BP PLC is providing to help them stay afloat.

(Excerpt) Read more at foxnews.com ...


TOPICS: Front Page News; Government; News/Current Events
KEYWORDS: bp; democrats; irs; liberalfascism; obama; oilspill; payments; revenuegestapo; tax; taxes; victims
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1 posted on 06/22/2010 11:02:08 AM PDT by Nachum
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To: Jet Jaguar; NorwegianViking; ExTexasRedhead; HollyB; FromLori; EricTheRed_VocalMinority; ...

The list, ping


2 posted on 06/22/2010 11:03:14 AM PDT by Nachum (The complete Obama list at www.nachumlist.com)
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To: Nachum

Mr. Pellegal it is income!


3 posted on 06/22/2010 11:04:59 AM PDT by Red_Devil 232 (VietVet - USMC All Ready On The Right? All Ready On The Left? All Ready On The Firing Line!)
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To: Nachum

The IRS would fight buzzards to pick at the last remaining flesh on the bones of a dead taxpayer.


4 posted on 06/22/2010 11:05:45 AM PDT by OB1kNOb (Celebrities first seek fame...then they seek relevance, only to fail miserably at the latter.)
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To: Nachum

They tax your Unemployment too, what made them thing they would get this handout with no strings attached?

It sux, but I would have immediately asked about the taxes on that.


5 posted on 06/22/2010 11:05:55 AM PDT by Mr. K (This administration IS WEARING OUT MY CAPSLOCK KEY!!!!!)
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To: Nachum

Well, duh.


6 posted on 06/22/2010 11:06:14 AM PDT by waxer1 ( "The Bible is the rock on which our republic rests." -Andrew Jackson)
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To: Nachum
IRS May Tax Payments to Gulf Coast Victims

Known as: Insult to Injury courtesy of Hussein 0bama.

7 posted on 06/22/2010 11:06:20 AM PDT by The Sons of Liberty (The 0bama regime represents an "Clear and Present Danger" to the US - Mene, Mene, Tekel, Upharsin)
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To: Nachum

If they are getting paid for lost wages or income, why wouldn’t it be taxable?

If they are getting paid for damages like they would if collecting on a law suit, why wouldn’t it be taxable when other law suits are taxable?

If they are getting paid for personal injury, then no it should not be taxable.


8 posted on 06/22/2010 11:06:34 AM PDT by Raycpa
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To: Nachum

I knew for sure they’d do that. Obama want’s all that BP Money set aside, rest assured it will all go to government cleanup workers (aka democrats without real jobs) and a taudry amount will go to joe shrimp packs of which most will be taxes. Obama gets to ban oil drilling and get paid for, and let the environment be destroyed by refusing help from other countries thus ensuring a new frothing at the mouth group of activists to campaign for Cap and Trade, it’s PERFECT !!


9 posted on 06/22/2010 11:07:42 AM PDT by Scythian
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To: Nachum
It's income. Income the guy didn't even have to work to receive. Of course it is subject to federal income tax, state income tax, social security (FICA) and Medicare tax. Did the guy think he was going to get a total free ride?
10 posted on 06/22/2010 11:08:04 AM PDT by Myrddin
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To: Nachum

is tax money gained from IRS....... INCOME?... that can be taxed?...


11 posted on 06/22/2010 11:08:08 AM PDT by hosepipe (This propaganda has been edited to include some fully orbed hyperbole....)
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To: Nachum

Obama really cares. meh. what is new? Americans better get off their hind ends and drum the commies out of DC.


12 posted on 06/22/2010 11:09:26 AM PDT by dforest
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To: Nachum

Amendment the 16th: “The Congress shall have power to lay and collect taxes on incomes, from whatever source derived...”


13 posted on 06/22/2010 11:10:46 AM PDT by Lurker (The avalanche has begun. The pebbles no longer have a vote.)
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To: The Sons of Liberty
"...IRS May Tax Payments to Gulf Coast Victims..."

Let's see...BP makes these payments. IRS takes a cut from the recipient...hmmm, kinda sounds like a shakedown to me!

14 posted on 06/22/2010 11:10:51 AM PDT by skimbell
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To: skimbell

“The government do take a bite, don’t she?”


15 posted on 06/22/2010 11:11:51 AM PDT by dfwgator
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To: skimbell
Let's see...BP makes these payments. IRS takes a cut from the recipient...hmmm, kinda sounds like a shakedown to me!

No, its neutral. BP income goes down by amount of the payment. Recipient's income goes up by amount of payment. A wash in net income.

16 posted on 06/22/2010 11:13:20 AM PDT by Raycpa
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To: Mr. K
They tax your Unemployment too
In NY, they only tax it if you have more than $20K annual income.
So if your only income for the year is UI, there's no tax.
17 posted on 06/22/2010 11:14:30 AM PDT by oh8eleven (RVN '67-'68)
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To: Nachum

So let me get this straight, the Govt shakes down BP for money to get to the residents.

BP takes the money, which it will right off against income and profits and send it to the escrow account run by Feinberg to disburse to people.

The people who get it get taxed on income, pay sales taxes when they pay for stuff, etc.

Do you people realize what a mafia racket the Govt is yet?
The Govt makes the mob like like choir boys.

This entire thing is a scam only liberals could love.

So in the end the govt is going to get about 25% of all the BP money.

DISGUSTING!


18 posted on 06/22/2010 11:15:05 AM PDT by GlockThe Vote
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To: Nachum

I wonder how much of the Gulf fishing industry was cash (unreported or taxed) business. Do workers idled by the spill have to produce W2s to validate their claims of lost wages?


19 posted on 06/22/2010 11:17:43 AM PDT by Roccus (......and then there were none.)
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To: Roccus

Maybe PetroBas can hire them. I am pretty certain if they want to drill in the Gulf, the Obama Administration wouldn’t have a problem with it.


20 posted on 06/22/2010 11:21:04 AM PDT by EQAndyBuzz (Conservatives are producers. Liberals are parasites)
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