How Much of JPMorgan's $13 Billion Fine Will Taxpayers Foot?
Yet, JPMorgan may be able to write off a huge swath of these expenses.
"Section 162(f) of the tax code bars deductions for fines and penalties paid to the government, but JPMorgan might be able to negotiate an agreement to classify the payments as something else," Kim Dixon and Brian Faler of Politico write. "Those payments labeled compensatory or for restitution are more likely to be deductible."
"I think it's a safe bet that a substantial portion of the deal will be deductible," Dean Baker, co-director of the Center for Economic and Policy Research, told Common Dreams.
https://www.commondreams.org/headline/2013/10/23-8
MindMover
(5,016 posts)Doc_Technical
(3,528 posts)However, in the case of "people" such as JP Morgan, I think the death
penalty is necessary.
All assets that belongs to this "person" should be confiscated and sold off to compensate
flesh and blood people who suffered by this "person's" misdeeds.
All executives of this "person" should have all assets seized except for one house,
two vehicles, and a year's compensation.
Some flesh and blood people have to serve time in prison for the crimes
that have been committed.
JP Morgan is not the only "person" that should suffer this fate.
dougolat
(716 posts)... calling for liquidation for any number of wrongs.
I suspect that even modern charters do not allow extensive and repeated criminality, if there was the will to prosecute; but now that many corporations wield resources and power on the level of nations....well, good luck!
Thom Hartmann's book "Unequal Protection" covers this.