The Internal Revenue Service says oil spill victims who receive BP payments for lost wages will have to pay up come tax time.
Of course the IRS claims it will "work with" people on an individual basis, but if you have ever tried to "work with" IRS on anything, you would understand how laughable that is.
Jillian Bandes at Townhall, does a little math:
Assuming the lowest level of federal income tax (10%) that means the federal government stands to profit by $2 billion over the course of the tragedy. That windfall could go as high as $7 billion, depending on who receives the money. In a year when so many Americans are out of work — and not paying taxes — it's critical to find other sources of revenue. Otherwise, Obama cannot say that he's actually paid for the keystones of his Presidency — federal bailouts, Obamacare, and cap-and-trade.
This is morally despicable. In a decent world, oil spill victims would receive the full share of their restitution payments, because they've just endured a life-altering disaster. But it also represents a horrible, conniving maneuver by our President, who has no problem using disaster victims to pay for his political objectives.
Relief money should never, ever be taxed and for the Obama administration to profit in any way, shape or form from the BP oil disaster, is unacceptable.
.
