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Yes. When the fine is less than the overall profit, and they can write it off via taxes, then it is not even a tickle on the wrist. CEO, every member of the bo
by askyourmother 11y ago
Yes. When the fine is less than the overall profit, and they can write it off via taxes, then it is not even a tickle on the wrist.
CEO, every member of the board, every manager in that division that made and sold the products, fine 100% of their pay, fine 4x revenue - not profits for the products affected, and do not let them write the costs off.
- ack 11y agoIs this fine tax deductible? What, then, is even the point?
- kolbe 11y agoGetting to write articles like this to make prosecutors look good, and for people feel like big bad Goldman Sachs is getting hurt. Here's another thing to grind your gears: much of the fine will be paid in "consumer relief," which so far has meant a tax writeoff upfront, then negligible consumer relief.
- IkmoIkmo 11y agoNo, it's not tax deductible. Even if it is tax deductible, 'all' you're getting is a tax shield of your tax rate, if it's 30%, you still pay 70% of the fine. That's still about 50% of their annual net profit. It's nowhere near enough to me, but to say a 30% discount on a fine makes the fine pointless is exaggerated. Either way though, no it's not tax deductible.