Well, we all know that Fox News will come out ahead with its $787.5 million deal for Dominion Voting Systems. That’s right, you can knowingly lie to the American people over and over again and when you get caught, you can at least write off some of your prosecution as a debt on your taxes. cool! Per HuffPost:
Fox can deduct the Dominion settlement from its income tax as a necessary expense of doing business. Brian Nicks, Fox’s chief communications officer, confirmed the settlement’s deduction.
This makes sense to me, an English major: how lying to everyone is a necessary and legitimate cost. Business value?! Don’t worry, this isn’t just Fox News scamming us all out of money that could fix our aging infrastructure, no, it’s basically. Each Big business. According to the above text:
Large companies often settle large settlements to offset some of the costs, but it’s difficult to know exactly how much they’ll benefit because settlement amounts are often confidential. Payments that appear as compensation or compensation can be deducted, payments made to the government or at the direction of the government are usually not deducted.
So in layman’s terms: these horrible companies are out there doing dirty things, suing, and when they get caught, they’ll be allowed to reduce their settlement amount owed to the IRS. I can’t even deduct my dog’s kennel expenses when I go to work. Isn’t America great?!
Don’t worry though. Fox News cannot write the full amount. No, it’s about a full quarter. Per HuffPost:
Robert Willens, a tax professor at Columbia University’s business school, estimates that Fox will pay about three-quarters of the settlement amount, about $590 million, after tax breaks.
“The key is that if the payment is made to private parties and not by the government, you can conclude without fear of contradiction that the payment is deductible,” he said.
Crime pays as long as you have enough pocket money to cover the first payment. Then you get a deduction with your taxes and because of that the American people are hurt because that revenue is not going to our government.
It is also highly likely that Fox News has insurance to cover a portion of the settlement. look out? There are all kinds of loopholes that allow the rich to basically do whatever they want and give them a soft landing when they get caught. Per HuffPost:
Also, if Fox is insured, the insurance may cover some of the settlement. Chad Milton, a partner at Media Risk Consultants, said a large media company like Fox might have $100 million to $500 million in coverage, including media liability insurance and other types of insurance.
“It’s not hard to raise $100 million, but the higher you go, the harder it gets,” Milton said.
As with all insurance, there is a deductible, but in such a high-profile case, the article indicates that only attorney’s fees may be covered. However, perhaps aAnnual sum limit of liability” And remember, Fox News is awaiting a $2.7 billion defamation lawsuit against them from Smartmatic. However, there is no set date yet and it could be years before the case is heard.
Fox News, like the cockroaches from hell that can survive anything, has already said that the Dominion settlement won’t hurt them much. Per HuffPost:
Fox said he does not expect the settlement to have an impact on the movement.
“Given our cash flow, strong balance sheet and the health of our business, we do not expect any significant operational changes or changes to our business,” the company said in a statement after the deal was announced.
I got nothing. It all seems like a scam for the rich, where they pay very little for what they deserve and take a lot from the American people, and we all suffer because of it.
(Featured Image: Spencer Platt/Getty Images)
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