Can an $80M verdict be cut to $2.5M after taxes? Bizarre new IRS tax math says yes.
for the fees to his lawyer. Between federal taxes of 37% and California taxes of up to 13.3%, could lose about 50% to the IRS and California Franchise Tax Board. That makes his after-tax haul from an $80. Does that seem fair? $2.5 million isn't pocket change, but it is still a shocking result. Besides, being taxed on money you do not receive seems downright un-American. The shocking result comes from the, which kills off tax deductions for many legal fees.
, preferably before the case settles. Plaintiffs may have to be creative to try to get around these rules, so tax lawyers are busy. So are lawyers in both sides of the Roundup cases.
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