Poll of the Day > Floyd Family Reaches Historic $27Million Dollar Settlement...

(+) Yeah! (+)

It's tax free. The IRS does not tax wrongful death settlements.

---

DragonClaw01 posted...

It's tax free. The IRS does not tax wrongful death settlements.

99% sure they still have to claim it correctly on their forms tho 'cuz weird bureaucracy

---

Yeah, there is always some form to fill out, but I think they will have no problem hiring a tax accountant now

---

Ah, you get a 1099 for the settlement. Makes sense. I guess you don't even really need to fill out another form, if the 1099 is filled out correctly. The more you know I guess. Although, you know the crap is getting audited like crazy when you are getting millions in your bank account suddenly and are reporting zero in taxes, so I certainly would be wanting to dot my i's and cross my t's with that.

---

DragonClaw01 posted...

It's tax free. The IRS does not tax wrongful death settlements.

the direct payment might be tax free but with that kind of cash influx some of those people are gonna need to be careful with big purchases or theyre gonna be drowning in property taxes

---

Mead posted...

the direct payment might be tax free but with that kind of cash influx some of those people are gonna need to be careful with big purchases or theyre gonna be drowning in property taxes

Investments should solve any issues like that.
---

Mead posted...

the direct payment might be tax free but with that kind of cash influx some of those people are gonna need to be careful with big purchases or theyre gonna be drowning in property taxes

hey, that's a weird thing - property tax is supposed to be based on the value of the property; so, like, gaining infinite money shouldn't affect it

---

Lokarin posted...

hey, that's a weird thing - property tax is supposed to be based on the value of the property; so, like, gaining infinite money shouldn't affect it

I think he meant buying large houses and not being able to afford the property taxes eventually.
---

Revelation34 posted...

I think he meant buying large houses and not being able to afford the property taxes eventually.

yeah stuff like homes and vehicles

---

Mead posted...

yeah stuff like homes and vehicles

ok, that makes more sense

---

InfernalFive posted...

Why on earth would this family need that much money? Pretty sure any decent person would rather see those particular cops in jail.

Why on Earth does Bill Gates/Musk/Bezos need 100 Billion Dollars?

Why on Earth does People take out Million Dollar Life Insurance Policies?

Because we don't know what his Life was ultimately worth, that's why...

I wish the cops had to pay the money directly . Maybe they would be more reluctant to murder people if they got a financial penalty

Most just lose their jobs in the 'worst' case scenario...but still free to go out and do whatever

Revelation34 posted...

Investments should solve any issues like that.

They should, but it's the same problem that affects lottery winners: Most people that suddenly win large amounts of money like this don't really know how to manage large amounts of money (in the case of the lottery, because people that know how to manage money generally don't play the lottery because they know better). People that are used to worrying about money only because they don't have enough for everything they want often stop worrying about money if they suddenly have enough for everything, and don't consider the future implications of big purchases, or the fact that the money they've received is still finite.

---

Yeah but that's not the problem. The problem remains how do we keep LE from harming people in situations that should not lead to someone being harmed.

And no amount of money can restore someone's life.

---

xjayguyx posted...

27 million? Wow that's a lot of reparations..

Glad that mods are cool with shit like this but you can't tell people to shut up.

---

Not surprising but really sad. I hate seeing these out-of-court settlements pop up because it usually means that the civilian either thought they wouldn't be able to afford the court costs or that they felt that they were likely to lose based off of technicalities or similar things. Either way that feels really tragic. Cause either the guy murdered Floyd and deserves to be in jail or he was overchanged/innocent and deserves to be proven as much. Whichever side of the argument you fall on it doesn't change that an out-of-court settlement is practically guaranteed to spark up riots and outrage.

---

They were going to certainly lose in the civil court. I mean the plaintiffs only have to prove a "preponderance of evidence" and between the kneeling on floyd's neck for three minutes when he wasn't moving and not even getting off when your own officers advised you to, it would've been pretty grim. I guess the city hedged thier bets by settling in front of the criminal trial in case Chauvin gets convicted and the price of settlement goes up. The aftermath of Chauvin trial is pretty much going to be negative either way, waiting till after the criminal trial and trying to use a settlement as a pr boost would've been a bad move. It is not even working now.

---

Unbridled9 posted...

Not surprising but really sad. I hate seeing these out-of-court settlements pop up because it usually means that the civilian either thought they wouldn't be able to afford the court costs or that they felt that they were likely to lose based off of technicalities or similar things. Either way that feels really tragic. Cause either the guy murdered Floyd and deserves to be in jail or he was overchanged/innocent and deserves to be proven as much. Whichever side of the argument you fall on it doesn't change that an out-of-court settlement is practically guaranteed to spark up riots and outrage.

What? Out of court settlements exist because the party that pays out knows they would lose badly otherwise.
---

Revelation34 posted...

What? Out of court settlements exist because the party that pays out knows they would lose badly otherwise.

As much as I wish this was the case it's not true. The reality is that the settlement usually happens when, say, the cost for the settlement is lower than the cost of court proceedings, the court proceeding would generate bad press regardless of the outcome, or the parties involved feel it would be quicker and easier to just settle for a payment than get involved in a lengthy court process, and that's far from all the possible reasons why. So for example a company accused of using copywrited material might opt for the settlement even if they did everything right because the lawyer fees would be too high, they feel the judge might rule against them for some technical reason, or to keep the story from getting too big and potentially tarnishing their image even though they are in the right. And yes, a lot of people do try to abuse this my making false and/or frivolous claims in the hopes that they'll opt for a settlement instead of taking it to court. It rarely, if ever, works.

Edit: Also remember that both parties need to agree to the settlement. As such someone may offer a settlement if they don't want to deal with what would likely be the judges ruling and the hurt party also does not desire said outcome. So if there is a choice between one party going to jail and the other party receiving only minor compensation they may opt to, instead, go with a larger compensation in return for dropping the case (and thusly not going to jail).

---

Mead posted...

these settlements are paid by the taxpayers and they shouldnt have to keep bailing out corrupt departments and police unions that have made it nearly impossible for police to be held accountable for wrongdoing

Wait a minute. Why shouldn't the police unions be paying for this shit? If they're gonna defend garbage cops then they should be made to pay when their garbage cops fuck up.

---

Smarkil posted...

Wait a minute. Why shouldn't the police unions be paying for this shit? If they're gonna defend garbage cops then they should be made to pay when their garbage cops fuck up.

police unions are a huge issue

they're corrupt as hell and politicians are afraid to try to regulate them because liberals want to appear pro-union and conservatives want to appear pro-law enforcement

---

Another problem is that America does NOT have a unified police force.

Ok, a typical country might have between 1~3 police forces; We have the RCMP, CSIS and Special Investigations (and probably others I'm overlooking like the civilian coastguard or something)

America has the FBI, technically the CIA, and around 25'000 smaller sub-divisions that don't interact or coalate or cooperate or basically do anything to help each other... If there was police reform, you might have to issue things to individual counties and sub-divisions within that county such as civilian coastguard, highway troopers and other factions.

It's just a mess of bureaucracy

---

Judgmenl posted...

Zeus' a racist, so he doesn't actually think it's murder.
I bet he doesn't even understand what happened, and how gruesome it was.

he understands, he simply believes he personally -the lowest caucasian- should be better than the greatest black man, ok?

---