The groundskeeper who has been rewarded with $289 million compensation for the damages after finding that Roundup weedkiller from Monsanto was linked to his skin cancer is likely to get less than 10% of the promised amount because of President Trump’s recent tax reform.
According to tax attorney Robert Wood, petitioner Dewayne Johnson, the groundsman, may only get $20 million after the tax cut. And this is before the company’s appeal to reduce the original reward.
According to the Tax Cuts and Jobs Act of 2017, the litigation settlements are to be taxed at 100% and it doesn’t matter how much of the damages go towards the legal fees.
Robert said that the attorney’s expenses and fees could eat up as much as half a jury reward.
Before the act was made public, the lawyer fees were tax deductible and reflected that many attorneys worked on the subject-fee basis for their clients.
According to the new tax law, around 90% of the total reward Dewayne won would go directly to taxes and legal fees.
It was claimed that Dewayne would get 50% of the $39 million in compensatory damages and an additional $250 million in punitive damages.
He said that he gets to keep half of the compensatory award since it is for his non-Hodgkin’s lymphoma. He said that this part should not be taxed.
Apparently, Dewayne has only weeks to live before he perishes to the rare skin cancer.
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