WTF?
degenerate at large
or is the company having to pay the fine?
The answer to that is no, she stated the penalty would be 1% of profits, so the companies will just figure out a way to make $0 profit so 1% fine on $0 doesn’t hurt them. (Just pay dividends /distributions and executive bonuses til the profits gone.)
When the .gov makes a regulatory rule/ tax code change, a major corporation has a $100million dollar salaried accounting staff whose job it is to figure out the code and exploit the holes in the policy as written to work around these minor setbacks.
Like back after the too big to fail bank bailouts, the .gov limited interchange/ transaction fees banks could charge on debit card transactions, as a token ‘see were cracking down on them’ gesture, and in turn banks across the board changed the terms of their accounts / almost eliminated/ added lots of hoops to jump through for ‘free checking’ accounts that there were more monthly fees to have the account open, passing that .gov driven expense on to the consumer so that their net bottom line never changed.
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