Fishermen advocate for no tax on BP settlements

After the St. Bernard council unanimously passed the resolution, Barisich said he would be taking the cause to Plaquemines and other parishes throughout the region to garner similar support.

The intent of the resolution is to give a push to State and Federal delegation to consider exempting victims of the oil spill of the commercial fishing industry from paying taxes on any settlement money. Before their vote Barisich explained to the council that as of now fishermen are expected to get paid out 40 percent of their loss for eight years.

But when the settlement money is doled out to fishermen that amount will be taxed the standard income tax rate of 35 percent.

“The money, if it stays in our hands, we can spend it down here,” said Barisich.

“They’re telling you you’re getting paid for a 40 percent loss so the fishermen are assuming all the risk, if we get that 35 percent that we have to give President Obama, that money will help us stay down here.”

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