Gulf Spill Settlement Could Save BP Billions In Tax Breaks

[Lodestar]

This oil giant can classify around $15 billion of its settlement as a business expense.
And all we get is a dead ecosystem. Are you outraged yet are do you want more of this?



A federal judge has approved a multi-billion-dollar settlement over the Deepwater Horizon oil spill in 2010. Under the terms of the agreement, BP will pay more than $20 billion in penalties and claims over the environmental damage caused by the worst oil spill in U.S. history.

However, despite strong objections from environmentalists and lawmakers, BP can classify around $15 billion of that allocation as a business expense and deduct it from the company’s tax burden. Such a write-off could save the oil giant more than $5 billion.

Presidential hopeful Sen. Bernie Sanders (I-Vt.) called the tax-advantaged ruling “an outrage” that’ll end up burdening American taxpayers.

cont'd
http://www.huffingtonpost.com/entry/bp-deepwater-horizon-settlement_us_57033e19e4b0daf53af0bcca

[Kip Humphrey]

1. Obama's DOJ has been missing in action and a YUUUUGE disappointment.