BP received $13 billion tax break for Gulf disaster "losses"

[Bluebear]

BP is refusing to say whether or not they are paying any taxes at all for 2010. This group initially thought that BP was getting a $10 billion tax break but then concluded, it was actually $13 billion. Anyone else think the tax code is ever so slightly wrong?

Responding to BP's monumental catastrophe cost a massive amount of resources from local, state and federal governments. Now, BP is dealing another massive blow to our nation's tax revenue.

The $10 billion savings comes after BP wrote-off the $32.2 billion it set aside to cover clean-up costs, fines, and a $20 billion victim compensation fund (which has been notoriously slow and stingy in responding to claims, paying out less than 4 billion so far.3)

But there is an excellent precedent that says BP did not have to deduct these costs for tax advantages. Last year, Goldman Sachs waived a tax deduction it could have claimed as a result of paying $500 million in fines to the Securities and Exchange Commission for giving bad information to mortgage investors.

http://www.americablog.com/2011/04/report-bp-received-13-billion-tax-break.html

[Thunderstruck]

1. So what are we going to do about it?

[Bluebear]

2. Just wait until we get a Democrattic President & Congress!

[iwishiwas]

3. LOL

[Thunderstruck]

5. I know, right? Then we could really kick ass and take names!

[robinlynne]

9. ooooooh boy.

[glinda]

4. Vote them all out and arrest them after that.

[Terra Alta]

6. since corporations are now people

BP should be arrested and charged with murder.. no way should BP be rewarded for their actions. This is just disgusting.

[Lorien]

7. Absolutely. nt

[Canuckistanian]

8. Them that has, keeps it

Should be the new saying now.

[Poboy]

10. too late to rec, so kick!

[dems_rightnow]

11. Fines and penalties.......

... paid because one violated a law are not deductible. Goldman Sacs didn't "waive" a $500 million tax deduction because they're awesome people- they weren't allowed one.

[TheKentuckian]

12. Hulk angry bump