Posted on 04/22/2011 11:42:25 AM PDT by Doogle
Despite causing an historic oil spill in the Gulf of Mexico last year, BP plans to reduce its tax bill by almost $13 billion by writing off its losses.
The move is legal and above board. But with millions of Americans having just settled up with the IRS for 2010, it's causing consternation among activists who say BP shouldn't be offsetting its losses with federal money -- especially when Washington is in a budget crunch.
"The U.S. taxpayer shouldn't be ... footing the bill for this. That just seems insane to me," said Aaron Viles, deputy director of the Gulf Restoration Network.
(Excerpt) Read more at foxnews.com ...
More redistribution.
I wonder how much BP is losing in Libya even after bribing Britian to let that terroist go back to Libya.
Yeah, I was going to say, this is their reward for handing Obama a $20 billion slush fund.
Not nearly enough.
This is a non-story. They lost tens of billions so they had no income, just losses. Why is it controversial?
was just thinking the same thing when I heard the ‘Rebels’ had set up their own central bank and was selling oil to China.
LOL
Duh; left-wingers make a point of not knowing tax code, arithmetic or business or common sense.
BP is shelling out billions to fix the problem they caused which pushes them into running at a loss for a bit of time. You don’t pay taxes on a loss, just on profit.
I’m so tired of reporters and editors presenting misleading stories. The headline should have simply read the left-wing are idiots.
If they didn't make it on a net basis, how can they pay taxes on it?
I'm sure there are some in Washington active in finding a way for companies to pay taxes on nothing..
It appears that BP has been very wise with the arrangement for the 20 Billion.
“Moreover, the deal with the White House lets BP spread out its payments to the fund. The biggest chunks will come up front: $3 billion in the third quarter, $2 billion in the fourth quarter and then $1.25 billion a quarter until the full amount is paid in three years. To provide a guarantee that it will make those payments, the company said it is “setting aside” $20 billion of U.S. assets; as it makes payments, those assets will be freed up. BP will continue to earn money on those assets, but the government will effectively have a lien on them.”
If this is the case, and I have no other news reports to the contrary, BP’s Gulf Coast Claims Facility has paid out close to to four billion. Rather than a 20 Billion dollar fund it's actually more like a 6.25 Billion Dollar fund to date
It appears that BP has been very wise with the arrangement for the 20 Billion.
“Moreover, the deal with the White House lets BP spread out its payments to the fund. The biggest chunks will come up front: $3 billion in the third quarter, $2 billion in the fourth quarter and then $1.25 billion a quarter until the full amount is paid in three years. To provide a guarantee that it will make those payments, the company said it is “setting aside” $20 billion of U.S. assets; as it makes payments, those assets will be freed up. BP will continue to earn money on those assets, but the government will effectively have a lien on them.”
If this is the case, and I have no other news reports to the contrary, BP’s Gulf Coast Claims Facility has paid out close to to four billion. Rather than a 20 Billion dollar fund it's actually more like a 6.25 Billion Dollar fund to date
Typical left wing viewpoint. It's not “federal money”. All money does not belong to the gubmint. Washington is in a budget crunch because there is too much Washington.
This thinking is insane. It’s not the government’s money that’s being doled out. The Gulf Restoration idiot needs to learn that if you have a profit, you pay taxes. If you screw up and don’t make money, you don’t pay taxes. The government didn’t shell out one dime. They just didn’t collect as much tax because BP made less money.
End of story.............
Heck, BP should have been able to write off 20 billion, just for having to deal with that White hating Black bastard presently contaminating the White House.
That's quite enough ~ plenty of ways to tax folks who lost money.
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