BP taking $10 Billion U.S. Tax Credit from Spill

Guess who is going to be paying for this spill? You are. The American Tax Payer.

BP PLC will reduce its contribution to U.S. coffers by roughly $10 billion due to a tax credit the company is claiming it incurred from the Gulf of Mexico oil spill. The oil giant /quotes/comstock/13*!bp/quotes/nls/bp (BP 37.95, -0.05, -0.13%) said Tuesday that it is incurring a charge of $32.2 billion from the Deepwater Horizon disaster response, and as such, it is claiming a $9.9 billion taxation credit. Asked in a conference call Tuesday about whether it has discussed the tax credit with President Barack Obama's administration, BP's outgoing chief executive, Tony Hayward said: "We have followed the IRS regulations as they're currently written."

Many Americans and indeed world citizens have said that BP needs to pay for the damage they have done. Now, how is it that the people that always end up paying the price is us "small people?" Well, no wonder the big get bigger...we are paying for their successes and their failures. Who is picking up the tab for your failures?

But at least one Democratic lawmaker, U.S. Rep. James Oberstar of Minnesota, chairman of the committee on transportation and infrastructure, is appalled. "BP's decision to claim a nearly $10 billion tax credit stemming from costs it incurred during the oil spill cleanup is nothing short of reprehensible," he said in a statement. "At a time when the Gulf Coast is reeling from this catastrophic economic and environmental disaster, the last thing the region needs is for BP to substantially offset the amount it is paying to meet its responsibilities for cleanup and compensating victims," Oberstar added.

source
The Next BP Blow UP

Unbelievable.

[edit on 27-7-2010 by DancedWithWolves]

Good for them!

Maybe Congress and the House will get off their collective asses and make a tax law that is not 5000 pages of special interest and 2 pages of screwing Joe America.

I doubt anything will be done as it is election time and every damn politician is looking out for handouts from those they protect. Look for BP to contribute to the republicans and demoncrats in bulk, this is written off also btw as political contributions.

BP needs to be shut down, how corrupt can you get?



[edit on 7/27/2010 by indigothefish]

It seems like if they keep working these tax angles, BP might actually figure out how we the tax payers can foot the entire bill...while they profit. It goes on and on...

BP Hires Prison Labor to Clean Up Spill While Coastal Residents Struggle

With scores of coastal residents out of work after the spill, BP is hiring inmates to clean up its mess—and getting lucrative tax breaks in the process.

Yeah...someone here called this very early on. We knew this was coming. Funny thing...the money they pay to people who lost their jobs and equipment will no doubt be taxable. Maybe every individual in the U.S. should incorporate. Kidding.

[edit on 7/27/2010 by ~Lucidity]

Originally posted by hinky
Good for them!

I agree 10000000%. I want the U.S. government(meaning us) to pay every single penny for this fiasco and every other incident that comes along as well until the public finally realizes our government has pretty much been bought off by these various corporations.

If they never realize it, then let's just keep on paying.

Ok so they have nationalized the banks so you have to get govt aproval by giving them all your info in order to get a house, the auto industry, and now the oil. WOW its almost like someone planed it all out.

It's kind of funny that everyone involved in this whole situation just seemed to make a ton of money. Bp's since stepped down as ceo Tony Hayword sells stocks 3 weeks prior to the oil spill. Haliburton buys the worlds largest oil cleanup company Boots and Coats 8 days before spill??? Bp stocks sold for 60$ 4/20/2010 and then have since have been bought back for A lot less insuring major gains in the future. Bp is claiming 9.9 billion tax credit 1/3 of what there claiming as loss hmm.

www.dailyfinance.com...
247wallst.com...
www.telegraph.co.uk...

Well I'll be darned if Lars Larsen didn't call that one! I happened to have talk radio on about a month ago - he said BP would simply write off the "cost" of the cleanup and that's how the taxpayers would end up footing the bill.

I'm not a big fan of Lars (he hung up on me once on air when I began to speak of how corrupt Geithner and Bernanke were) but he was right about this!