BP cut tax bill by writing oil spill cost as a loss...

I just have no words to describe this crime of epic proportion...

BP Cut Tax Bill by $13B Due to Losses From Spill

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.

Insane it is indeed.

I just cannot believe it. The whole premise of your argument is flawed. The money belongs to BP, not the government. The government has no money of it's own. It has only what it FORCEFULLY SEIZES from taxpayers.

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.

How the hell can they say this with a straight face? Worse! How can you swallow this hook, line and sinker? Seriously! How is this federal money? It is BP's money. It belongs to their shareholders. I just do not understand you socialists.
The same applies to you and me. When the government has a "surplus", do you understand what that means? They stole too much money that year. They take money from you and I from dick and Jane and Harry down the street. The government has no money of it's own! The government has no money of it's own! The government has no money of it's own! The government has no money of it's own! The government has no money of it's own! The government has no money of it's own! The government has no money of it's own! The government has no money of it's own! The government has no money of it's own! The government has no money of it's own!

Do you get it yet?

reply to post by sonofliberty1776


Just out of curiosity (and believe me, I am a small government guy myself) how do you expect the government to run if there are no taxes?

In this case, with the system set up as it is, I very much dislike the tactic on BPs part. They have essentially decided that the federal government is out 13 Billion dollars now because they were incompentant and lost revenue.

*shrug* The system is broken anyway.. this is just another example.

If people don't like the laws, let's rise up.

Otherwise...keep grabbin your ankles and believing your a winner.

reply to post by sonofliberty1776


I am a socialist? Never heard that one before. BP needs to pay the citizen to have the right to use the land the people own. That's called taxes. If they don't want to pay them, they can go do business elsewhere.

You know, the government could just nationalize all oil in the US and give back the profits to the citizen... then it would be socialism...

The people owns the land, not BP.

If it was up to me, all oil would be nationalized. Works great for Kuwait and oil rich nations...

Originally posted by rogerstigers
reply to post by sonofliberty1776

 

Just out of curiosity (and believe me, I am a small government guy myself) how do you expect the government to run if there are no taxes?

The tax burden should be much smaller and would be if our government did only what it was supposed to be doing according to the Constitution.

Originally posted by Vitchilo
reply to post by sonofliberty1776

 

I am a socialist?

Never heard that one before. BP needs to pay the citizen to have the right to use the land the people own. That's called taxes.

I don't know how to get you to understand this. Corporations do not pay taxes. They never have, they never will. Taxes get paid by real live people. Thinking that corporations actually pay taxes means that you fall for their illusion. It is a shell game, pure and simple. The government may tell you that they are socking corporations with high taxes, but it is a lie. Corporations just add the "taxes" to the cost of doing business, and add the cost to the price they charge consumers for the product or service. It is a shell game, a back door way of getting more money out of our pockets. Open your eyes and see the truth for what it is. They "collect" taxes from you and me and give that money to the government.