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Legend of USPO!
Looks like BP is planning to take a tax credit for their business losses this year (which is perfectly legal and a normal business practice).
It works out to about $9.9 Billion dollars (or roughly half of the reimbursement fund).
washingtonpost.com
Looks like we're footing a big part of the bill as taxpayers, when all is said and done.
“Well, congratulations, President Barack Obama, Conspiracy theorists who generally can survive in anaerobic environments have just had an algae bloom dropped on their fucking heads, thus removing the last arrow in your pro-governance quiver: skepticism about your opponents.” - Jon Stewart
Citizen
No doubt this will prompt congress to have yet another hearing and develop yet another law to 'fix' some percieved hole in what was probably a law which was a reaction to some incident 40 years ago when it was first written to reward some other corporation. Good for BP. I say abuse the tax code all you can.
Joint Chiefs of Staff Member
How is this an abuse of the tax code? If I have a loss on an investment in any year, I will damn well take the deduction. If the gains can be taxed, the losses can be deducted.
Citizen
It was a figure of speech.Originally Posted by wrxsti
Vice President
Businesses don't pay taxes, their customers do.
Secretary of Defense
I think BP needs a bailout. Whatdya all say? Aren't they "too big to fail"?
"The human race divides politically into those who want people to be controlled and those who have no such desire. The former are idealists acting from highest motives for the greatest good of the greatest number. The latter are surly curmudgeons, suspicious and lacking in altruism. But they are more comfortable neighbors than the other sort." -- Robert E. Heinlein
President
well, of course this sounds really bad, but lets say it was exxon taking the charge because they had several investments in sink-wells go belly up?
Or, say apple gets into so much hot water over a a bad product launch they were eligible for the tax credit too?
Its the way the code is written and it applies to anyone whom qualifies.
Citizen
Eh, theyre doing fine financially. They just got the private sector to ensure 40b in cash.
President
What they won't be able to take a tax deduction for is the fine, which is $3000 per barrel.
At 60,000 barrels per day, the fine will be $180,000,000 for each day the well leaked.
Legend of USPO!
Do you have a source that says they cannot include the fine in their overall profit / loss for tax purposes?
“Well, congratulations, President Barack Obama, Conspiracy theorists who generally can survive in anaerobic environments have just had an algae bloom dropped on their fucking heads, thus removing the last arrow in your pro-governance quiver: skepticism about your opponents.” - Jon Stewart
President
The Tax Reform Act of 1969 section 162 (f)
The global settlement and tax deductibility of fines and penalties. | Goliath Business News
Vice President
Taxes are a cost of doing business, true, but, no, customers don't pay the corporate taxes, nor do the customers participate in any tax benefits. Thats all just a smoke screen from the corporate lobby to try to get rid of the corporate income tax.
"There is no gain in arguing with a poo flinging monkey. While his
gibbering and raucous cries of victory may seem obnoxious in your ears
as you walk away, he will soon be quietly sitting behind his bars again
and licking his own feces off his fingers as you carry on with your day."
Vice President
They may not cut the check directly to the IRS, but it is incorporated into the cost of every product and service.
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