BP is able to write off about 80% of its penalties as tax deductions

[BoyNextDoor]

So BP criminally pollutes the environment and you picked up the tab. It would have been better to go back to Superfund and EPA directed cleanups.

 

[BotanyBoy]

So BP criminally pollutes the environment and you picked up the tab. It would have been better to go back to Superfund and EPA directed cleanups.

Corporate profits above all else....the RWCJ will be in here shortly to lecture you on personal responsibility and how the evil commie EPA actually causes environmental disasters because government regulation.

 

[Boxlicker101]

I've always had the impression that fines, etc. are not deductible.

 

[BotanyBoy]

I've always had the impression that fines, etc. are not deductible.

Oil Companies with gazzilions are above the law bro....vote REPUBLICAN!! and remember it's the EPA's fault.

 

[RobDownSouth]

I've always had the impression that fines, etc. are not deductible.

That was my understanding too.

 

[BoyNextDoor]

When Company Is Fined, Taxpayers Often Share Bill

“This tax loophole allows corporations to wreak havoc and then write it off as a cost of doing business,” said Senator Patrick Leahy, Democrat of Vermont, who introduced a bill last month to outlaw the deductibility of punitive damages like the ones imposed on Hyundai.

“That undermines the whole point of punitive damages.”

 

[RobDownSouth]

When Company Is Fined, Taxpayers Often Share Bill

“This tax loophole allows corporations to wreak havoc and then write it off as a cost of doing business,” said Senator Patrick Leahy, Democrat of Vermont, who introduced a bill last month to outlaw the deductibility of punitive damages like the ones imposed on Hyundai.

“That undermines the whole point of punitive damages.”

Okay, now I understand. Criminal monetary damages are not deductible but civil lawsuit payments are. I agree with Senator Leahy, that loophole needs to be closed.

 

[phrodeau]

So how much US federal tax is the British Petroleum Company paying, anyways?

 

[cowslinger64]

Okay, now I understand. Criminal monetary damages are not deductible but civil lawsuit payments are. I agree with Senator Leahy, that loophole needs to be closed.

Perhaps once the republicans are done trying to repeal ACA, Roe V Wade, Fight off minimum wage increases, anything for the middle class and do another 20 benghazi investigations, they'll find the time to close it.

After all, the "adults" are in charge.

 

[ishtat]

More than half of BP is owned by Americans, so no matter which way you cut it Americans lose.

By far the greatest loss is not directly related to the civil awards made by courts. Immediately following the disaster BP will probably have paid many millions $ to its offshore captive (self owned ) insurance company which is situated in an overseas tax haven. The only cost to BP would have been witholding tax (4.5% but I'm open to correction on that)

That premium will be treated as a business expense and can be relied upon to reduce the corporations tax liability for the period during which some of the residual liability continues (ie the next ten years at least)

Management of the funds overseas (for substantial fees) in similar cases, is frequently carried out by management entities associated with the Directors of the parent corporation. But you will never know because in those offshore jurisdictions public reporting requirements are minimal. However, I would reckon BP would be far too respectable an organization to do that.

However, whether one likes it or not, BP like all major corporations can manage the funds required to settle these sort of civil actions so that they can minimise tax liabilities for many years.

 

[JohnnySavage]

So BP criminally pollutes the environment and you picked up the tab. It would have been better to go back to Superfund and EPA directed cleanups.

Oil is exempt from Superfund.

Nominally, because it's regulated by other laws.

 

[NeverEndingMe]

Corporate profits above all else....the RWCJ will be in here shortly to lecture you on personal responsibility and how the evil commie EPA actually causes environmental disasters because government regulation.

So BP criminally pollutes the environment and you picked up the tab. It would have been better to go back to Superfund and EPA directed cleanups.

clearly you don't fully understand how 'taxes' work

secondly, you two are stupid

love your cuckold leader and drink more of its juice

lastly, get a room

 

[NeverEndingMe]

Perhaps once the republicans are done trying to repeal ACA, Roe V Wade, Fight off minimum wage increases, anything for the middle class and do another 20 benghazi investigations, they'll find the time to close it.

After all, the "adults" are in charge.

so you want more welfare
aim to do the bare min ie min wage

yeah, you are a cowardly cuckold union fucktard

 

[Libsam]

BP should have gone bankrupt with that gulf spill, but they were deemed "too big to fail". British and American pensions tied-up in BP.

And who lifted the deep water oil drilling moratorium only 6 months after the spill? The Obama administration.

 

[Libsam]

Oh and I forgot to mention, Democrat Mary Landrieu was a big critic of the moratorium, and fought real hard to get it lifted. And that's why she lost her seat, the LA liberals didn't forget that shit.

 

[Libsam]

Oh and another thing, all these new regulations that have been put in place, they made it even harder for shallow drilling. This is great news for Big Business BP, this whole mess resulted in choking out their small business competitors.

Jindal fought for the little man operations, not Big Business + Big Government like the Landrieu Dynasty.