Last Wednesday, it was determined that BP would be getting $13 billion in tax credits. It is not clear if BP is even going to pay any taxes at all or if it will actually get money from the government after this. Why is BP getting so much money? Because of the oil spill in the Gulf of Mexico….
Yeah, that’s right, BP got to write off its losses from the oil spill. Residents and animals are suffering (if they haven’t already suffered and died) from this unprecedented disaster, the country is struggling, and BP gets to skip tax season because it’s own mistake caused it to lose money.
$13 billion is hard to even comprehend. But let’s put it this way: it’s about equal to the EPA’s annual budget, which just got slashed considerably by a Tea-Party-wacky Congress, and it’s equal to about 1/3 of the total budget cuts our government has put forward for 2011.
Now, though, one of my favorite sites, CREDO Action, is pushing BP to take responsibility for its mess and not write it off. You can sign it’s petition here. Here’s a more from CREDO on this story:
Americans shouldn’t have to endure massive budget cuts because BP took a $10 billion tax deduction for destroying our gulf. Tell BP: Amend your tax return and pay your fair share.
….there is an excellent precedent that says BP did not have to deduct these costs for tax advantages. Last year, Goldman Sachs waived a tax deduction it could have claimed as a result of paying $500 million in fines to the Securities and Exchange Commission for giving bad information to mortgage investors.4
BP has cost our nation enough already. It shouldn’t be rewarding itself with huge tax savings.
BP’s $10 billion tax credit slashes its liability by one third – at every US taxpayer’s expense. Tell BP to amend their tax return and pay their fair share.
Image via ▲Bonard▼
- Gulf Residents Trek 1,200 Miles on Foot to D.C. to Ask for More Action on BP Oil Spill
- NASA: Toxic Dispersants Did Rain on Gulf Coast from BP Oil Spill “Cleanup”
- More BP Oil Spill Reflections: Could Another Similar Disaster Happen? “Absolutely”
- Offshore Oil Drilling after Deepwater Horizon Oil Spill — No New Safeguards, GOP Push for Less Oversight
- First Independent Study of Oil Spill Confirms Disaster
- Oil Spill Activists Targeted by TSA Agents