Home | About | Donate

Will BP's Record Gulf Spill Settlement Amount to a Record Tax Break?

Will BP's Record Gulf Spill Settlement Amount to a Record Tax Break?

Lauren McCauley, staff writer

As the U.S. Department of Justice announced on Monday a final settlement with BP over the devastating 2010 Deepwater Horizon oil spill, groups are warning that the oil giant may still nab a substantial tax break under the deal.

We all pay “the cost of doing business”

We can never penetrate all this financial details to really punish BP. Until the penalties are large enough to cause different behaviors by the industry they are meaningless. BP has a long history of misdeeds (I know I am from Texas where a lot have occurred. Some repeatedly.) BP just continues until they are really hit with appropriate fines and no tax breaks.

So the tax payers end up paying for the damage caused by BP.

Serfs up! Peasants. Catch the wave. Too big to fail, too big to jail, too big to pay taxes too.

Maybe we can cut 5 billion from food stamps to cover the hole?

I wonder how many bombs could be constructed for our warssss with that 15 billion.

I made a mistake on my income tax the first year after retirement. I was incorrect in my treatment of social security. It was inadvertent. The IRS instructions weren’t clear. I was fined $1200. I was NOT allowed to deduct that amount on next
year’s return. Why is BP allowed to claim their fines and expenses as deductions on their income?