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BP PLC will reduce its contribution to U.S. coffers by roughly $10 billion due to a tax credit the company is claiming it incurred from the Gulf of Mexico oil spill. The oil giant /quotes/comstock/13*!bp/quotes/nls/bp (BP 37.95, -0.05, -0.13%) said Tuesday that it is incurring a charge of $32.2 billion from the Deepwater Horizon disaster response, and as such, it is claiming a $9.9 billion taxation credit. Asked in a conference call Tuesday about whether it has discussed the tax credit with President Barack Obama's administration, BP's outgoing chief executive, Tony Hayward said: "We have followed the IRS regulations as they're currently written."
But at least one Democratic lawmaker, U.S. Rep. James Oberstar of Minnesota, chairman of the committee on transportation and infrastructure, is appalled. "BP's decision to claim a nearly $10 billion tax credit stemming from costs it incurred during the oil spill cleanup is nothing short of reprehensible," he said in a statement. "At a time when the Gulf Coast is reeling from this catastrophic economic and environmental disaster, the last thing the region needs is for BP to substantially offset the amount it is paying to meet its responsibilities for cleanup and compensating victims," Oberstar added.
With scores of coastal residents out of work after the spill, BP is hiring inmates to clean up its mess—and getting lucrative tax breaks in the process.
I agree 10000000%. I want the U.S. government(meaning us) to pay every single penny for this fiasco and every other incident that comes along as well until the public finally realizes our government has pretty much been bought off by these various corporations.
Originally posted by hinky
Good for them!