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Subscribe to RSSWashington Post reporter Jia Lynn Yang reported Tuesday afternoon that BP plans to seek a tax credit of up to $10 billion from the U.S. government, or about half the amount it pledged to aid victims of the disaster.
The company cites steep losses from the Gulf Coast oil spill.
Yang dug the news out of the company's second-quarter earnings report that said it would record a $32.2 billion charge to reflect the costs of the spill.
"Under U.S. corporate tax law, companies can take credits on up to 35 percent of their losses. For BP, that means a savings on its tax bill of about $10 billion," Yang wrote. "The credit could mean, however, that taxpayers will indirectly foot the bill for the $20 billion fund that BP launched to compensate people and businesses harmed by the disaster."
Read the rest of the Washington Post report here.
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Thanks to the Fed & the loopholes for the rich and corporations---unemployed for nine months, hired at a temp job at less than $15 an hour, & I'm may pick up part of the tab on this nightmare? 'Tony' walks away with millions & lands a job in 'Mother Russia?' That is it for me as I'm going to equate all of this to what it is" "Corporate Welfare & the fleecing of America" because the Big Boys allowed the rich to run away with the prize. I'm not voting for a long time; not that it will make any difference! I'm not bitter, just going into this with my 'eyes wide open!' Pakistan received $500 million and the unemployed were put off by the Repugs who made them wait for their little slice of the pie. Do tell!
...what happened to 'the American taxpayers are NOT PAYING? NO!
By the Corporation, For the Corporation...
I am 51, worked all my life supporting my children. have taken cuts over the last 3 years to keep my job at 12.73 an hour. I have tried everything to get the father Paul W. Roper II of Tuscon Az to pay support. No dice. I have had serious medical problems that have led me to filing bankruptcy. I an also being evicted from the home I have rented for 8 years. I have no place to go at all. There is no one at all who could help me financially... but lets not fret, BP need a hand right now not a single american Mom.
Shame on Obama..... his latest words of wisdom are " hydrate America, its hot out there"...
Shoot em' if they ask for a tax break just like the Boston Tea Party!!! We don't owe they british or BP ANYTHING. Someone else will fill the void they leave if they had to...were forced to.... Then don't let them do business here till everybody's paid for their loss.