Monday, April 11, 2016

Paying BP To Wreck The Gulf Of Mexico

If you thought BP would be punished for the Deepwater Horizon disaster, you thought wrong:

Now that a judge has approved BP’s $20 billion settlement over the 2010 gulf oil spill, it is appropriate to look at the overall societal costs, as well as the bottom line to BP. And at tax time, people understandably think about their own taxes, too. The government struck a $20 billion settlement with BP, which is a big number. Yet BP should be able to deduct the vast majority, a whopping $15.3 billion, on its U.S. tax return. That means American taxpayers are contributing quite a lot to this settlement, whether they know it or not.

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In the US, only real people get punished for what they do - corporations receive a wink and a nod and a slap on the wrist.

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