Posted by bgrabarek on 07/29/2010 - 10:02
One hundred days after the worst oil spill in U.S. history began wreaking havoc in the Gulf of Mexico, BP PLC appears to be making strides in containing the leak. Negative public opinion, however, continues to flow like so much of the thick, greasy crude – and BP does little to halt this particular gusher. The company is doing just the opposite, actually.
BP officials said this week that the company plans to claim a $9.9 billion tax credit from the U.S. government for costs incurred during its response to the Deepwater Horizon disaster. When asked about the tax credit, outgoing BP CEO and lightning rod Tony Hayward said, "We have followed the IRS regulations as they're currently written."
White House Press Secretary Robert Gibbs told reporters, "I don't think anybody would prefer that [BP] do that." He also stopped short of saying whether President Barack Obama would discuss the taxation issue with BP.
The oil company seems to be well within the tax code. Then again, bunting to break up a no-hitter in the ninth inning is frowned upon, even if there is nothing in baseball's rulebook that says a team can't do it. Is BP needlessly pouring more gasoline onto an already incendiary situation, or is this just business? Tell us what you think.
BP officials said this week that the company plans to claim a $9.9 billion tax credit from the U.S. government for costs incurred during its response to the Deepwater Horizon disaster. When asked about the tax credit, outgoing BP CEO and lightning rod Tony Hayward said, "We have followed the IRS regulations as they're currently written."
White House Press Secretary Robert Gibbs told reporters, "I don't think anybody would prefer that [BP] do that." He also stopped short of saying whether President Barack Obama would discuss the taxation issue with BP.
The oil company seems to be well within the tax code. Then again, bunting to break up a no-hitter in the ninth inning is frowned upon, even if there is nothing in baseball's rulebook that says a team can't do it. Is BP needlessly pouring more gasoline onto an already incendiary situation, or is this just business? Tell us what you think.
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BP tax credit
Although BP is technically doing nothing wrong and merely, utilizing a tax code that has been in place for years the timing couldn’t be much worse. The general public has already been so greatly affected by the oil spill, and the less than timely "fixes" the company has made thus far, it is just unsettling to know the company will still be catching a tax break by simply offsetting its loss against past profit when its losses come as a repercussion of a major detriment to the environment.
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