That means taxpayers could be covering roughly half of the $20 billion pledged by BP for a fund to compensate people and businesses harmed by the disaster.

BP Likely to Seek $10B Tax Credit Due to Losses from Spill

Start throwing the bums in prison for breaking the law. Corporate fines are hardly a penalty when billions of $$$ profit have been made by perpetrating a crime. Not only them, but those"federal regulators" who looked the way and took bribes also need to be thrown in jail. White collar crime is way outta control and their doesn't appear to be any fear amongst those that commit it.

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Question Authority before it Questions you.

Wasn't it the Dear Leader who called BP to the White House and told them what the deal was going to be? Wasn't the only man who can understand the economy Little Timmy the Tax Cheat of the Treasury right there holding his hand the whole time? Wasn't Joe Smarter than Everyone Else BiteMe in the room too?

And still the guys who are too stupid to drill a hole in the ground without blowing up the rig killing people, turtles and pelicans while unemploying every one in the Gulf region got one like this over on the apotheosis of the Liberal Brain Trust? Try not to let is destroy your faith in this historic Presidency!

Excusing corporate criminals from prosecution has been going on for a long long time and it didn't just start when Obama took office.

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Question Authority before it Questions you.

Isn't the Dear Leader the CEO of the nation who made this deal with BP which is the subject of the link provided by the original poster? The thread isn't about what BP's culpability or liabilities are, it’s about how the Smartest President in the history of the country stood there on national television and sanctimoniously told the sheeple how he was making BP pay for something. Now we all learn that in reality BP will be eligible to claim a tax credit for any corporate loss that payout incurs. The reality is the Dear leader and all his administration toadies where too Effing stupid to anticipate this reality. They as do many other liberal group thinkers believe that money comes from some place other than the consumer population. The 20 Billion won't be printed in the PB corporate printing department it will come from the consumers of BP products/services. If PB doesn't make a profit i.e. takes in more money than it pays out, there is nothing to put in the 20 Billion Obama End of the Rainbow Redistribution Money Pot. If BP looses money because it has to fill that pot the tax code allows them and every other corporation to claim a percentage of the yearly loss as a tax credit. Any tax credit can only be offset by other tax payers contributing more. It's simple arithmetic not quantum mechanics!

I agree with Willens. They are entitled under the law to claim a current year expense deduction for the cleanup costs. If this causes a current year loss and they can claim a Net operating loss carryback, and recover income taxes they paid in prior years, so be it. Don't like it? Change the law. How? Make an exception to the ordinary and necessary business expense definition for cleanup costs & make them capitalize it and recover it over 40 years or make future "settlements" take the form of non deductible penalties. Neither of those is likely to happen imho.

Quit crying, unless you want two differrent sets of rules.. one for big corps and one for the little guys.

Like the article says, little guy makes 1 million in year 1, pays 350k in taxes. He loses 1 million in yr 2. He can then carryback the loss and offset the current loss against the prior year income. Net overall 2 yr. economc effect? No income and no tax liabilty. What's unjust about that? Works for 100k income taxpayers and 100 billion income taxpayers. Dig it!

I'm no Einstein, but I can understand this.

Well, the tax code says what is says; certain expenses are deductible. If you want to change the rules, change the rules to disallow these kinds of expenses for everyone. If you want to punish BP, fine them or sue them for the damages they caused.

Their MD has got his punishment, off to Siberia for next winter.

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Grumpy Old Diesel Owners Club group

I no longer question authority, I annoy authority. More effect, less effort....

1967 230-6 auto parts car. rust bucket.
1980 300D now parts car 800k miles
1984 300D 500k miles
1987 250td 160k miles English import
2001 jeep turbo diesel 130k miles
1998 jeep tdi ~ followed me home. Needs a turbo.
1968 Ford F750 truck. 6-354 diesel conversion.
Other toys ~J.D.,Cat & GM ~ mainly earth moving

The laws are for everyone. BP is gonna make every effort to reduce their losses and if they are entitled to a tax credit by law that's the way it goes.
Lets drill some more and let the public pay for the cleanup of spills.

But if it was big Dick Cheny and his puppet from the last go round -It would be casual with all the angry old men--Wheres the roll eyes icon?

You would have to depend on more than your own hatreds to support that contention, such is the folly of youth!

P.S. I've got that 85 123 passenger side parchment kick panel you where looking for!

P.P.S. It's sitting right on top of the 617 030 00 05 I've got also!

No -Im an old guy--kinda progressive though

Ye right With £ 12 million pounds pay off + £11 million pension fund + £600 000 a year pension. Even in Siberia he will do very well with this sort of money I want to be him

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http://i680.photobucket.com/albums/v...7/scotflag.gif http://i680.photobucket.com/albums/v.../scot2flag.gif

"If women are so bloody perfect at multitasking how come they can't have a headache and sex at the same time?"
Billy Connolly

The use of "youth" is euphemistic, to avoid hurting delicate progressive sensibilities by using a more appropriate and accurate term.

Yea sure-- I was born 3 mos before who-ever it was blew Kennedy's head off.