Einstein: The hardest thing in the world to understand is the income tax

[MTI]

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

[450slcguy]

Originally Posted by MTI

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.

[Billybob]

Originally Posted by 450slcguy

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.

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!

[450slcguy]

Originally Posted by Billybob

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.

[Billybob]

Originally Posted by 450slcguy

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

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!

[panZZer]

Originally Posted by Billybob

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!

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?

[dynalow]

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.

[Hatterasguy]

Originally Posted by Craig

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.

Yep, our government should sue them on behalf of all the people who are affected.

[Billybob]

Originally Posted by Hatterasguy

Yep, our government should sue them on behalf of all the people who are affected.

The same government who regulated, licenced and approved BP's drilling plan, inspected the rig ten days prior, and awarded them for their saftey record last year on behalf of all the people who are affected?

[layback40]

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

[Pavka007]

Originally Posted by layback40

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

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

[Chas H]

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.

[MS Fowler]

Originally Posted by Chas H

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.

Or we could jusr STOP drilling, and then import ALL our oil. At least then the spills are NIMBY. Who cares if that makes us dependent on dictators and tyrants around the world, at least WE don't have the spills.

Then lets shut down all the nuclear plants.

Then we can all hold hands and sing kumbyya--as there won't be enough energy to actually do anything else.

This "either / or" arguing is silly.

[HuskyMan]

we are hooked on oil like a drug addict needs a fix. last I checked, mercedes automobiles require either gasoline or diesel to operate. as long as their is a market for a product and the end users demand it, the oil boys will continue to drill baby drill.