The costs to the foreign oil giant BP for poisoning the Gulf of Mexico will lower the company’s taxes by billions of dollars, and BP “may be able to get a refund for taxes paid in previous years.” If BP’s cleanup costs reach $60 billion, as Merrill Lynch & Co. estimates, the company will be able to deduct almost $20 billion over time. In addition to billions in subsidies, the company has received $10 billion in federal contracts from the American taxpayer in the last ten years. BP spokesman Steve Rinehart told Bloomberg News that BP will deduct the $3.5 billion already spent on cleanup efforts and any future expenses.Good for them. See kids, if you fuck up colossally enough eventually it starts to work in your favor.
Thursday, July 15, 2010
Looks like things might be finally looking up for those poor, beleaguered kids over at that mom and pop operation known as BP. Did they finally get a cap on that oil, drill the relief well, or in any other way stop all the oil from flowing into the sea? Lord no. But at least they're catching a tax break.