Friday, April 22, 2011

BP to cut it's U.S. tax bill.

 After the expenses of cleaning up the oil spill in the Gulf of Mexico, BP America is claiming $41 billion in loses for the 2010 tax year. Which results in the company paying no federal income taxes for the 2010 tax year. It equals out to about a $13 billion dollar savings for the company which has many people outraged. They say it puts the burden of clean-up on the American tax payer. They say it shows preferential treatment to big business, but honestly let's look at this for a minute.

 The company is simply claiming it's losses. No different than any other company in the United States would do. They didn't find some loophole to get out of paying income taxes. The laws on the books have been in place long before most of us were born. My advice to people who are whining about this is to look at themselves. Have they ever been sick and called off work? Did they go ahead and pay taxes on the money that they would have made if they had just sucked it up and went in anyway? Heck no! They only claimed what they actually made for the year not what they could have made if things had went differently. So when the guy down the street calls off work that costs the U.S. government money and puts more of a burden on those people who went to work that day. Sounds kind of crazy when you put it that way, doesn't it? It's the same way of thinking just on a more personal level. So unless we're going to make every American start paying taxes on money that they did not make, shut up about about BP not paying taxes on money they did not make.

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