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MassPIRG Petition: Say No to BP Tax Deductions on Oil Spill Payments!

Allison Friedman MA, United States 0 Ratings 100 Discussions 131 Group posts

Posted by: Allison Friedman // Rate It Green Admin

BP Oil Company must pay $18.7 billion in damages as a result of gross negligence in the Deepwater Horizon disaster, but there are indications that only $5.5 billion of that settlement will be non-tax deductible. About 80% of payment made to date qualified for tax deductions, effectively shifting the cost of BP's negligence onto taxpayers.

These write offs diminish the value of settlements as a deterrent to future misbehavior. They are also costly for the public because taxpayers must make up for the lost revenue through cuts to public programs, higher tax rates, or more federal debt.

It's time to demand an end to holding tax-payers accountable for corporate misconduct: no more write-offs for corporate wrong doing.

To sign:



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