BP getting massive tax break because of Gulf disaster
Dear USAction Member,
As we celebrate Earth Day today, it's sobering to remember that exactly one year this week BP's oil spill started gushing into the Gulf of Mexico. The massive spill lasted three months and left economic and environmental devastation in its path, as well as health problems for thousands of Gulf Coast residents.
But what's really disturbing is that BP just scored a $13 billion tax credit by writing off its losses incurred by the spill. BP won't even say if the company is paying ANY taxes this year -- they could even be getting a refund.1
This is crazy. BP's tax credit is bigger than the entire EPA budget. It's equal to one-third of all the cuts recently agreed to by Congress and President Obama in their short-term budget deal.
Americans shouldn't have to endure massive budget cuts because BP took a $13 billion tax deduction at the expense of the Gulf of Mexico. So we're teaming up with our friends at CREDO to tell BP to amend its tax return and pay its fair share. Will you help to?
Click here to sign the petition telling BP to stop dodging, and pay their taxes.
The $13 billion credit comes after BP wrote-off the $40.9 billion it set aside to cover clean-up costs, fines, and for a $20 billion victim compensation fund (which has been notoriously slow and stingy in responding to claims, paying out less than $4 billion so far).2
BP brought us the worst environmental disaster in our nation's history. We don't owe BP a tax-credit. BP owes us. The least they can do this Earth Day is pay their fair share. Sign here to tell them so.
Thank you for holding polluters accountable.
1 - http://tpmdc.talkingpointsmemo.com/2011/04/bp-to-cut-tax-bill-by-13b-isnt-saying-what-it-paid-irs-for-2010.php
2 - http://www.bloomberg.com/news/2011-04-18/gulf-coast-claims-facility-reports-approving-3-8-bln-in-payouts.html