Destroying our gulf shouldn't be a tax write-off. Tell BP to pay their fair share.
One year ago, on April 20, 2010, BP's oil began to pour into the Gulf of Mexico. It did not stop for 87 days.
Today, economic and environmental devastation remain. Thousands of Gulf
Coast residents cope with massive health problems from oil and toxic
BP, on the other hand, just scored a nearly $10 billion dollar credit on
their 2010 federal tax return, by writing off their "losses" incurred
from the tragedy.1
That's the equivalent of the entire annual budget of the EPA, whose
funding was just slashed in the continuing resolution. It is almost one
third of all the cuts in the continuing resolution.
Americans shouldn't have to endure massive budget cuts because BP took a
$10 billion tax deduction for destroying our gulf. Tell BP: Amend your
tax return and pay your fair share.
Responding to BP's monumental catastrophe cost a massive amount of
resources from local, state and federal governments. Now, BP is dealing
another massive blow to our nation's tax revenue.
The $10 billion savings comes after BP wrote-off the $32.2 billion it
set aside to cover clean-up costs, fines, and 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)
But BP didn't have to write-off these costs. Last year, Goldman Sachs
waived a tax deduction it could have claimed from having to pay $500
million in fines to the Securities and Exchange Commission for giving
bad information to mortgage investors.3
BP has cost our nation enough already. It shouldn't be rewarding itself with huge tax savings.
BP's $10 billion tax credit slashes its liability by one third - at
every US taxpayers' expense. Tell BP to amend their tax return and pay
their fair share.
Over the weekend, hundreds of Gulf Coast residents attended the
Powershift conference in Washington, DC and told stories of oil still
remaining on beaches, of its smell still permeating the air, of legions
of dead dolphin, turtles and fish, of neighbors who are sick or jobless.
They said that BP hasn't done nearly enough to make it right.
Meanwhile in Washington, BP just restarted political contributions4 to the Republicans who continue to push for expanded offshore drilling, oppose lifting oil spill liability caps,5
and do everything in their power to keep our nation addicted to dirty
crude, as millions of Americans literally drain their paychecks into
their gas tanks every day.
To take our nation off of dirty, dangerous, expensive fossil fuels, we must force polluters to pay for the damage they do.
One year ago, BP brought us what would become the worst environmental
disaster in our nation's history. We don't owe BP a tax-credit. BP owes
us our gulf back. The least it could do is pay its fair share.
Please sign the petition now.
1. "BP Scores $10B Tax Credit by Offsetting Cash," CBS News, July 27, 2010
2. "Gulf-Spill Fund Pays $3.8 Billion; Total May Be 'Higher'," Bloomberg, April 18, 2011
3. "Goldman Waives Tax Deduction on SEC Settlement," Bloomberg, July 16, 2011
4. "A year after spill, BP gives political contributions to GOP leaders," The Hill, April 19, 2011
5. "A Year After Gulf Tragedy, Offshore Oil Companies Still Shielded by Liability Limits," ProPublica, April 19, 2011