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Should Taxpayers Foot the Bill for Oil Spills?

foxbusiness.com -- Representative Alcee Hastings, (D-FL), introduced a bill that would abolish write-offs oil companies take on their tax returns for the costs of cleaning up their oil spills.

Taxpayers have footed oil companies’ cleanup costs for decades. For instance, BP can deduct on its tax returns cleanup costs and settlements for its massive oil spill in the Gulf of Mexico. Estimates already show those costs may amount to $32 billion, which could translate into a $10 billion tax write-off for the oil major.

But these deductions are meant for the "ordinary costs of doing business," reads the tax law.

Are oil spills “business as usual’? Or should taxpayers foot the bill for oil companies’ own negligence?

...slamming this loophole shut would save taxpayers an average $1.3 billion annually.

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Submitted Feb 07, 2012 By: teafortwo

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mrmopar1970 Sophomore Author Tennessee Posts:121 Points:102,400 Joined:Dec 2011	Message Posted: May 20, 2012 9:09:21 AM Ignore mrmopar1970 Report Abuse No way
1006 Champion Author Birmingham Posts:1,020 Points:1,108,690 Joined:Apr 2008	Message Posted: Feb 10, 2012 6:59:33 PM Ignore 1006 Report Abuse who pays anyway? the consumer.
honda0105 Champion Author Tallahassee Posts:15,984 Points:1,249,100 Joined:Nov 2008	Message Posted: Feb 10, 2012 5:07:25 AM Ignore honda0105 Report Abuse since Pig Oil already gets taxpayers subsidies and lots of tax breaks, let's have Pig Oil foot that bill for once w/out recourse of putting it back into the cartell prices.
FordF2502001 Champion Author Mississippi Posts:6,234 Points:1,260,545 Joined:Sep 2008	Message Posted: Feb 8, 2012 8:50:49 AM Ignore FordF2502001 Report Abuse Interesting concept Bobcat. What do you think taxing oil companies double would do to gas prices?
Amplion Champion Author Oregon Posts:4,814 Points:1,505,270 Joined:Sep 2005	Message Posted: Feb 8, 2012 2:44:53 AM Ignore Amplion Report Abuse NO !!!!!
tomok Champion Author Portland Posts:26,097 Points:1,985,410 Joined:Aug 2006	Message Posted: Feb 8, 2012 2:10:10 AM Ignore tomok Report Abuse Should Taxpayers Foot the Bill for Oil Spills? Or Should Oil Companies Foot the Bill for Oil Spills? If the oil companies pay for their oil spill cleanup, restoration and victim compensation, it will be passed on in the sale of their fuel. If the Taxpayers pay for the oil spill clean up, why should they! Either way, the oil companies will Not pay for it. The price of fuel at the pump is too high! 12/22/2012!
Krykson All-Star Author Chicago Posts:840 Points:247,185 Joined:Jul 2006	Message Posted: Feb 8, 2012 1:36:25 AM Ignore Krykson Report Abuse Interesting
chuckwthompson Champion Author Charlotte Posts:1,890 Points:217,535 Joined:Sep 2011	Message Posted: Feb 8, 2012 12:22:29 AM Ignore chuckwthompson Report Abuse Either way we pay...
Suzzoom All-Star Author Nevada Posts:631 Points:165,995 Joined:Jan 2011	Message Posted: Feb 7, 2012 11:53:37 PM Ignore Suzzoom Report Abuse As long as they get these write-offs, they won't mind a spill here & there. Close the loopholes & make them pay all the costs of the cleanups. If it hurts them financially, then they'll think twice.
Dodge_Me Champion Author Atlanta Posts:1,121 Points:238,600 Joined:Mar 2006	Message Posted: Feb 7, 2012 11:48:26 PM Ignore Dodge_Me Report Abuse Hell NO
trinda1 Champion Author Fort Worth Posts:1,754 Points:402,955 Joined:Dec 2010	Message Posted: Feb 7, 2012 11:43:40 PM Ignore trinda1 Report Abuse Good job and good looking out. If its not the republican trying to do us in, it's the oil and gas man which are mostly the same people. Get them!
ammamama13 Rookie Author California Posts:68 Points:53,550 Joined:May 2011	Message Posted: Feb 7, 2012 11:42:11 PM Ignore ammamama13 Report Abuse no, but as always the taxpayer will always end up paying.
jetskijerry Champion Author North Carolina Posts:2,110 Points:420,295 Joined:Mar 2011	Message Posted: Feb 7, 2012 11:33:05 PM Ignore jetskijerry Report Abuse oil companies who spill should be responsible.
jetskijerry Champion Author North Carolina Posts:2,110 Points:420,295 Joined:Mar 2011	Message Posted: Feb 7, 2012 11:32:35 PM Ignore jetskijerry Report Abuse no
pgerassi Champion Author Milwaukee Posts:9,064 Points:1,772,560 Joined:Apr 2007	Message Posted: Feb 7, 2012 11:31:06 PM Ignore pgerassi Report Abuse The spiller should pay, not the taxpayer. Just another oil subsidy of the billions of dollars annually worth on the books.
mrmopar1970 Sophomore Author Tennessee Posts:121 Points:102,400 Joined:Dec 2011	Message Posted: Feb 7, 2012 11:28:32 PM Ignore mrmopar1970 Report Abuse No the oil company should
Quick68 Champion Author Columbus Posts:5,569 Points:865,700 Joined:Dec 2009	Message Posted: Feb 7, 2012 11:27:34 PM Ignore Quick68 Report Abuse This question should not even be on gas buddy. The only ones that would say yes would be big oil & our greedy lawmakers.
Double_Golden All-Star Author San Francisco Posts:750 Points:245,755 Joined:Aug 2011	Message Posted: Feb 7, 2012 11:26:01 PM Ignore Double_Golden Report Abuse HELL NOOOOO, Who ever spill it, pay for it to clean up, is it that hard to figure it out
heartbroken2010 Champion Author Ottawa Posts:2,528 Points:537,830 Joined:Aug 2010	Message Posted: Feb 7, 2012 11:25:55 PM Ignore heartbroken2010 Report Abuse assume the risk out of the ' profits" , simple.
Buddy2264 Champion Author Tampa Posts:9,812 Points:2,001,090 Joined:Oct 2005	Message Posted: Feb 7, 2012 11:23:53 PM Ignore Buddy2264 Report Abuse Big NOOO! take it from the producers profits.
tedjm1 Champion Author New York Posts:4,085 Points:497,440 Joined:Dec 2006	Message Posted: Feb 7, 2012 11:22:45 PM Ignore tedjm1 Report Abuse Oil spills of that magnitude are not 'ordinary cost of doing businessw" This is a foul-up of the worst kind and usually due to carelessness. They should not have a tax write-off.
rawdog1313 Champion Author Lexington Posts:1,510 Points:1,283,485 Joined:May 2008	Message Posted: Feb 7, 2012 11:22:15 PM Ignore rawdog1313 Report Abuse Amen brother! Guarantee the Republican Representatives wouldn't go for something like that. They would lose their Payoffs!
herndonks All-Star Author Baltimore Posts:925 Points:173,285 Joined:Dec 2011	Message Posted: Feb 7, 2012 11:20:59 PM Ignore herndonks Report Abuse No
tampacrvdriver Champion Author Tampa Posts:1,731 Points:362,350 Joined:May 2011	Message Posted: Feb 7, 2012 11:20:29 PM Ignore tampacrvdriver Report Abuse Of course not.
jrsva Champion Author Virginia Posts:7,790 Points:1,253,125 Joined:Jan 2006	Message Posted: Feb 7, 2012 11:20:20 PM Ignore jrsva Report Abuse This sounds like a loophole worthy of closing. Of course, if Big Oil cannot deduct its cleanup costs it will just add them into the price of fuel. The people will pay for it one way or another.
min_fuel Champion Author Philadelphia Posts:1,823 Points:655,580 Joined:Jan 2008	Message Posted: Feb 7, 2012 11:17:30 PM Ignore min_fuel Report Abuse o. Make them pay. Drillers will be much more careful.
sunyem Rookie Author Dallas Posts:14 Points:1,690 Joined:Feb 2011	Message Posted: Feb 7, 2012 11:15:31 PM Ignore sunyem Report Abuse Too bad politicians care more about the lobbyists and companies that give them political contributions and other perks than they do about the taxpayers.
Zonk Champion Author Michigan Posts:4,667 Points:1,744,900 Joined:Oct 2005	Message Posted: Feb 7, 2012 11:13:01 PM Ignore Zonk Report Abuse The tax payer will pay the bill either way.
Blue_Cruzer Champion Author Lexington Posts:5,702 Points:1,310,480 Joined:Mar 2007	Message Posted: Feb 7, 2012 11:12:32 PM Ignore Blue_Cruzer Report Abuse We should cutoff all the loopholes that allow this.
alaric76 Champion Author New Jersey Posts:14,622 Points:2,674,625 Joined:Nov 2004	Message Posted: Feb 7, 2012 11:10:58 PM Ignore alaric76 Report Abuse of course not!
joel27nc Champion Author Raleigh Posts:8,712 Points:1,500,220 Joined:Mar 2008	Message Posted: Feb 7, 2012 11:10:30 PM Ignore joel27nc Report Abuse No....we didn't cause it, we don't get the profits....but I'm sure we are paying for it anyways due to the HIGH GAS prices!
outlaw329 Champion Author Austin Posts:5,831 Points:1,037,755 Joined:Aug 2008	Message Posted: Feb 7, 2012 11:09:34 PM Ignore outlaw329 Report Abuse no!
CdnLynx Veteran Author Ontario Posts:349 Points:226,175 Joined:May 2008	Message Posted: Feb 7, 2012 11:09:06 PM Ignore CdnLynx Report Abuse No! I'll expand on that. Industry in general has gov't in their back pockets; gov't is supposed to be representative of it people, not the influential that pay off gov't for special considerations. This problem is not just the petroleum industry; it's systemic throughout the corporate world, both in democracies and in totalitarian gov'ts around the world. It's these very unethical/corrupt activities that fuel discontent, throughout the masses, and enlists the disenfranchised into the Occupy and activities by Anonymous. As mass-media, with instant communication grows the polarization against corruption will also increase. I believe this will the ultimate downfall of corrupt business/gov't/criminals, as there will be less and less they will be able to get away with.
kcboy Champion Author Utah Posts:2,890 Points:1,285,820 Joined:Jun 2005	Message Posted: Feb 7, 2012 11:09:05 PM Ignore kcboy Report Abuse no no no no!
Beboper Champion Author Virginia Posts:6,904 Points:1,803,690 Joined:Oct 2005	Message Posted: Feb 7, 2012 11:08:36 PM Ignore Beboper Report Abuse no
52MPG Champion Author Dayton Posts:5,449 Points:1,384,285 Joined:Apr 2006	Message Posted: Feb 7, 2012 11:08:13 PM Ignore 52MPG Report Abuse In a word "NO"!
KnoxGasPriceSpy Champion Author Knoxville Posts:63,928 Points:561,670 Joined:Oct 2010	Message Posted: Feb 7, 2012 11:07:07 PM Ignore KnoxGasPriceSpy Report Abuse except.... they'll just pass off their cost to the consumers...
LCSTEELERBOB Champion Author Gary Posts:2,259 Points:553,675 Joined:Oct 2008	Message Posted: Feb 7, 2012 11:06:28 PM Ignore LCSTEELERBOB Report Abuse do we really think the right people will close the loophole and lose all their payoffs and graft???
gocatgo Champion Author South Carolina Posts:13,319 Points:2,171,165 Joined:Apr 2006	Message Posted: Feb 7, 2012 11:06:10 PM Ignore gocatgo Report Abuse I don't care what that sell out Joe Barton (R) of Texas says, NO!
mpg611 All-Star Author Cleveland Posts:570 Points:212,335 Joined:Apr 2011	Message Posted: Feb 7, 2012 11:01:19 PM Ignore mpg611 Report Abuse NO, no, and no.
NHLiveFree Champion Author New Hampshire Posts:8,054 Points:1,275,040 Joined:Jun 2008	Message Posted: Feb 7, 2012 11:00:55 PM Ignore NHLiveFree Report Abuse Give it a rest confetti. Completely absurd nonsense for a local hick judge representing BIG OIL. ie in BIG OIL's backpocket.
NHLiveFree Champion Author New Hampshire Posts:8,054 Points:1,275,040 Joined:Jun 2008	Message Posted: Feb 7, 2012 10:58:13 PM Ignore NHLiveFree Report Abuse ABSOLUTELY NOT! Excellent Bill. Let's see how far it gets in our dear and ever so caring Congress. These cleanup expenses are definitely not an ordinary expense as described in the U.S. Tax Code. Don't forget BIG OIL loves us!
Throroughbred Champion Author Cleveland Posts:1,031 Points:1,210,745 Joined:Jun 2007	Message Posted: Feb 7, 2012 10:57:59 PM Ignore Throroughbred Report Abuse In most cases absolutely not.
bonzoonfmb All-Star Author Florida Posts:544 Points:358,525 Joined:Feb 2010	Message Posted: Feb 7, 2012 10:56:23 PM Ignore bonzoonfmb Report Abuse Foreign companies no. Domestic companies maybe.
carman11 Champion Author North Carolina Posts:1,475 Points:331,645 Joined:Jun 2011	Message Posted: Feb 7, 2012 10:54:41 PM Ignore carman11 Report Abuse NO
SparkieMi Champion Author Kalamazoo Posts:1,473 Points:239,405 Joined:Sep 2011	Message Posted: Feb 7, 2012 10:52:21 PM Ignore SparkieMi Report Abuse NO!!
Kamakani Champion Author Hawaii Posts:2,482 Points:1,029,275 Joined:Oct 2008	Message Posted: Feb 7, 2012 10:50:26 PM Ignore Kamakani Report Abuse Heck NO!
Vette1967 Champion Author Albany Posts:4,177 Points:920,355 Joined:Jun 2009	Message Posted: Feb 7, 2012 10:50:12 PM Ignore Vette1967 Report Abuse No way.
menagerie1013 Champion Author San Diego Posts:1,064 Points:350,225 Joined:Apr 2011	Message Posted: Feb 7, 2012 10:48:10 PM Ignore menagerie1013 Report Abuse The oil companies should foot the bill.
skyking19 Champion Author Little Rock Posts:1,589 Points:1,424,520 Joined:Jan 2007	Message Posted: Feb 7, 2012 10:48:06 PM Ignore skyking19 Report Abuse NO!