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Thread: Senator calls for probe of BP tax plans

  1. #11
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    Re: Senator calls for probe of BP tax plans

    Quote Originally Posted by MaggieD View Post
    Congress has got enough to do without taking over Internal Revenue Service responsibilities. Ridiculous.
    It's a unique and extreme circumstance. Why not allocate resources and personel specifically to this presumedly enormous task?

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    Re: Senator calls for probe of BP tax plans

    Quote Originally Posted by apdst View Post
    That's the scary part. There's no telling what kind of crap those Leftist clowns would right into that bill.

    Never let a crisis go to waste. Eh?
    Democrats have the majority in congress, therefore one should assume that a bill will have ex post facto provisions based on the following description. Gotcha.

    On the House floor, Rep. Eliot Engel (D-N.Y.) just said he will introduce legislation that would prevent oil companies from claiming a tax deduction for oil spill expenses. Engel did not give details on the legislation

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    Re: Senator calls for probe of BP tax plans

    Senator Bill Nelson said he wants a probe into whether BP, which announced on Tuesday a $32 billion charge linked to the clean-up, will be deducting legal expenses related to nondeductible fines and penalties, and whether BP should deduct the full cost of its $20 billion cleanup fund.
    This seems fair. That's a rather large expense charge. It wouldn't be hard for BP to reclassify some fines and penalties as expenses due to cleanup. A full audit of that $32 billion expense isn't a problem. Remember, the larger an account, the easier it is to hide things in. If I was BP, I'd figure out the limit of materiality and then start reclassifying non-deductible fines and penalties into clean up expenses right under that limit. And with BP's asset size, immaterial amounts are quite large.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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    Re: Senator calls for probe of BP tax plans

    Quote Originally Posted by Kernel Sanders View Post
    Democrats have the majority in congress, therefore one should assume that a bill will have ex post facto provisions based on the following description. Gotcha.
    Did I make any claim that a Democrat bill, designed to punish BP would necessarily have ex-post-facto provisions in it?

    My point, is that the Dems could--probably will--use this as a chance to hammer the **** out of all corporations. Thanks for playing.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: Senator calls for probe of BP tax plans

    Quote Originally Posted by danarhea View Post
    Article is here.

    But wait! There is more.



    OK, I am not a big fan of BP. In fact, I would like nothing more than to see BP pay the price for it's recklessness. But come on, fair is fair.

    1) BP is taking advantage of the same tax code that everybody else uses for when they are hit a loss. Why should it be different for BP?

    2) Also, if Congress now passes a special rule to deny BP the same right that everbody else has, it would be unconstitutional....



    What doesn't Congress understand about that?

    For these 2 reasons, I am against denying the right of BP to take this tax credit, even though they probably don't deserve to. Like I said, fair is fair. And an investigation, just because BP is claiming the same thing that everybody else would have the right to claim, is preposterous. For those who disagree with me on this, let me ask you. If they can do this to BP, don't you think they could do it to you, if you were in their political gunsight?

    Discussion?
    Perhaps more to the point is, do you in all honesty think they would not do this to anyone retrospectively?

  6. #16
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    Re: Senator calls for probe of BP tax plans

    Quote Originally Posted by jujuman13 View Post
    Perhaps more to the point is, do you in all honesty think they would not do this to anyone retrospectively?
    CSA 2010 is 3 years retroactive.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

  7. #17
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    Re: Senator calls for probe of BP tax plans

    Quote Originally Posted by apdst View Post
    Did I make any claim that a Democrat bill, designed to punish BP would necessarily have ex-post-facto provisions in it?

    My point, is that the Dems could--probably will--use this as a chance to hammer the **** out of all corporations. Thanks for playing.
    So let me see if I understand this right...the democrats are going to do this, because some guy who has shown no understanding of what democrats believe in claims they will based solely on his sayso...
    We became a great nation not because we are a nation of cynics. We became a great nation because we are a nation of believers - Lindsey Graham

    Quote Originally Posted by Fiddytree View Post
    Uh oh Megyn...your vagina witchcraft is about ready to be exposed.

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    Re: Senator calls for probe of BP tax plans

    Quote Originally Posted by Harry Guerrilla View Post
    It's stupid and they're just playing to the populist outrage.
    Hopefully it won't be passed.
    You are correct, just like the idea of a no-flag burning amendment to the constitution or defining marriage in the constitution. It would be nice if these guys would stop feigning outrage and just stick to practical solutions to real issues.
    Last edited by upsideguy; 07-31-10 at 08:19 PM.

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    Re: Senator calls for probe of BP tax plans

    Quote Originally Posted by Redress View Post
    So let me see if I understand this right...the democrats are going to do this, because some guy who has shown no understanding of what democrats believe in claims they will based solely on his sayso...
    "Never let a good crisis go to waste".

    Why else would Congress feel the need to pass a bill, to put BP under a microscope, when a simple IRS audit would do the same thing?
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: Senator calls for probe of BP tax plans

    Quote Originally Posted by apdst View Post
    "Never let a good crisis go to waste".

    Why else would Congress feel the need to pass a bill, to put BP under a microscope, when a simple IRS audit would do the same thing?
    What you don't seem to understand is BP made a move of questionable legality. That is not a question "a IRS audit" can answer. Legal experts are split on it.
    We became a great nation not because we are a nation of cynics. We became a great nation because we are a nation of believers - Lindsey Graham

    Quote Originally Posted by Fiddytree View Post
    Uh oh Megyn...your vagina witchcraft is about ready to be exposed.

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