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Thread: Senator calls for probe of BP tax plans

  1. #21
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    Re: Senator calls for probe of BP tax plans

    Quote Originally Posted by Kernel Sanders View Post
    It's a unique and extreme circumstance. Why not allocate resources and personel specifically to this presumedly enormous task?
    Kernel, respectfully, Congress has many other fish to fry. Why would Congress be involved in what is so obviously an IRS responsibility....if not for the face time?
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

  2. #22
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    Re: Senator calls for probe of BP tax plans

    Quote Originally Posted by Redress View Post
    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.
    Oh, come on. Like CONGRESS is more qualified than the IRS? Pulllleeeeze!!!!!
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

  3. #23
    Equal Opportunity Hater
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    Re: Senator calls for probe of BP tax plans

    Quote Originally Posted by Redress View Post
    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.
    Not sure about questionable legality. It's legal to take such deductions. But as I stated earlier, the size of the deduction does allow considerable room for BP to reclassify non-deductible fines and penalties into deductible clean up expenses. And the general 5% materiality of that expense is a whopping $1.6 billion. Which at 35% tax rate, that's $560 million in equivalent tax credits. I don't think Congress is required to get in on this, but the IRS should examine that deduction with a fine tooth comb.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

  4. #24
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    Re: Senator calls for probe of BP tax plans

    Quote Originally Posted by upsideguy View Post
    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.
    Absolutely.

    Things like this have me believing that our republic is in danger.
    When **** gets to the point that we try to retroactively punish people, we're going down hill.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
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  5. #25
    Norville Rogers
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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?
    You posted this (emphasis yours)

    What evidence do you have that it's ex post facto? It will apply to future events, just like any other bill.
    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?
    Either your post was contradicting my claim that the bill will apply to the future, meaning you were claiming it has ex post facto provisions, or you're just randomly quoting, bolding, and spewing meaningless rhetoric. I assumed the former, if the latter is true I take back what I said

    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 because a bill was introduced during the years when the Democrats have the majority, it will probably hammer the **** out of all corporations. Gotcha.

  6. #26
    Norville Rogers
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    Re: Senator calls for probe of BP tax plans

    Quote Originally Posted by MaggieD View Post
    Kernel, respectfully, Congress has many other fish to fry.
    The first three actions the Senate took on friday were introducing the following bills

    * Authorizing the use of the rotunda of the Capitol for the photo exhibition "Being Untouchable" and a ceremony in honor of the exhibition.
    * Expressing support for the designation of the third Thursday of April as "Rachel's Challenge: A Day of Kindness and Compassion" in honor of the triumph and hope stemming from the life of Rachel Scott and in memoriam of the Columbine High School tragedy.
    * Recognizing the 50th anniversary of the Student Nonviolent Coordinating Committee (SNCC) and the pioneering of college students whose determination and nonviolent resistance led to the desegregation of lunch counters and places of public accommodation over a 5-year period.
    The wheels of democracy will hardly grind to a halt by adding a probe to that list. This will not affect Congress's time available to devote to other matters one way or the other

    Why would Congress be involved in what is so obviously an IRS responsibility....if not for the face time?
    That's exactly the reason. So what?

  7. #27
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    Re: Senator calls for probe of BP tax plans

    Quote Originally Posted by Redress View Post
    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.
    What you don't seem to understand, is that it's not Congress' jurisdiction to do audits on corporations.

    What Congress wants to do, is seperate the legal deductions from the illegal deductions. That's what audits are for.

    This? This is nothing but political theater.
    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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