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Thread: Senator calls for probe of BP tax plans

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    Senator calls for probe of BP tax plans

    (Reuters) - A senator from Florida called on Wednesday for a congressional inquiry into BP Plc's plan to use losses from the Gulf oil spill to reap $10 billion in tax benefits.
    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.
    Article is here.

    But wait! There is more.

    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, but I’ve put a call into his office to get a copy of the bill.
    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....

    Quote Originally Posted by The Constitution of the United States of America, Article I, sec. 9
    No bill of attainder or ex post facto Law shall be passed.
    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?
    Last edited by danarhea; 07-31-10 at 04:05 PM.
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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 in 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?
    It's stupid and they're just playing to the populist outrage.
    Hopefully it won't be passed.
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    Re: Senator calls for probe of BP tax plans

    United States Constitution

    Article 1, Section 8:

    No Bill of Attainder or ex post facto Law shall be passed.

    BP can take advantage of tax law current at the time the loss was incurred.

    I've a MUCH BIGGER problem with Congress violating the Constitution to punish people than with people taking advantage of loopholes in an excessively complex law the Congress passed to give advantage to their friends while tying others in knots.

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    Re: Senator calls for probe of BP tax plans

    Quote Originally Posted by Scarecrow Akhbar View Post
    United States Constitution

    Article 1, Section 8:

    No Bill of Attainder or ex post facto Law shall be passed.

    BP can take advantage of tax law current at the time the loss was incurred.

    I've a MUCH BIGGER problem with Congress violating the Constitution to punish people than with people taking advantage of loopholes in an excessively complex law the Congress passed to give advantage to their friends while tying others in knots.
    That's actually sec. 9, which I put in my OP. Here is the link.
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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?
    I think that a probe to make sure the multi-billion deduction is being handled properly and that everything being deducted is deductible is perfectly reasonable. As for the second article, I see nothing wrong there either. Nothing in the article at all indicates that the bill either targets BP specifically (it sounds like it applies to all oil spills), or that it would be applied retroactively to this spill (which, as any highschooler who pays attention in class knows, would be unconstitutional). So unless you have other information, I don't know why you would think it's either a bill of attainder or an ex post facto law.

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    Re: Senator calls for probe of BP tax plans

    Quote Originally Posted by Kernel Sanders View Post
    I think that a probe to make sure the multi-billion deduction is being handled properly and that everything being deducted is deductible is perfectly reasonable. As for the second article, I see nothing wrong there either. Nothing in the article at all indicates that the bill either targets BP specifically (it sounds like it applies to all oil spills), or that it would be applied retroactively to this spill (which, as any highschooler who pays attention in class knows, would be unconstitutional). So unless you have other information, I don't know why you would think it's either a bill of attainder or an ex post facto law.
    It's still ex-post-facto, which is unconstitutional.
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    Re: Senator calls for probe of BP tax plans

    Quote Originally Posted by danarhea View Post
    It's still ex-post-facto, which is unconstitutional.
    What evidence do you have that it's ex post facto? It will apply to future events, just like any other bill.

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    Re: Senator calls for probe of BP tax plans

    Quote Originally Posted by Kernel Sanders View Post
    I think that a probe to make sure the multi-billion deduction is being handled properly and that everything being deducted is deductible is perfectly reasonable. As for the second article, I see nothing wrong there either. Nothing in the article at all indicates that the bill either targets BP specifically (it sounds like it applies to all oil spills), or that it would be applied retroactively to this spill (which, as any highschooler who pays attention in class knows, would be unconstitutional). So unless you have other information, I don't know why you would think it's either a bill of attainder or an ex post facto law.
    Congress has got enough to do without taking over Internal Revenue Service responsibilities. Ridiculous.
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    Re: Senator calls for probe of BP tax plans

    Quote Originally Posted by Kernel Sanders View Post
    I think that a probe to make sure the multi-billion deduction is being handled properly and that everything being deducted is deductible is perfectly reasonable. As for the second article, I see nothing wrong there either. Nothing in the article at all indicates that the bill either targets BP specifically (it sounds like it applies to all oil spills), or that it would be applied retroactively to this spill (which, as any highschooler who pays attention in class knows, would be unconstitutional). So unless you have other information, I don't know why you would think it's either a bill of attainder or an ex post facto law.
    The instrument used to determine that is called an IRS audit, not a congressional probe.

    I believe that thinking Congress is simply making sure everyone keeps their hands above the table would take a serious suspension of reality.
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    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 Kernel Sanders View Post
    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?
    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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