That’s right! British Petroleum has found a new way to make money. They have taken a perfectly legal tax deduction for their losses caused by the oil spill enabling them to evade $10,000,000,000 of taxes.

That’s ten billion dollars the federal government has to get somewhere else. Goodness Gracious, who might the burden of taxes fall on without BP paying its share? I wonder.

Loren Steffy writing for the Houston Chronicle is all over this. Steffy points out that considering these kinds of tax benefits, claiming that corporations pay too much taxes is disingenuous, since very often they pay none at all.

The feds could have figured this into their 20 billion dollar escrow fund but didn’t, so essentially BP is only on the hook for ten billion of it. The rest we pay for.

James Pilant