BP may get tax refund because of oil disaster expenses.
Isn’t that special.
BP cannot write off future government fines and penalties, including criminal fines, but it can write off punitive damages that are awarded by courts, according to a report by Center for American Progress tax expert Sima Gandhi. Over the opposition of 36 Republicans and Sen. Ben Nelson (D-NE), the Senate passed an amendment to the American Jobs and Closing Tax Loopholes Act of 2010 to eliminate the deduction for punitive damages in June, but the tax reform bill has since been filibustered three times.
And yet there will be people like Not-Joe the Not-Plumber* eager to wave the big foam finger for this and lustily cheer it on. You betcha.
Dear Joes of the world: you need to be waving a foam finger all right. The middle one. That’s the one the GOP’s giving you.