Despite causing an historic oil spill in the Gulf of Mexico last year, BP plans to reduce its tax bill by almost $13 billion by writing off its losses.
The move is legal and above board. But with millions of Americans having just settled up with the IRS for 2010, it's causing consternation among activists who say BP shouldn't be offsetting its losses with federal money -- especially when Washington is in a budget crunch.
"The U.S. taxpayer shouldn't be ... footing the bill for this. That just seems insane to me," said Aaron Viles, deputy director of the Gulf Restoration Network.
BP confirmed to FoxNews.com that it paid no federal income tax to the U.S. government in 2010, though the company said it paid "significant" non-income tax and state income tax in the United States.
"However, due to the high costs incurred on the spill, BP America in 2010 had no US domestic income, no taxable income and therefore paid no federal income tax," spokesman Daren Beaudo wrote in an email.
Read more: http://www.foxnews.com/politics/2011/04/22/bp-cut-tax-13b-losses-spill/#ixzz1KHipHTUA
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