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Jul 28, 2010

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Comments

Jae Asancheyev

The legality of BP's cost deductions does not make them less outrageous. The situation rather highlights the need to reform corporate charters to include responsibility for assets that are part of the "commons." Marjorie Kelly's The Divine Right of Capital: Dethroning the Corporate Aristocracy explains this lacune.

Jim Dunlap

BP was drilling in international waters. Why does our President think BP should be fined for acts outside US jurisdiction. The cost of operating is a legitimate deduction in our bloated tax code.

jmike

Profit = revenues less costs. That's roughly the equation for corporate profit. External costs are costs and BP is paying for damages done to the property of others. Those are part of operating cost. They aren't fines, penalties, or bribes, all of which are not legitimate operating costs. Stick with the law. As costs of operations, the payments are deductible.

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