From CBS:
While BP took a $17 billion loss in the second quarter, the financial news isn’t all bad for the beleaguered oil giant.
That’s because the amount the oil company set aside to cover the costs of the oil spill will end up saving the oil giant $10 billion in U.S taxes, according to an msnbc.com report…
This just goes to my point about corporate taxes – they are utterly pointless. Corporations don’t pay them – even if you manage to get a dollar from a corporate bank account in to the Treasury, it is just going to be taken out of the pockets of consumers or employees, or both. Better to just give it up and seek revenues elsewhere.
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