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BP will pay four states including Alabama more than 18 billion dollars for damages caused by the Deep Water Horizon spill back in 2010.
It sounds great, but we checked into what this settlement means to you, and we did it with the help of a taxpayer watchdog group It turns out BP can write-off a majority of it from taxes as a business expense. That means the less they pay the more we all lose.
And this isn’t the first time we’ve dug into this issue with the oil spill, BP’s tax deductions, and the impact on taxpayers. So what’s changed?
"This is a great settlement. Actually, it exceeds our expectations,” said Alabama Governor Robert Bentley.
Bentley made those comments moments after announcing a more than $18 billion settlement between BP and Alabama, Florida, Mississippi, and Louisiana. Alabama will receive around more than $2 billion for their damages from the BP oil spill. But a new report by consumer watchdog group U.S. PIRG blasts the settlement. Their reason: BP can write off around 70 percent of it as a business expense.
"For every dollar that BP will reap in tax windfall,” said U.S. PIRG’s Phineas Baxandall. “That's a dollar that taxpayers will have to pay in greater and higher tax rates, in more national debt, and in cuts to vital public programs.".....
You can view the segment here: http://www.waff.com/story/29515303/waff-investigates-are-taxpayers-hurt-...
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