house Bill H.R. 6658
Should Oil Companies Be Prohibited From Getting Tax Deductions for Spill Settlements?
Argument in favor
Corporations shouldn’t be allowed to pass the costs of environmental disasters on to taxpayers by deducting such costs from their tax bills. Taxpayers already pay much of the cost to clean up oil spills — they shouldn’t pay again by subsidizing corporate taxes for companies responsible for these environmental disasters.
10/17/2018
Why are they getting our tax dollars when they created the mess. They need to pay for their mess
···
10/17/2018
Corporations should absolutely be held financially responsible for their actions... especially in regard to environmental disasters.
Argument opposed
The IRS and agencies that settle with companies already have the authority to determine what is and isn’t tax-deductible in settlements, so there’s no need for this legislation. It would be simpler to require the IRS and agencies to clearly state tax-deductible versus non-tax-deductible parts of settlements when they’re made with corporations.
···
10/17/2018
The bill has some shortcomings, as I understand the bill. First, it only applies to water spills. Those types make the news and garner public attention, but what about the land spills from rail transport, drilling, oil pipelines, etc?? Just keep it business as usual? Second, the bill, as I see it, is not just for the oil companies, but also applies to persons that are connected to the company. So, if a person simply own stock in Risky Oil Venture, and they have a spill, how is that individual being protected? Third, it applies to spills in US navigable waters. I’ve looked it up, the BP spill was 40 miles from the coast, outside of our territorial waters , so initial spill was not applicable as the bill is written. Granted the oil did move to US waters, but the spill itself may have been in international waters. I do commend the bill for being written broader than just addressing oil spills. Nevertheless, the bill needs to be amended to fix its problems before it can be seriously considered.
10/17/2018
If you provide a deduction percent for preparedness or mitigation measures; then we are properly focusing or leading the shape of their vision or goals. If it’s more profitable to prevent accidents then to clean them up, businesses will focus on the profit, because that is why they went into business.
···
10/17/2018
Business expenses are business expenses why 1) why call it a tax reduction. 2) why signal out the oil industry Furthermore oil is the only mineral mined from the ground which is taxed in the first place. Talk about discrimination
Why are they getting our tax dollars when they created the mess. They need to pay for their mess
The bill has some shortcomings, as I understand the bill. First, it only applies to water spills. Those types make the news and garner public attention, but what about the land spills from rail transport, drilling, oil pipelines, etc?? Just keep it business as usual? Second, the bill, as I see it, is not just for the oil companies, but also applies to persons that are connected to the company. So, if a person simply own stock in Risky Oil Venture, and they have a spill, how is that individual being protected? Third, it applies to spills in US navigable waters. I’ve looked it up, the BP spill was 40 miles from the coast, outside of our territorial waters , so initial spill was not applicable as the bill is written. Granted the oil did move to US waters, but the spill itself may have been in international waters. I do commend the bill for being written broader than just addressing oil spills. Nevertheless, the bill needs to be amended to fix its problems before it can be seriously considered.
Corporations should absolutely be held financially responsible for their actions... especially in regard to environmental disasters.
Here’s an idea. Tax them at a higher rate based on their environmental and social performance. This might give them an incentive to behave better.
Folks corporates / cartels / conglomerates get these benefits through corrupt politicians who YOU elect but legislate in their favor and against YOU! So think before you vote. Look at their performance. Educate yourselves. Ultimately YOU bear the responsibility AND will bear the burden!
Corporations shouldn’t be able to pass the costs of their own failures on to taxpayers by deducting such costs from their tax bills. Just as my employer holds me accountable for my mistakes, corporations should have to pay the price of their own failures.
There should be no benefit for companies responsible for oil spills.
Oil companies are never fined enough to make them work harder at preventing catastrophic spills. Not only should they be prevented from receiving tax deductions they should also be fined very heavily, so heavily in fact they will want to prevent oil spills from occuring in the first place.
North American citizens already have to pay for the mistakes of big oil companies by bearing the burden of their pollutants in our day-to-day activities. We shouldn't be fiscally burdened on top of it.
Why shouldn’t they pay complete for their mistakes? No tax deduction
If you provide a deduction percent for preparedness or mitigation measures; then we are properly focusing or leading the shape of their vision or goals. If it’s more profitable to prevent accidents then to clean them up, businesses will focus on the profit, because that is why they went into business.
Oil spills must not be a source of more government subsidies for oil companies. Make oil companies pay for their environmental disasters.
That fact these companies not only aren't being punished for spills but are being actively rewarded for poisonous mistakes is horrifying to me. This needs to be amended immediately!
I am for this bill, rewarding a company for doing bad is just well, bad.