Environment

Corporate Welfare in Action

Written by Bob Cesca

The American taxpayer helped BP pay the lease for the Deepwater Horizon rig.

BP was reaping sizable tax benefits from leasing the rig. According to a letter sent in June to the Senate Finance Committee, the company used a tax break for the oil industry to write off 70 percent of the rent for Deepwater Horizon — a deduction of more than $225,000 a day since the lease began.

And while they bitch and shriek about spoiled freeloaders on unemployment, I would wager that the Republicans would gladly continue to allow this tax loophole. And why not? The Republicans were happy to keep paying Big Oil $35 billion a year in corporate welfare.