Big Oil Is Corporate Welfare Queen Number One

I almost missed Jim Hightower's checklist of big oil's most recent tax write-offs: BP can write off 70 percent of the rent it paid to TransO

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I almost missed Jim Hightower's checklist of big oil's most recent tax write-offs:

  • BP can write off 70 percent of the rent it paid to TransOcean for the oil rig "rental." - $225,000 per day
  • TransOcean moves its offices to Switzerland and avoids paying $1.8 billion in U.S. taxes.
  • Exxon Mobil raked in $19 billion in profit, but thanks to available subsidies, it got a $156-million tax refund.

Benefits for the unemployed are subject to "debate" but corporate welfare gets the backing of the Congressional oil whore caucus until forever.

About Bluegal aka Fran

Bluegal aka Fran's picture
Executive Producer of The Professional Left Podcast. On staff at Crooks and Liars since 2007. Master's degree from Harvard. Happy wife of Driftglass. Mother of three geniuses. Obsessive knitter. Blogs at http://bgalrstate.blogspot.com. .

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