Off-Topic: Did Obama stick it to BP?
(Weiss Lake Specific)
158 messages
Updated 7/2/2022 8:26:17 PM
Lakes Online Forum
83,644 messages
Updated 5/28/2024 9:14:08 AM
Lakes Online Forum
5,193 messages
Updated 4/3/2024 3:47:36 AM
(Weiss Lake Specific)
34 messages
Updated 9/15/2015 12:41:07 PM
Lakes Online Forum
4,169 messages
Updated 4/15/2024 11:05:05 PM
Lakes Online Forum
4,261 messages
Updated 5/28/2024 6:31:10 AM
Lakes Online Forum
2,976 messages
Updated 3/20/2024 11:53:43 PM
Lakes Online Forum
98 messages
Updated 4/15/2024 1:00:58 AM
|
|
|
|
Name:
|
water_watcher
- 
|
|
Subject:
|
Did Obama stick it to BP?
|
|
Date:
|
8/12/2010 7:14:15 PM
|
|
Let us take a closer look at the effect on BP's finances:
1. BP will establish a $20 billion fund, but will pay only $7 billion into
it during 2010.
2. BP is a British corporation, but has a very large operating entity in the
US but only about 30% of it's income is derived from the US .
3. By Generally Accepted Accounting Principles (GAAP), BP must book the
entire $20 billion expense in the year accrued. Therefore, they will book a
$20 billion expense in 2010, reducing their US tax liability by $7 billion.
4. Our dear leader also convinced this massive corporation to show their
concern for the "small people" by withholding dividends to their
shareholders for the last 3 quarters of 2010. This reduces their outward
cash flow by about $7.5 billion, including approximately 40% of that amount
to US citizens. Assuming that the Bush tax cuts will survive through 2010,
the US Treasury will lose another $450 million in taxes on that amount. We
won't even discuss the effect on the US economy.
Let us put the results into a table easily understood by most people:
BP Cash Flow:
o Escrow funding ($7 billion)
o Dividend saving $7.5 billion
o Tax savings $7 billion
o Net favorable cash flow : $7.5 billion
US Treasury Tax Receipts:
o BP Corporate income tax .... minus $7.5 billion
o BP Shareholders ..... minus $0.45 billion
o Net unfavorable tax receipts ..... minus $7.95 billion
Oh yeah ... Obama really stuck it to BP (NOT) .... he once again stuck it to the US tax payer. I guess we really should expect this. After all, our dear leader is the
most inexperienced man in ANY room he enters.
This is just one more reason why a 'community organizer' should NOT be
negotiating anything dealing with money and finances!
Bottom line: The $20 Billion BP is putting up will create a $7.5 Billion
positive cash for BP flow this year. But, Obama actually "thinks" he really
did something special and stuck it to them "kicked a $$" (his words).
In reality, BP executives are laughing at him while they thank him for suck a great idea to cut their tax burden and improve cash flow.
|
|
Reply
Back
Search
Off-Topic Forum
»
Alabama Lakes
»
Weiss Lake
Login
|
Home
