Page 6 - Escrow Fund News Today : Breaking News, Live Updates & Top Stories | Vimarsana

They said any work you do is coming out of the settlement. it's not boding too well right now. it's not. >> and so, in other words, i hasn't heard this before. in other words, if you've done work for bp, that would be subtracted from the amount that bp is liable to pay you? oh. >> that's what you understand now. and when we started working for them, and it's on record, we've got them taped saying that, no, it would not come out. you're helping us clean our mess. >> right. and it's like, well, the mess is gone now. what mess are we talking about. >> the the misconception too now. the mess is no...

The day after they capped it, partially capped it, they hit the tv saying any work you do is going to come out of the settlement. it's not boding too well right now. it's really not it's not. . >> and so, in other words, i hasn't heard this before. in other words, if you've done work for bp, that would be subtracted from the amount that bp is liable to pay you? oh. >> that's what you understand now. and when we started working for them, and it's on record, we've got them taped saying that, no, it would not come out. you're helping us clean our mess. >> right. and it's like, well, the mess is g...

Hit the tv saying, well, any work you do's going to come out of the settlement. that's not boding too well right now. it's really not. >> in other words, i hadn't heard this before. in other words, if you've done work for bp that will be subtracted from the amount that bp is liable to pay you? >> that's what we understand now. and when we started working for them, you know, it's on record, we've got them taped saying that, that no, they would not come out because you're helping us clean our mess. >> right. and then it's like well, the mess is gone now, what mess are you talking about? >> that'...

In taxes worldwide. >> it's unacceptable to have the taxpayers bear the burden of $10 billion as a result of the negligence of bp. and for them to be able to write off as deductible expenses $32 billion, which is going to give them a $10 billion tax break, that's just simply not playing fair with the american people. >> but what bp is doing is perfectly legal. bp can't write off any fines or penalties assessed by the government. but the $20 billion bp set aset side in an escrow fund, plus additional costs of containing the spill, are all fair game. in a statement to cnn, a spokesman said, quot...

With the american people. >> reporter: but what bp is doing is perfectly legal. bp can't write off any fines or penalties assessed by the government, but the $20 billion bp set aside in an escrow fund, plus additional costs of containing the spill, are all fair game. in a statement to cnn, a spokesman said, quote, bp is following the u.s. tax code with respect to the income tax treatment of costs associated with the mc-252 incident. taxes are paid on profits, and the gulf of mexico spill response costs have reduced bp's u.s. profits, so it follows that our tax obligations will be lower as well...