A massive oil spill helped one Louisiana billionaire avoid paying income tax for 14 years
Source: The Courier (Houma, LA)
A massive oil spill helped one Louisiana billionaire avoid paying income tax for 14 years
Jesse Eisinger, Paul Kiel and Jeff Ernsthausen
Sun, January 2, 2022, 8:00 AM
After the Deepwater Horizon offshore drilling rig exploded in 2010, environmentalists surveying the damage in the Gulf of Mexico came upon a mystery. The water had oil slicks that, because of the currents, couldn’t have originated from the site of the notorious accident.
With the help of satellite imagery, they figured out that oil was leaking from a different spill, a six-year-old disaster the public knew almost nothing about. In September 2004, Hurricane Ivan had swept the legs out from under a 40-story oil-drilling platform operated by a company called Taylor Energy, causing a leak that continues to this day. It is the longest-running — and by one estimate, the largest — U.S. oil spill ever recorded, a contentious saga that prompted a recent “60 Minutes” segment.
It’s been an environmental nightmare for the region — but a massive tax bonanza for Phyllis Taylor, the owner of Taylor Energy and the fallen rig.
According to ProPublica’s analysis of a secret trove of tax data, from 2005 to 2018, Taylor took in some $444 million in income, most of it from wages, interest, dividends and capital gains, and didn’t pay a cent in federal income tax.
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Read more: https://news.yahoo.com/massive-oil-spill-helped-one-120024448.html
Original Courier link: https://www.houmatoday.com/story/news/2022/01/02/oil-spill-louisiana-billionaire-phyllis-taylor-income-tax/9024039002/
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