13 firms receiving federal bailout owe back taxes - more than $220 million in unpaid federal taxes!

[Emit]

WASHINGTON

Thirteen firms receiving billions of dollars in federal bailout money owe a total of more than $220 million in unpaid federal taxes, a key lawmaker said Thursday.

Rep. John Lewis of Georgia, chairman of a House subcommittee overseeing the federal bailout, said two firms owe more than $100 million apiece.

The House Ways and Means subcommittee on oversight discovered the delinquent taxes in a review of tax records from 23 of the firms, Lewis said in remarks prepared for a hearing.

Banks and other firms receiving federal money were required to sign contracts stating they had no unpaid taxes, Lewis said. But the Treasury Department did not ask them to turn over their tax records, he said.

~snip~

http://www.businessweek.com/ap/financialnews/D97158SG0.htm

At a separate oversight hearing in Congress yesterday that is focused on the TARP program, Rep. John Lewis (D-Ga.) said a review of tax records of 23 companies that received bailout funds showed 13 of those firms owe more than $220 million in unpaid federal taxes.

"This is shameful. It is a disgrace," Lewis said, noting that bailout recipients had been required to sign statements saying their firms owed no significant back taxes. "The American people are fed up. . . We want to get to the bottom of what is going on here."

http://www.washingtonpost.com/wp-dyn/content/article/2009/03/19/AR2009031901542.html?hpid=topnews

:mad:

[deminks]

1. Somehow, I just knew this would be the case.

Taxes AND laws must both be for the little people.

Just deduct it out of their next bailout.

And never criticize Geitner or Daschle again.

[KansDem]

2. "We want to get to the bottom of what is going on here."

And when you get to the bottom, you'll find banking execs, Wall Street CEOs, and other "feeders" there...

[undeterred]

3. I thought corporations didn't have to pay taxes.

:sarcasm:

[MrPerson]

4. It could just be estimated taxes or employment taxes

for the current quarter.