13 firms receiving federal bailouts have unpaid taxes, congressman says

Source: CNN

WASHINGTON (CNN) — Thirteen firms receiving federal bailouts owe more than $220 million in unpaid federal taxes, a powerful House Democrat said Thursday.

Georgia Rep. John Lewis, chairman of the House Ways and Means oversight subcommittee, indicated that two companies receiving federal bailout money each owed more than $100 million.

Lewis did not name the companies.

“This is a disgrace,” he said. “We shouldn’t take it anymore either. We want to get to the bottom of what is going on here … Taxpayers deserve nothing less than the truth.”

Lewis, who was holding a hearing about the distribution of stimulus funds, noted that firms receiving bailout money had been required to sign contracts stating that they did not owe any taxes.

Read more: http://cnnwire.blogs.cnn.com/2009/03/19/13-firms-receiving-federal-bailouts-have-unpaid-taxes-congressman-says/

What do these staffers get paid for, anyway?

And it was done with the help and cooperation of the government. The Congress needs to get its act together and shut this heist down. They are sure looking like accomplices right now.

How the f**** hard is it to put provisions in these blasted give-away bills to make sure these funds are utilized properly and that the corporations are compliant with taxes, industry regs, etc?? There's all sorts of provisions for the struggling working class in the damn foreclosure relief that was passed recently, so why the hell can't these crooked corporations be subject to various regulations as well?

Taxpayers are losing homes left and right, can't afford to feed their families or pay their electric bills, some are forced to live in tents in the park for pete's sake but we are expected to foot the bill to bail out companies who can't even bother paying taxes? I am beyond pissed and am ready to pop a vein over it all. What a screwing the working class is getting, its a damn disgrace.

It was one big money grab before Bushco left office. Wall St. knew it, so did Bernake and Paulison (and Geithner probably). TARP was no different than Israel razing the Gaza Strip before Obama took office. There is no way Obama would have let Israel have so much rope to do what they did there. Defend yourself sure, but flattening what they flattened and targeting who they targeted could only have gotten by under the lazy eye of Bush.

These were last minute, desperate plays of groups of individuals who knew change was coming to the U.S. and therefore, fundamental change to the rest of the world that has any involvement with the U.S.

could change any provisions of TARP.
Then Paulson stampeded Congress with images of riots and martial law unless TARP was instantly approved.
Remember?

without oversight regulations in the first place. Caving in to Bush administration demands and scare-mongering was a huge mistake. Surely they knew this was going to come back and haunt them sooner rather than later. They were played and they fell for it.

An unpaid student loan would prevent me from receiving SSI. Or so I'm told.

Didn't Hank Paulson consider this when he stood on camera declaring the urgency of the bailout funds?
Wasn't Hank Paulson the one who insisted it be issued with NO Questions Asked?

Why didn't he make mention of considerations such as back taxes, or bonus compensations?

wouldn't be in such bad shape.Everything thing is assbackwards.

The curtains are finally being drawn back to reveal all these criminals, may they all get what they deserve.

Source: AP via Google News

WASHINGTON (AP) — At least 13 firms receiving billions of dollars in bailout money owe a total of more than $220 million in unpaid federal taxes, a key lawmaker said Thursday. Rep. John Lewis, D-Ga., chairman of a House subcommittee overseeing the federal bailout, said two firms owe more than $100 million apiece. "This is shameful. It is a disgrace," said Lewis. "We are going to get to the bottom of what is going on here."

The House Ways and Means subcommittee on oversight discovered the unpaid taxes in a review of tax records from 23 of the firms receiving the most money, Lewis said as he opened a hearing on the issue.

The committee said it could not legally release the names of the companies owing taxes. It said one recipient had almost $113 million in unpaid federal income taxes from 2005 and 2006. A second recipient owed almost $102 million dating to before 2004. Another was behind $1.1 million in federal income taxes and $223,000 in federal employment taxes.

"If we looked at all 470 recipients, how much would they owe?" Lewis asked.

Read more: http://www.google.com/hostednews/ap/article/ALeqM5jqr4UotRftClHlFwgJmVYnR7xDJgD971A5P00

of the money that should be paid by Big Oil, Big Pharma and companies that made fortunes from the war in Iraq and Afghanistan.

those firms need that money to pay their taxes,or maybe they are just greedy,both.

Bush and his pals sure gave us one last MIGHTY screwing on the way out the door. :mad:

Source: Portfolio

As if extravagant executive bonuses weren't a big enough slap to taxpayers, it turns out that companies enjoying government bailouts owe more than $220 million in unpaid federal taxes.

The overdue taxes were uncovered when the House Ways and Means Committee reviewed tax records of the 23 biggest bailout recipients. Banks and other institutions which took federal funds were required to sign contracts stating they did not owe back federal taxes.

It could be a crime if an executive signed to accept federal funds while knowing his firm owed taxes, Neil Barofsky, inspector general for the TARP, told the hearing. He promised to look into whether there were any false representations made by any of the rescued companies.

John Lewis, Democrat of Georgia, who chairs the subcommittee overseeing the bailout, said 13 companies were in arrears on their taxes, and two of them, according to their tax records, owe more than $100 million each.

"This is shameful. It is a disgrace," said Lewis, who said the law barred release of the companies' names. But they included one which owed nearly $113 million in unpaid federal income taxes from 2005 and 2006. Another was $102 million in arrears from before 2004.

Read more: http://www.portfolio.com/views/blogs/daily-brief/2009/03/19/next-scandal-unpaid-corporate-taxes

---

If there ever was one, this is a story which should expand off of the web and on to MSM. CNBC? Anyone? Bueller?

to stick waivers excusing Businesses from paying taxes in
Bills--earmarks.

I want to see these "corporations" raked through the frickin' coals.

ones begging for bailouts - have not paid their share of taxes either!! Knowing this will make filling out tax forms in the few days so much more, ah, interesting.

I seriously doubt the corporate owned MSM will give any coverage to corporations not paying taxes.

They will find something else to cover.

Any blonde girls missing lately?