Atlantis Online

Current Events => Breaking News => Topic started by: Bianca on March 19, 2009, 09:33:40 am

Title: 13 Firms Receivng Federal Bailout Owe Back Taxes
Post by: Bianca on March 19, 2009, 09:33:40 am

                                    13 firms receiving federal bailout owe back taxes

Stephen Ohlemacher,
Associated Press Writer
  March 19, 2009

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.

The revelation is sure to spark outrage on Capitol Hill, where the House is expected to vote Thursday on a bill that would impose steep taxes on employee bonuses at firms that have received bailout money.

To date, the Troubled Asset Relief Program has paid out more than $300 billion to private companies, with billions more on the way.