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13 ‘Bailed Out’ Firms Owe Back Taxes

From an apoplectic Associated Press:

13 firms receiving federal bailout owe back taxes

By STEPHEN OHLEMACHER, Associated Press Writer

WASHINGTON – 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, 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, D-Ga. "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 those 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.

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

Neil Barofsky, special inspector general for the Troubled Asset Relief Program, told the hearing that if an executive signed a contract knowing that information about unpaid taxes was false, "that would potentially be a crime." He said his office will look to see if crimes were committed.

People will ask, said Rep. Artur Davis, D-Tenn., why there are "large companies getting taxpayer dollars, making false representations, and we can’t even name them, much less make them pay the money back, much less prosecute them."

Davis continued: "Will they get their day on a billboard, hopefully?"

"Absolutely," said Barofsky. If someone lied, he said. "They need to be prosecuted." ..

The horror.

We sure hope Mr. Rangel takes them to task.

And maybe Mr. Geithner can join in.

This article was posted by Steve on Thursday, March 19th, 2009. Comments are currently closed.

17 Responses to “13 ‘Bailed Out’ Firms Owe Back Taxes”

  1. U NO HOO says:

    “”We are going to get to the bottom of what is going on here.””

    YOU are at the bottom of what is going on here.

  2. U NO HOO says:

    Oh yeah, Pinky Reid says taxes are voluntary.

    • A Mad Pole says:

      And then the not-average Joe the VP says paying taxes is a patriotic thing to do.

      I do not know what to think about taxes anymore, someone, please tell me what to think (just kidding).

  3. MinnesotaRush says:

    Well … at least they didn’t pay bonuses. Or, did they?

    “But he said the Treasury Department did not ask them to turn over their tax records.”

    That probably wouldn’t be something Geithner would ask for. His frame of reference tells him those silly records really don’t mean a lot.

    The continueing saga of cracker jack governing.

    • canary says:

      If they signed a statement they did not owe taxes, then that would be fraud. It’s just that I don’t think we can trust anything said anymore. And the idiots running things don’t know how to do math. Books are so cooked, don’t think anyone can figure it out.

      Paying taxes originally were only the federal government workers were to pay. It was considered unconstitutional to force private citizens taxes. So, Joe Biden is just pulling the wool over everyone’s eyes. He needs to get the log out of his eye.

    • U NO HOO says:

      FYI

      Cracker Jack

      “An exceptionally fine or excellent thing or person; Exceptionally fine or excellent”

      Perhaps you meant to use “knick knack paddy wack” governing.

      We’re already throwing the dog a bone.

    • MinnesotaRush says:

      U NO HOO .. U R RIGHT ..

      I think I was thinking of half baked nuts or another surprise in the box; but throwin’ a bone at the dog’ll work. Let’s run with knick knack paddy wack. (now .. none of the Irish will be offended by the “paddy” reference so close to St Patty’s Day and all .. will they?). :-)

  4. proreason says:

    Delicious.

    Now we will get to hear the world’s greatest hypocrits pontificate about how sinful it is to do exactly what they have been doing for decades.

    Drip, drip, drip………..American zombies are beginning to stir from their hynotic daze.

  5. wardmama4 says:

    And just for giggles should We The People be able to ask how many in the Klownposse in DC owe back taxes?!?

    Bet that number would be startling and heavily on the Democrat side.

    Paybacks are going to be a bit** – Who is going to grease the wheels when The One ™ & the Klownposse in DC destroy all business in America who bribe ‘donate’ to them – most especially after they instill 90% taxes and deny every business any attempt to make a profit.

    Oh yeah I forgot the Union bosses will keep ponying up the big bucks in their attempt to also destroy business in America.

    The Klownposse in DC lead by The One ™ lunacy is so out-of-control and I wish that someone would stop it.

  6. A Mad Pole says:

    So those firm will pay the back taxes with the bailout money that is funded by OUR taxes.

    If this is not a nonsensical idiocy, then I do not know what is.

    • yellarcan says:

      A Made Pole,
      Doesn’t paying other folks taxes give you a warm, fuzzy feeling? It’s the same feeling I get when I get to help pay for others bonus check, health care, housing, food, transportation, bad habits and all the likes. I am one happy bastard!

    • A Mad Pole says:

      The only cause and source of “warm, fuzzy feeling” in my life is my Better Half.

      The state of the affairs in the U.S. (and the world in general) on the other hand only makes me want to puke.

  7. Liberals Demise says:

    This all makes sense now!!!
    “The Political Dozen”

  8. canary says:

    What if everyone took 1 year off from paying taxes?

  9. marya says:

    The Dems will probably try to blame this on Bush too. He accepted responsibility for what he did. How about the Dems doing the same. Just because they weren’t in the majority doesn’t mean they aren’t responsible for many of the things that happened when Bush was president. They just like to whine.

    • pdsand says:

      Except for the inconvenient fact that they were in the majority for most of the time that Bush was President. Democrats ran this country for more than half the time that Bush was President. Why does anyone have the nerve to contend that he had a Republican presidency?

  10. Weasel says:

    Hey lighten up everybody. It’s not like these companies are up for a cabinet post or anything…


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