13 firms receiving federal bailout owe back taxes - PeachParts Mercedes-Benz Forum

MattBelliveau · #1 03-19-2009, 01:11 PM

Absolutly f'in rediculous...

http://news.yahoo.com/s/ap/20090319/ap_on_go_co/bailout_delinquent_taxes

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, 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.

Lewis said the panel plans to review tax records from other firms receiving federal money, but he was unsure if it would look at every firm.

"We're not done," he said.

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.

No one from the Treasury Department appeared at Thursday's hearing. Lewis said he asked Treasury officials for a private briefing on their efforts to uncover unpaid taxes, as well as someone to testify at Thursday's hearing.

"They said no one was available," Lewis said in an interview.

Treasury Secretary Timothy Geithner is already under fire on Capitol Hill for not preventing $165 million in bonuses from being paid to employees at troubled insurance giant AIG.

People will ask, said Rep. Artur Davis, D-Ala., 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 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 AIG and other firms that have received bailout money.

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

Botnst · #2 03-19-2009, 01:21 PM

You're doing a hell of a job, Chris Dodd!

Mistress · #3 03-19-2009, 01:30 PM

They need to go to jail.

PaulC · #4 03-19-2009, 01:52 PM

Just more evidence that these poor companies needed to be bailed out by us. Catchwords of the Day: tax forgiveness.

Botnst · #5 03-19-2009, 02:35 PM

Quote:

Originally Posted by PaulC

Just more evidence that these poor companies needed to be bailed out by us. Catchwords of the Day: tax forgiveness.

The companies are merely following the example of this administration's cabinet leaders.

Mistress · #6 03-19-2009, 04:02 PM

Apparently a good portion of them are returning part if not all of the bonuses they received.

JollyRoger · #7 03-19-2009, 04:04 PM

Quote:

Originally Posted by Botnst

The companies are merely following the example of this administration's cabinet leaders.

If you read the article closely, they are part of the TARP program, so they would have been "bailed out" by whom?

tankdriver · #8 03-19-2009, 04:36 PM

Quote:

Originally Posted by Botnst

You're doing a hell of a job, Chris Dodd!

Is there anything business does that is the fault of business and not Congress?

Quote:

Originally Posted by Botnst

The companies are merely following the example of this administration's cabinet leaders.

Amazing that they could've followed the example 3 years before it existed.

Botnst · #9 03-19-2009, 04:37 PM

Quote:

Originally Posted by tankdriver

Is there anything business does that is the fault of business and not Congress?

Amazing that they could've followed the example 3 years before it existed.

Exactly when did the tax cheats in the cabinet do their cheating?

JollyRoger · #10 03-19-2009, 04:38 PM

When did the "no strings attached TARP Bill" get passed? These companies got their dough from your boys, not mine. You sure need a history lesson.

Botnst · #11 03-19-2009, 04:43 PM

Quote:

Originally Posted by JollyRoger

When did the "no strings attached TARP Bill" get passed? These companies got their dough from your boys, not mine. You sure need a history lesson.

Are you an American citizen only when it is convenient for you? Not me.

President Obama is my president every bit as much as he is yours or any other citizen of the USA. Assuming you are a citizen.

Fanatics see a world of us vs them. The rest of us recognize the beauty of a rainbow.

tankdriver · #12 03-19-2009, 04:58 PM

Quote:

Originally Posted by Botnst

Exactly when did the tax cheats in the cabinet do their cheating?

Until a few months ago, they were just civilian tax cheats, not cabinet level tax cheats.
Any number of civilian tax cheats could've been the model for business I suppose.

Botnst · #13 03-19-2009, 05:27 PM

Quote:

Originally Posted by tankdriver

Until a few months ago, they were just civilian tax cheats, not cabinet level tax cheats.
Any number of civilian tax cheats could've been the model for business I suppose.

Until a few months ago the businesses were regular ol' business tax cheats, until they got taxpayer dollars. Like cabinet members.

tankdriver · #14 03-19-2009, 08:37 PM

Sorry, sentence two is too big a leap for me.

I'm going to assume we agree that the business tax cheats cheated all by themselves without any governmental example, and that cheating on taxes is bad.
I wonder if it's worse or better to cheat on taxes that were passed on to the consumer in the first place.

Botnst · #15 03-19-2009, 08:44 PM

Quote:

Originally Posted by tankdriver

Sorry, sentence two is too big a leap for me.

I'm going to assume we agree that the business tax cheats cheated all by themselves without any governmental example, and that cheating on taxes is bad.
I wonder if it's worse or better to cheat on taxes that were passed on to the consumer in the first place.

I'm going to assume we agree that individual tax cheats cheated all by themselves without government example, and that cheating on taxes is bad.

Etc.