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13 Bailed-Out Banks Owe Back Taxes

Lawmaker uncovers total of at least $220M in unpaid bills

By Kevin Spak, Newser Staff

Posted Mar 19, 2009 11:25 AM CDT

(Newser) – At least 13 of the firms that got billions of dollars from the federal government owe back taxes, and their tab exceeds $220 million, Rep. John Lewis said today. What's more, that could be just the tip of the iceberg, the AP reports. The House Ways and Means subcommittee, which Lewis chairs, made the discovery by examining the tax records of just 23 bailout recipients. “If we looked at all 470 recipients, how much would they owe?” Lewis said.

“This is shameful. It is a disgrace,” the Georgia Democrat said. “We are going to get to the bottom of what is going on here.” He declined to name which 13 firms he’d ferreted out. TARP recipients were forced to sign documents saying they had no unpaid taxes, but the Treasury never asked for their tax records.

CEOs of TARP recipients testify before the House Financial Services Committee. It is unknown which TARP recipients owe back taxes. (AP Photo/Manuel Balce Ceneta)

Rep. John Lewis, D-Ga., pays tribute to the late Dr. Martin Luther King at the Democratic National Convention in this file photo. (AP Photo/Ron Edmonds)

Eric Holder, left, shares a moment with Rep. John Lewis, D-Ga., prior to being introduced at the Brown AME Chapel in Selma, Ala., Sunday, March 8, 2009. (AP Photo/ Kevin Glackmeyer)

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13 Bailed-Out Banks Owe Back Taxes

Lawmaker uncovers total of at least $220M in unpaid bills

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Taxpayers Still Have $132.9B Stuck in TARP

Government trying to unwind stock without losing on the deal

Taxpayers Will Score $12B on Citigroup Bailout: Treasury

Government strikes deal to sell remaining 2.4B shares

GM Doesn't Have to Pay Taxes

Little-noticed ruling costs government $45.4 billion

Bailed-Out Companies Throw Cash to GOP

Even though Dems led push for TARP

Final Bailout Tab: $29B

Bank bailout is highlight of latest accounting

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13 Bailed-Out Banks Owe Back Taxes

Lawmaker uncovers total of at least $220M in unpaid bills

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OTHER STORIES ON OUR RADAR

House Ways and Means Committee • John Lewis • Troubled Asset Relief Program • TARP • back taxes

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Taxpayers Still Have $132.9B Stuck in TARP

Government trying to unwind stock without losing on the deal

Taxpayers Will Score $12B on Citigroup Bailout: Treasury

Government strikes deal to sell remaining 2.4B shares

GM Doesn't Have to Pay Taxes

Little-noticed ruling costs government $45.4 billion

Bailed-Out Companies Throw Cash to GOP

Even though Dems led push for TARP

Final Bailout Tab: $29B

Bank bailout is highlight of latest accounting

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Newser By Users

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What is Newser?