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TUESDAY, NOVEMBER 24, 2009
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5

13 Bailed-Out Banks Owe Back Taxes

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

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(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.
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.
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.
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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5 comments
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BackAgain
Mar 19, 09 12:30 PM CDT
Hope and change go down the drain. Roto Rooter. Reply
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Snowleopard
Mar 19, 09 12:58 PM CDT
2/3rds of large U.S. corporations pay zero taxes, through the use of tax loopholes and offshore accounts. Reply
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IN RESPONSE:
radnip
Mar 20, 09 5:51 AM CDT
John McCain doesn't know this, considering his hysterical ranting about taxes during the campaign.
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northeast
Mar 20, 09 12:46 AM CDT
Wow, really? I hear there are a few openings at Treasury if those CEO's are interested. Reply
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radnip
Mar 20, 09 5:51 AM CDT
Sounds like the IRS was raided of budget and personnel. Just like other regulatory agencies. Reply
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