The Tax problem
A lot of Obama's choices for Cabinet positions have been skewered by irregularities in their Income Taxes.
Now it seems some of the bail-out companies have Tax problems as well.
From
Yahoo News/Associated Press:
13 firms receiving federal bailout owe back taxes
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.
I almost feel sorry for Obama -- all of these tax problems happened way before his watch but he is the one who is having to deal with them... These companies know to the dime what their books are, to ignore Federal taxes can in no way be considered a slip or a mistake.
Posted by DaveH at March 19, 2009 5:57 PM