Did You Know...


Lovely: 13 bailout recipients owe $220 million in back taxes

By Michelle Malkin  •  March 19, 2009 10:43 AM

More after-the-fact Kaubki outrage from members of Congress who stampeded over each other to fork out massive bailout funds: Turns out that 13 firms who accepted bailout money owe $220 million in back taxes.

Future Obama nominees!

Thirteen of the companies receiving billions in federal bailout money owe a total of more than $220 million in delinquent federal taxes.

That’s the word from the chairman of a House subcommittee overseeing the federal bailout of financial firms. Rep. John Lewis of Georgia said Thursday that two of the companies owe more than $100 million apiece. In his prepared remarks, Lewis says that the House Ways and Means subcommittee on oversight discovered the delinquent taxes in a review of records from the IRS.

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 firms that have received bailout money.

(Hat tip: Slublog)

Posted in: Subprime crisis