13 firms receiving in federal bailouts owe back taxes of $220 million

http://finance.yahoo.com/news/13-firms-receiving-federal-apf-14691660.html

WASHINGTON (AP) -- 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.


These companies should have been left on their own devices last fall. Instead, the most despicable of companies are handed bailouts, to be paid by future generations. Auto suppliers were given five billion more today. What a pathetic way to run a country.

 

I think a country of 300+ million people with an economy that measures money in trillions is simply too big to be effectively governed.

 

The lost tax revenues from companies going bankrupt and the resulting unemployment would dwarf $220 million.

 

American corporations not paying what they owe?

I'm shocked.

 

"Hey, how come Andrew gets to get up?! If he gets up, we'll all get up! It'll be anarchy!!!"

 

I agree. Split it up into 6 different countries, by region, and let them have some form of confederation like the European Union.

 

The real crime in this - and it's wholly bipartisan - is the staggering number of corporations who pay NO FEDERAL TAXES because of lobbying - some would say, bribing — their elected officials into getting sweetheart exemptions.


http://www.reuters.com/article/newsOne/idUSN1249465620080812

WASHINGTON (Reuters) - Most U.S. and foreign corporations doing business in the United States avoid paying any federal income taxes, despite trillions of dollars worth of sales, a government study released on Tuesday said.

The Government Accountability Office said 72 percent of all foreign corporations and about 57 percent of U.S. companies doing business in the United States paid no federal income taxes for at least one year between 1998 and 2005.

More than half of foreign companies and about 42 percent of U.S. companies paid no U.S. income taxes for two or more years in that period, the report said.

 

Can't they just take the tax money out of the bailout money? Say a company owes 10 million, they get 10 million less of a bailout.

 

I blame the IRS. Any legitimate reason they weren't doing their damn jobs?

Oh, gag. I played this game. http://en.wikipedia.org/wiki/Crimson_Skies