In a recent fact finding, it has been identified that at least 13 companies have huge amount of unpaid federal taxes who receives billions of money from the Government Bail-Out Program. The so-far expected amount of unpaid tax is more than $220 million.
Republican Senator, John Lewis who chaired A House subcommittee of overseeing the Federal Bail-out told, two companies owe more than $100 million separately. He said in his statement, " It is shameful. It is a disgrace. We are going to get to bottom of what is going on here."
The House Ways and Means subcommittee on oversight identify the unpaid taxes of these companies by reviewing their tax records.
The committee mention that they can not disclose the company names due to legal issues.
Lewis added that the panel is planing to review all the tax records of those companies receiving monetary assistance from the government during the present economic crisis.
It is the legal procedure that banks and other companies need to sign a contract mentioning that they don not have unpaid federal taxes for becoming eligible for government monetary assistance. The Lewis panel identify that the Treasury Department did not perform any back check the tax records of those companies.
The Internal Revenue Service (IRS) expressed their interest that all these companies will pay their undue taxes very soon.
Till to-date, the Troubles Asset Relief Program (TARP), has paid more than $300 billions to different companies, with billions on their way.
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