The committee said it could not legally release the names of those companies owing taxes. It said one recipient had almost US$113 million in unpaid federal income taxes from 2005 and 2006. -- PHOTO: ASSOCIATED PRESS
WASHINGTON - AT least 13 firms receiving billions of dollars in bailout money owe a total of more than US$220 million (S$332 million) in unpaid federal taxes, a key lawmaker said Thursday.
Rep John Lewis, chairman of a House subcommittee overseeing the federal bailout, said two firms owe more than US$100 million apiece.
'This is shameful. It is a disgrace,' said Mr Lewis, a Georgia Democrat.
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, Mr Lewis said as he opened a hearing on the issue.
The committee said it could not legally release the names of those companies owing taxes.
It said one recipient had almost US$113 million in unpaid federal income taxes from 2005 and 2006.
'If we looked at all 470 recipients, how much would they owe?' Mr Lewis asked.
The revelation is sure to spark outrage on Capitol Hill, where the House is expected to vote on Thursday on a bill that would impose steep taxes on employee bonuses at firms that have received bailout money.
To date, the Troubled Asset Relief Program, or Tarp, has paid out more than US$300 billion to private companies, with billions more on the way. -- AP
