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Rep. Lewis: Bailed-out firms owe IRS

March 19, 2009 at 2:55 PM   |   Comments

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WASHINGTON, March 19 (UPI) -- Thirteen financial companies getting assistance under the Troubled Assets Relief Program owe $220 million in back taxes, U.S. Rep. John Lewis said Thursday.

Lewis, D-Ga., who is chairman of the House of Representatives Ways and Means Oversight Subcommittee, said he examined the 23 companies getting the biggest share of bailout money, The Washington Independent reported. He reported that two in the group are the biggest offenders, in debt to the Internal Revenue Service by more than $100 million each.

Neil Barofsky, in charge of oversight of the TARP program, said that companies must certify that tax payments are up to date as a condition of getting aid.

Lewis didn't release the names of the companies for legal reasons, The Hill reported.

"We want to get to the bottom of what is going on here. The taxpayers deserve nothing less than the truth," he said.

© 2009 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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