WASHINGTON – A government investigator says companies receiving money from the government’s Wall Street bailout have repaid nearly all the $531 million in unpaid federal taxes they owed when they entered the program.
WASHINGTON – A government investigator says companies receiving money from the government’s Wall Street bailout have repaid nearly all the $531 million in unpaid federal taxes they owed when they entered the program.
The Treasury Department’s inspector general for tax administration reviewed tax records for 558 companies that received money from the Troubled Asset Relief Program, and found that 130 owed back taxes when they entered the program in 2008. Five companies accounted for $227 million in unpaid taxes.
The report issued Monday says all but $18 million of the taxes were paid by December 2009. The Wall Street bailout has become unpopular among voters. Officials argued it was necessary for the nation to avoid financial collapse.
Copyright 2010 Associated Press.
About Post Author
