Crony Capitalism: Companies Owe Millions, Receive Billions in Stimulus Funds

Posted by Brian

Tax cheats among recipients of stimulus money

(AP) – 5 hours ago

WASHINGTON (AP) — Thousands of companies that cashed in on President Barack Obama's economic stimulus package owed the government millions in unpaid taxes, congressional investigators have found.

The Government Accountability Office, in a report being released Tuesday, said at least 3,700 government contractors and nonprofit organizations that received more than $24 billion from the stimulus effort owed $757 million in back taxes as of Sept. 30, 2009, the end of the budget year.

The report said the tax delinquents accounted for nearly 6 percent of the 63,000 contractors and grantees examined, and it cautioned that the real number might be higher because the known tax debt does not measure such factors as income underreporting.
READ MORE HERE--->  http://www.google.com/hostednews/ap/article/ALeqM5h_lsGu-CZemZAKDvXZTHp_2pVrQg?docId=198b9a7d2b8744c4b38fb3832bb4026a