At least 3,700 businesses that received government contracts or grants under the American Recovery and Reinvestment Act of 2009 are delinquent on a whopping $750 million-plus in unpaid corporate income tax, payroll taxes, and excise and unemployment taxes, according to a report from the Government Accountability Office.Read the entire AARP story, with links, including one to the already-publicized General Electric story that it owes no taxes.
Friday, August 05, 2011
Law Sanctions Irresponsibility
Regarding tax revenue individual citizens may be more responsible in paying the Internal Revenue Service than some corporations. Presently, corporations who have received money from and do contract-business with the federal government have the law on their side "because federal law does not require [those delinquent corporations] to be current on tax bills in order to do business with the government."
How much revenue owed? A significant amount, according to one estimate:
Wiki-image of IRS logo is in the public domain.