Chat | Redding News Review - podcast and radio RSS Syndicate XML | Contact Us | Make Us Your Page | About Us


Lewis says some TARP firms owe unpaid taxes 

By Staff

March 23, 2009, 1:15 a.m.  Rep. John Lewis, chairman of the House Ways and Means Subcommittee on Oversight, said that it is “shameful” and “a disgrace” that a number of private corporations who received a portion of the billions in capital infusion through the controversial Troubled Asset Relief Program (TARP) owe unpaid taxes.              

The Georgia Democrat said two of the firms owe over $100 million each.  The Oversight Subcommittee researched 23 of the top TARP recipients out of the 470 companies that received federal support.  Lewis suggested a complete review of the tax status of these companies might be very revealing.   

           Neil Barofsky, Special Inspector General of the Troubled Asset Relief Program, and Gene Dodaro, Acting U.S. Comptroller General did testify.  During testimony, Barofsky indicated that more investigation would have to be done, but that within TARP contracts corporations did have to affirm that they were current on their taxes, and that if they accepted TARP money knowing that taxes were owed, it could be a federal crime.  The subcommittee will continue to probe the matter.  

            Press has been advised that the names of private companies that owe back taxes cannot be revealed by law.    

Story continues below ↓


Advertisement

 


Lee Statement on Darfur Calling for Prompt Appointment of Special Envoy

Rep. Barbara Lee (D-CA), Chairwoman of the Congressional Black Caucus, released the following statement in response to the rapidly deteriorating situation in Sudan ’s Darfur region:

“The recent action by the government of Sudanese President Omar al-Bashir to order 12 humanitarian organizations to cease operations imperils the lives of the 4.7 million people directly impacted by the situation in and around the Darfur region.  

“This outrageous decision by the Khartoum government cynically to deny its own citizens lifesaving aid demands a firm and forceful response from the international community led by the United States .  

“It is clear that the world must do more to stop the genocide in Darfur and this unfolding disaster and bring al-Bashir to justice.  

“I strongly support the appointment of a Special Envoy for Sudan which is so urgently needed. President Obama has expressed his commitment to address this crisis and I look forward to working with him and his Administration on this critical issue.”

Lewis Wants Tax Relief for Volunteers

              As the U.S. House of Representatives engaged in a bi-partisan effort to launch a new era of American service and volunteerism, Rep. John Lewis (D-GA) spoke in support of the Generations Invigorating Volunteerism and Education (GIVE) Act, H.R. 1388, and introduced an additional measure to gain tax relief for volunteers. 

                The GIVE Act will more than triple the number of volunteers, from the current 75,000 to 250,000, and increase the education reward they receive to $5,350 for next year, the same as the maximum Pell Grant scholarship award, he said. The education award will also be linked to match future boosts in the Pell Grant scholarship in order to keep up with rising college costs.

                The legislation will also provide new incentives for middle and high school students to volunteer in their communities and create a Summer of Service program to engage students in service, which allows them to earn a $500 education award to be used for college costs.

                “In this time of economic turmoil,” said Lewis, “volunteerism and community service will be a powerful support to neighbors, families and friends who are struggling.  The government must do what it can, but we cannot do it all.  We need to encourage people to reach out to each other, to help each other as our economy recovers, not weaken their efforts by taxing humanitarian service.”

                Volunteers are often students who are frequently given an annual stipend as a way to help them meet their basic needs for food, clothing, transportation, and other expenses while they serve.  These stipends are small, about $3000-$4000 per year, he said. Passage of the GIVE Act would increase the stipend to $5350 per year.  However, unlike over government grants to students, such as Pell or G.I. Grant awards, this stipend is subject to taxes, lessening the value of this financial support for students already living on a subsistence income.                 

Lee: Supporting Small Business Key to Economic Recovery

Congresswoman Barbara Lee (D-Oakland) issued the following statement regarding President Obama’s plan to help small business generate jobs by increasing funding for credit and lowering the cost of borrowing money, a move that builds on tax-break provisions for small business that were included in the American Recover and Reinvestment Act:

“Small businesses are the engine that drives our nation’s economy,” Lee said. “They create new jobs, provide financial security for American families and will eventually play a vital role in pulling this nation out of the worst economic downturn since the Great Depression.

“In order for these businesses to grow and prosper during these tough times, however, they will need access to affordable lending. During a recent meeting with members of my Minority Business Advisory Committee, there was a great deal of discussion around the many challenges business owners face when trying to gain access to credit. President Obama’s plan will reduce the cost of borrowing for our nation’s small businesses while increasing the availability of capitol to the firms that will eventually help put American back to work.

“This plan by Present Obama builds on small business tax breaks and investments that were laid out in the American recovery and Reinvestment Act, and will help to sustain the entrepreneurial spirit that is crucial to our nation’s economic recovery.”

Fudge announces COP grants

The American Recovery and Reinvestment Act included $1 billion for the Community Oriented Policing Services (COPS) hiring grant program. The solicitation for that program – the COPS Hiring Recovery Program (CHRP) – is open on-line at www.cops.usdoj.gov. In addition to the application, the COPS website also has a number of supporting documents and information about CHRP, including a fact sheet, FAQs, a podcast, and an application guide.

"The COPS grant program is extremely important to maintain an adequate police presence on our streets and develop innovative ways to fight crime. This program comes at a time when the need for safe and secure communities is greater than ever," said Rep. Marcia Fudge (D-OH), who voted for the Recovery Act.

 

More Redding News Review Exclusives

EXCLUSIVE: McKinney's prez bid assailed by former spokesman
DANCEHALL REGGAE VETERAN HITS INDUSTRY OVER TRAVEL CHANNEL PROFANITY
EXCLUSIVE: Andrew Young explains why he is not supporting Obama

Return to ReddingNewsReview.com
© RCI 2008. All Rights Reserved.