Tags: Stimulus Tax Cheats

Tax Cheats among Recipients of Stimulus Money

Monday, 23 May 2011 06:05 PM

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 General Accounting Office report is to be released Tuesday. It says 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 September 30, 2009, the end of that budget year.

The report says the tax delinquents account for nearly 6 percent of the 63,000 contractors and grantees examined and cautions that the real number might be higher because the known tax debt does not measure such factors as income underreporting.

On Tuesday, a Senate Homeland Security and Governmental Affairs subcommittee will hold a hearing on the report.

© Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

1Like our page

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

America's News Page
©  Newsmax Media, Inc.
All Rights Reserved