President Regan said: “It’s time we asked ourselves if we still know the freedoms intended for us by the Founding Fathers. James Madison said, “We base all our experiments on the capacity of mankind for self-government.” This idea that government was beholden to the people, that it had no other source of power, is still the newest, most unique idea in all the long history of man’s relation to man. This is the issue of this election: Whether we believe in our capacity for self-government or whether we abandon the American Revolution and confess that a little intellectual elite in a far-distant capital can plan our lives for us better than we can plan them ourselves.”
With President Obama, and the majority Democrat Congress, America overwhelmingly chose the ladder. Everyday, we learn the horrible folly of that decision.
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WASHINGTON – At least 13 firms receiving billions of dollars in bailout money owe a total of more than $220 million in unpaid federal taxes, a key lawmaker said Thursday. Rep. John Lewis, D-Ga., chairman of a House subcommittee overseeing the federal bailout, said two firms owe more than $100 million apiece. “This is shameful. It is a disgrace,” said Lewis. “We are going to get to the bottom of what is going on here.”
The House Ways and Means subcommittee on oversight discovered the unpaid taxes in a review of tax records from 23 of the firms receiving the most money, Lewis said as he opened a hearing on the issue.
The committee said it could not legally release the names of the companies owing taxes. It said one recipient had almost $113 million in unpaid federal income taxes from 2005 and 2006. A second recipient owed almost $102 million dating to before 2004. Another was behind $1.1 million in federal income taxes and $223,000 in federal employment taxes.
“If we looked at all 470 recipients, how much would they owe?” Lewis asked.
Lewis said the panel plans to review tax records from other firms receiving federal money, but he was unsure if it would look at every firm.
“We’re not done,” he said.
Banks and other firms receiving federal money were required to sign contracts stating they had no unpaid taxes, Lewis said. But he said the Treasury Department did not ask them to turn over their tax records.
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I fear that we are only beginning to see the fallout from the irresponsible Democrat spending spree and the worst is yet to come.
