Lewis says some TARP firms owe unpaid taxes
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
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 ↓
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
outrageous decision by the
It is clear
that the world must do more to stop the genocide in
support the appointment of a Special Envoy for
Lewis Wants 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
Lee: Supporting Small Business Key to Economic Recovery
Congresswoman Barbara Lee (D-Oakland) issued the following statement regarding President Obamas 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 nations 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 Obamas plan will reduce the cost of borrowing for our nations 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 nations economic recovery.
Fudge announces COP grants
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
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.
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
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