Monday, June 6, 2011

Stimulus rip offs

At least 3,700 recipients of federal stimulus funds owe more than $750 million in federal taxes, according to a new study from the Government Accountability Office.

GAO released the report (pdf) today, in response to a request from several Senate committees. Of the $757 million owed, $417 million is in corporate income taxes and $207 million is in payroll taxes. The remaining $133 million included unpaid excise and unemployment taxes.

But those numbers are not all-inclusive, wrote Gregory Kutz, director of GAO's Forensic Audits and Investigative Service . The IRS database does not include recipients who have not filed tax returns, and GAO included only stimulus recipients who have complied with the reporting requirements in the American Recovery and Reinvestment Act.

While Obama was using the "stimulus package" to reward his supporters under the guise of helping the economy, billions and billions of stimulus dollars were stolen or wasted. This is only the tip of the iceberg.

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