Yay! GM and Chrysler are paying back the Govt!.
Eeep! It's all smoke and mirrors.
(for example) "Usually when companies declare bankruptcy, their tax liabilities increase, since they have no more losses to write off. But GM got Uncle Sam’s special bankruptcy package that allows it write off up to $45 billion of old losses going forward. That puts its total bailout at $105 billion." [ArthurK]