Sound familiar? It should because somebody said it and Tim should think about it. I do my own taxes every year and nobody has asked me to join their cabinet. How on earth can an executive who is akin to a tax lawyer or specialist screw up his own taxes or not oversee the taxes he files?
I’ve worked for a major tax firm in the country now Thomson/Reuters and edited their financial books by CPAs etc. And have actually read tax laws and books for fun and for doing my taxes. After all one must keep abreast of the tax laws…duh!
Geitner is as shady as a tall oak tree and I would not trust him any more than Paulson–and look how that turned out. If a man can ’t get his own taxes right and is asked to oversee the IRS, then all I can say is what the hell was Obama thinking not to withdraw or vote this guy off Obama Island? I vote Tim turn in your torch.
In Tim’s bio we find that he has connections to the Ford Motor Co. Both he and his dad. That begs the question for me does he also have connections to JFK through his dad? And here’s the crux of his tax problems and hiring a legal alien and NOT paying self-employment taxes. Let me tell you folks as one who has done her taxes that way–there is NO way you can NOT know you are NOT doing this wrong unless you don’t want to know that is.
This is truly a tangled, hot mess of a weave that Timothy F. Geitner is asking the gullible American people to swallow. Let’s blow out the fire under this wet dog.
At the Senate confirmation hearings, it was revealed through documentary evidence that Geithner had not paid $35,000 self-employment taxes for several years, even though he had acknowledged his obligation to do so, and had filed a request for, and received, a payment for half the taxes owed. The failure to pay self-employment taxes was noted during a 2006 audit by the Internal Revenue Service, in which Geithner was assessed additional taxes of $14,847 for the 2003 and 2004 tax years. Geithner failed to pay, or to admit his failure to pay, the self-employment taxes for the 2001 and 2002 tax years until after President-elect Obama expressed his intent to nominate Geithner to be Secretary of Treasury. He also deducted the cost of his children’s sleep-away camp as a dependent care expense, when only day care is eligible for the deduction.Geithner subsequently paid the IRS the additional taxes owed, but was not charged a penalty for late-payment.  In addition, his housekeeper’s work authorization lapsed during the last three months she worked for him.
Update: We’re vetting there–2/4/09
Kyl: Did you rely on the statute of limitations rather than just fail to think about it? Legally, Kyl says, “there’s nothing wrong with relying on the statute of limitations.” Geithner said that looking back, he didn’t think about it “carefully enough.”
“Senator, of course I was aware of the fact that I began work at the IMF in 2001 and 2002,” Geithner says. “But again, I did what I thought was the right thing to do at the time, which is the IRS told me what I owed.”
Kyl grows testy. “Would you answer my question rather than dancing around it please? Did it occur to you before you were nominated or before you were approached to be nominated?”
Geithner says he did not think about it until having gone through the vetting process, disclosing his tax returns to the transition team. “Having thought about it then, I did what I thought was right to go back.”
Upon further questioning, Geithner says, “I did not believe that I was avoiding my liability.” Then he gets a touch personal. “I have worked in public service all my life. My first job in government was as an employee of the Treasury. I grew up in government with a deep appreciation of the obligations that come with that. I would never put myself in the position where I was intentionally not meeting my obligations as an American taxpayer.”
Kyl still appears skeptical and tells Geithner he has the opportunity to amend his remarks in writing for the record since he’s under oath.
1:41:Baucus tells senators they must submit written questions for Geithner by 5 p.m. Geithner must return the responses before 10 a.m. Thursday, when the committee is scheduled to vote on the nomination. source
The hearing is adjourned
After reading this from the WSJ blog it is even more clear that he was swallowing hard and dancing to the heartbeat inside his head. Trying to pull heartstrings by mentioning his wife and son help at a food pantry where people are getting hungrier and the lines are getting longer. I say his lies are getting longer and testier.
Another tax cheat helping the fat cats hide money offshore in all sorts of exotic caches. They and his ilk, including Obama’s pick and the folks at Fannie Mae won’t be happy until the have totally bankrupted this country.
I chose the title before I read the transcripts. How right you were again Heloise. This guy is full of it. Cute face, ugly cheat.
Update: Hmm, seems Obama called this an “innocent mistake” I missed that. Nice one, Obama, good euphemism there for “dishonest mistake.”
Obama has offered his full, continued support for Geithner, saying he is confident the Senate will confirm him despite his “innocent mistake.”
The Senate committee considering Geithner’s nomination released 30 pages of records detailing the tax problems and other issues discovered after he was nominated. The materials show that the IRS audited Geithner in 2006 for tax years 2003 and 2004, noting then that he failed to pay self-employment taxes while working for the International Monetary Fund.
Geithner also received IMF pay in 2001 and 2002, and he handled his quarterly tax payments those years in the same improper way flagged by the IRS. But it wasn’t until his nomination by Obama that he paid those taxes, a fact that’s puzzling in light of arguments that Geithner’s actions were simply “honest mistakes.” source
Here’s what’s interesting, I thought, the IMF gave Geithner the cash to pay the employment taxes and he still didn’t do it. This is not to say he pocketed the cash, but did he have it in a now-failed bank account earning interest that he did pocket?
My article at BC “Barack and the New Mood” updates this post.