
Geithner Questioned on Tax Returns
Timothy F. Geithner, President-elect Barack Obama’s choice for Treasury secretary, failed to pay more than $34,000 in federal taxes over several years early this decade, and also faces questions about the employment papers of a former household employee, suddenly complicating what had seemed to be an easy confirmation process in the Senate.
In Mr. Geithner’s case, he has paid a total of $43,200 in back taxes and interest for underpayments from 2001 to 2004, according to the Obama transition office. The Finance Committee disclosed that he paid a slightly higher total of $48,268, which includes payments on unrelated tax liabilities the committee uncovered.
The issue involving a former housekeeper of the Geithner family is separate. The woman was in the country legally and was authorized to work when Mr. Geithner and his wife hired her in 2004, but her employment authorization expired three months before she quit working for them. The issue was discovered by the Senate Finance Committee, not by the Obama team, and it came as news to Mr. Geithner, according to a Democrat who was briefed on the situation.
And this…… it is Rush Limbaugh’s take on this and it is excellent:
RUSH: Now we have learned, ladies and gentlemen, well, we’ve learned a lot about Tim Geithner. He’s not gonna get away with ignorance. The International Monetary Fund informed Geithner on his taxes, they informed every employee four times a year when the quarterly estimates are due, what their taxes are. They are paid the gross. Oh, you know what else I learned about this? All IMF employees are paid the gross, and then every quarter they have to file estimated taxes based on their earnings for that quarter or a percentage of their previous year’s earnings divided by four, whichever is the most advantageous for you.
And they get statements every quarter, four times a year, explaining what their approximate tax is based on how much they’ve been paid. He knew all of this. He just chose not to pay it. He just chose not to pay it, but you know what else they did at the IMF? According to Byron York at National Review Online, the IMF grossed up all of their employees that are paid the gross. I’ll put it in terms you can understand.
Let’s say that your boss wanted to give you a $25,000 net bonus. Your boss would gross up whatever it cost so that your net would be $25,000 after all the taxes, fees, and everything else were deducted. So it might cost your boss $32,000 or $33,000 to get you a note bonus of 25.
The IMF grossed up the amount of taxes employees would owe so that their actual pay was a net, not a gross. And he still claimed ignorance. They sent out memos all the time from the IMF to their employees, they had a manual explaining all of this.
He’s the only one that understands the recovery, he’s the only one that can fix our recovery, he’s too big to fail, it’s an innocent mistake, it’s a mistake a lot of people make. I would love for Obama to give me the same kind of tax holiday that Geithner got. I wish the whole country could get that same kind of tax holiday that he got.
This guy intentionally evaded his taxes, it was not an honest mistake, the party of taxes has to start taking responsibility for it. Whether Lindsey Graham likes it or not, we put up with Charlie Rangel as a crook now running the Ways and Means Committee. He should be thrown out of office. There’s no reason to promote a guy who purposely didn’t pay his taxes.
Look, this resonates with the public, folks. A guy who was told how to pay his taxes; who knew he had not paid his taxes; who still didn’t pay his taxes; then in order to become Treasury secretary, paid them way late. This isn’t an honest mistake. It’s a guy who was evading responsibility. I resent it. Given the amount of money I pay in taxes, given the amount of money you pay in taxes, you ought to resent this, too.
And this from Smart Money
In an age of bailouts, Geithner is the original Bailout Czar. It was Geithner, after all, who was the instrumental figure in arranging JP Morgan’s (JPM: 22.82, -1.52, -6.24%) takeover of Bear Stearns, a deal in which $29 billion of taxpayer money was pledged as a backstop against illiquid and toxic assets.
It wasn’t Hank Paulson, but rather Tim Geithner who put together the plan to have the government rescue AIG, to the tune of $85 billion and growing.
It has been widely noted Geithner was in favor of stepping in with taxpayer dollars to save Lehman Brothers. I guess it’s pretty easy to spend taxpayer dollars when you aren’t even paying your own taxes.
If you are unfamiliar with Geithner, simply go the Federal Reserve’s web site to see a line-item balance sheet of his work: billions of tax dollars for AIG, Bear Stearns (look for “Maiden Lane LLC”; it’s the corporation created for Bear Stearns’s liquidation), commercial money markets and loans to primary dealers.
He has, according to The Wall Street Journal, been looking for “as much firepower as possible” as Treasury secretary. Take note: That “firepower” is your tax dollars.
Wealth is not created because of a bailout, backstop or government stimulus plan. Geithner’s history suggests he believes government intervention is key to growing the economy.
It hasn’t worked since Bear Stearns. Eight trillion dollars later…why would it work now?
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Wild Thing’s comment……….
Let’s call it what it is ……decadence 101 runs wild in the Democrat party. We all know their many crimes and how they have broken the laws, Ted Kennedy ( MURDER), Congressman Charlie Rangel (writes tax code then disobeys it) , Barney Frank, Bll and Hillary Clinton ( too many crimes to list here), David Dinkins became Mayor of NY after it was disclosed that he hadn’t paid income tax for about a decade. The list goes on and on.haha Pelsoi, Reid oh yes non but the dishonest running wild in the halls of Congress and the streets of D.C.
So HO-bama’s picks fit right in. OH an Eric Holder and all his things, his love for terrorists so much he made sure there was pardon for them during the Clinton regime.
And of course the head leader in chief, Barack Hussin Obama, and his ever loving friend William Ayers.
….Thank you Mark for sending this to me.
Mark
3rd Mar.Div. 1st Battalion 9th Marine Regiment
1/9 Marines aka The Walking Dead
VN 66-67
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