I say he should absolutely not be appointed. I am no accountant but I know every year I have to do my taxes. I know that I have to fill out forms for both state and federal. If this man truley “forgot” or “made a mistake” for not just one year but FOUR years back to back than he is either an idiot, a crook or incompetant and should not be a steward of the people’s money. period. You don’t hire a fox to watch the chicken house.
I can’t believe that people in our media and gov’t are making excuses for Geithner. Last night on Larry Kind, Bob Woodward laughed about this guy’s blunder and then excused it by asking Larry King if he understands his own taxes. Give me break!! Geithner is being considered for the Treasury Secretary, Larry King is not. What about integrity which we so badly need on Wall Street!
This is disturbing. Where is the outrage, where is the investigation, why is the media not hammering this guy?!!! Oh yeah, he’s a liberal, I forgot they all get a pass. Good luck to the USA, we are in such trouble.
This is a man who has thumbed his nose at the law and only paid up when he was picked as a candidate for Treasury Secretary. To confirm him is a slap in the face to all honest American citizens.
NO, He should know about these things and “take care of business” at home before he can be put in charge of anything for tye nation
Absolutely not. It is pretty clear, that this was not a mistake. Geithner signed quarterly statement prepared by his employer (IMF) providing a calculation for his FICA liablility and then grossed up his income to cover the expense. When he was caught short for 2 years by audit, he chose not to pay the prior years because of statute of limitations. Clearly, his behavior speaks to his lack of ethics and honesty.
In the best case (it was a mistake), he is plain stupid (FICA is not complicated). Do you want a moron running the Treasury.
ABSOLUTELY NOT! Tim is a smart guy,perhaps too smart for his – and our – own good. Keep in mind that the IMF makes their employees sign paperwork that indicates they have been informed that they will probably have to make up for the SS and medicare withholdings that the IMF does not collect. For sure when an organization pounds on an issue like that and makes you sign something – you have been informed. Clearly he thought he could get away with it because he had some sense of the degree to which people in those situations get audited – rather infrequently – so he took a reasoned risk that he would not be caught.
And even if you wanted to give mim a pass on the withholding issue you have to remember that he also tried to game the system by trying to take a deduction for childcare expenses for his kids going to summer camp.
EEEEEEEEEHHHHHHHHHHH – the trapdoor should open and his carcass should drop through. The guy may not be an out and out crook, but he is clearly a tax cheat and unless he is the Einstein of finance he should be history. Yeah, the economic problems are huge, but that does not justify having a tax cheat running the treasury. Would we allow a former felon to run the Justice Department? No. ANd this is no different because he heads up the IRS in the new role.
There are plently of other smart people, probably smarter people – think Volcker for one – that we do not need to lower our standards to allow a tax cheat into such an important position. It sends the absolute wrong message. Moeover, making an example of him will serve another function – namely cheat and you are not eligble for a key government role.
End of story. Frog march the guy out of the hearings!!
He should not be confirmed. While we all make legitimate mistakes,and receive a pass for it, intentional errors are not forgiven.His problem is one of credibility, his statement that he “Paid what the IRS told him too”, does not hold water. He avoided paying the taxes for the years 2001 & 2002 until he knew he was up for the Treasury Secretary position.
Listening to Geitner yesterday was really disappointing. He’s just not credible. Not even a little impressive. Surely Barack Obama, with the keen judgement he has shown in the past, must see this as well. I’m praying this guy bows out or isn’t confirmed!
Ok. Here is a novel suggestion for the new President with the “change” rhethoric, and, “transparent” approach to “our” government. Make it clear with one simple act: REMOVE the nomination of anyone who failed to do in their personal life what “we the people” expect him/her to do in their pubic life.
Absolutely not, he would not even be allowed to be licensed as a CPA in most states, or become an enrolled agent @ treasury nor would he be allowed to be a career employee at the Internal Revenue Service if this was revealed.
If the average tax payer evaded taxes in tens of thousands of dollars,several times, he would be made to pay penalties.
Geithner wanting to be sec. treas.has no excuses.
He should not be confirmed.
No, Geithner should NOT be confirmed for Treasure Secretary. He has not been an admirable leader in the bailout (to date). And what kind of a leadership example can a man make who cheats on his taxes? Hello?!
At the beginning, I thought that Geithner would be a good candidate for Treasury Secretary but that was due in large part to the fact that I wanted ANYBODY but Henry Paulson.
But with the tax evasion revelations and his contribution to the ineptitude surrounding the allocation of the first half of the 700B bailout, I am going to have to give Mr. Geithner the thumbs down. It is imperative that we get someone in there quickly, however let’s step back back, give it some thought and get the best person instead of ramming someone through.
No, he should NOT be a secretary of state. That is like hiring a bus driver with a DUI and “well, it was an honest mistake”. What do you think IRS going to do to you if you do that? I would be very surprised if IRS just simply except your payment.
I listened to Mr Geithner’s tax mistake (evasion) explanation this morning. What disturbes me greatly was his apology to the committee for tax mistake. Who will Mr Geithner be working for as Treasury Secretary. Is it the committee or is the American people? Mr Geithner does not get it. Mr Geithner, by not paying his taxes, hurt the American people, not the committee. His apology must be to the American people, not the committee. Even after his explanation, his appointment should not be approved by the Senate.
Geithner is a smart guy. No doubt that he did not do his taxes himself but had an accounting firm or CPA do them for him. His self-employment tax is commonly under reported because it is not audited that effectively. The reason for the amount of press and significance is because the “I do not know” answer is a stretch to those who actually know about it. Geithner most likely knew he was under reporting, but thought that no one would ever find out. The issue is whether he is really honest, or just another dishonest politican.
I don’t think Geithner should be Treasury Secretary. Somebody who is overseeing money should understand the difference between 1099 payments and payroll subject to withholding. Or, he tried to slip by without paying his taxes – which is considered criminal. Either way, these concepts indicate to me that he is not a suitable choice.
It boggles my mind that we are still talking about Geithner as a possibility for the Treasury Secretary job.
It just proves to me that Obama’s mantra of “Change” was a typical Washington lie to get himself elected and we are just going to continue down the politics as usual path.
I will give Geithner the benefit of the doubt that it was an honest mistake that he didn’t pay his taxes (as a freelancer myself I find that extremely difficult to believe, but we’ll go with it).
At the point the he got audited and then only paid 2 of the 4 years of taxes that were owed though, then it crossed the line from being an honest mistake and became tax fraud.
To have someone appointed to a top level government position like this that has committed that kind of atrocity is unacceptable.
Proof that even though the names and faces at the top in Washington changed yesterday, that is about all that is different. The political class is still above the law that the rest of us are required to follow.
I am opposed to the nomination of Mr. Geithner. It is painfully obvious he was trying to avoid paying his social security taxes. To pretend neither he nor his tax accountant realized they were owed is ludicrous; this is a brilliant man.
Many high-rolling self-employeds play this cynical game with SS taxes; the penalties and repercussions are far milder than with income taxes; the ploy of waiting for the audit which may never come and/or may miss years is well known.
A tax dodger should not head the IRS.
Mr Geither sets the example that it is OK to evade paying taxes a little. Good example for all of us to follow????? We need someone as Treasury Secretary who follows the law and does not have a moral issue doing it, not someone who skirts the law.
Yes.
People make mistakes, in fact I suspect that all of the people posting NO have made mistakes. Geithner by all accounts has performed well in his current position and that is why he was chosen for this appointment. If he can help us get out of this mess, and keep better track of how the government is going to spend the next trillion or so they are going to spend, then confirm him today, stop wasting time and lets get to work.
Lurking Tax Land Mines is a joke of an article. It downplays Geithners offense of not paying taxes and characterizes it as oversight or a mistake which has already been made right. He only paid after the offense was publicized prior to hearings that may or may not confirm him as Treasury Secretary. The article portrays his unwillingness to pay taxes as mistakenly missing an obscure rule that trips up everyone from the most unsophisticated to the Treasury Secretary To Be. If he is going to lead our economy he should know the rules. He has tax attorneys who are paid the big bucks to make sure he understands the idiosyncracies of tax law. He is not ignorent but certainly is disrespectful of the tax code. The IRS has been hotly pursuing “Independant Contractors” for decades. Geithner is very mindful of this rule. He is not ready to lead. Find someone with real character to lead the treasury. Someone who knows the rules apply to them.
Geithner should not be confirmed. How can he head up the agency that goes after tax evaders when he is one himself?
He already controls the Fed, the cartel of bankers that print money out of thin air and lend it to our government so we can mortgage our children’s future to the bankers. He should be more than happy with that.
Nobody seemed to listen to jerry from Seattle. The IMF reimburses people for the tax liability. Geithner knew this, just kept the money. This is even worst than the fox guarding the hen house scenario.
He is supposed to be a financial wizzard and could not figure out his own taxes. An honest man is better than a brilliant man. The spin machine is going full tilt but as a real estate agent I had no problem figuring out my income taxes. Nice try Cnn.
How is it surprising that someone could somehow not believe they owe taxes when we have a government with the mentality that if you throw enough money at it the problem will go away.
Unfortunately just like the people of California the American people continue to elect people who promise change or to fix the problems but who in the end just continue to go along with business as usual.
Either way, an HONEST MISTAKE or not, if this nominee cannot efficiently execute his responsibilities as required by any other tax paying citizen, he should not be GIVEN the responsibility as our Treasurer. I voted for Obama for change and it saddens me that politics are going on
as usual.
Geithner just lacks integrity and should not be in government to enfore the law. To be fed chairman gives you a lot of power and you need sound and honest judgment. He cheated and lied for greed. It is not he was under financial duress. He did not pay taxes for 01,02,03,04. Got audited for 03 and 04 but revealed nothing on 01,02. In additionas an employee of IMF, he was given a tax booklet explaining to him IMF would gross out taxes for him but he would have to file a tax return and pay them. He pocketed the money and never turned it over.
In addition, he had an illegal worker, never checked the work permit and the date of expiration. Come on. Should not be Fed chairman while character flawed.
Sounds like a clear case of tax evasion, but instead of putting him in jail, Obama wants to put him in charge of the IRS. Now that’s leadership! Hang on to your wallets America, you haven’t seen anything yet. The “change” he was talking about is all that’s going to be left of your retirement savings!
Geithner, like all the rest of the politico/Luminati ilk who think they’re above the law, get caught, and then claim ignorance or honest mistakes must now, in this new Obama age of change be properly punished for their crimes and violations, to the fullest extent of the law. As far as a political appointment goes, you got to be f@!#ing kidding!
Another look away administration, and then there surprised when failure happens ! Enough already, Get rid of Geitner
I in no way wish to come across as combative.
That said, I feel the guy deserves a chance. A closely supervised one, perhaps, but a chance.
I remember when I was doing to simple jhob of driving an 18-wheeler, my sole sources of income being my weekly salary and the commission I got for each load (which did complicate matters a bit). Not wanting to run afoul the IRS, I called the help line. The guy was really nice, but told me that for the bedding for the sleeper I had purchased, I could deduct the fitted sheet, but not the flat sheet (necessarily) and not the pillow at all. Perplexed, I asked why the differences. He explained that I COULD decudt the flat sheet — if it was a custom one for trucks. But there’s no “custom truck pillow,” so that wasn’t deductible.
The interesting thing is he told me to call 3 or 4 more times to entertain myself getting different answers each time, then to call 3-4 tax CPA’s just to repeat “The IRS Experience” in the private sector.
I am *not* anti-IRS, and have always been more than fairly treated by its agents when issues have arisen. And I don’t even mind my taxes, though, everything taken into account (including state and local stuff), I pay about 40 cents on the dollar to someone or the other, with the IRS getting fary and away the largest chunk.
But c’mon: if an IRS help agent says what the guy told me, who can fault most anyone for making a mistake, especially if he has paid up once the dust cleared?
He’s either clueless or dishonest; no other choices are available. Either way, he is unfit for the office.
According to McClatchy, he also failed to pay the penalty on an early IRA withdrawal and claimed costs of summer camp for his kids as child care expenses.
No. As far as I know, ignorance of the law is no excuse. And, if Mr. Geithner didn’t know, his tax preparers should have. I don’t think he is due a pass.
If Geithner is approved then everyone should not have to pay their taxes. If the IRS says something we can say it is an “honest” mistake. In truth I believe that Geithner has been less than honest about his taxes. He just got caught. Amazing isn’t it!!
I have no sympathy for Mr. Geithner. I have been self employed for decades and managed my finances, partially though use of a CPA. Mr. Geithner makes enough to hire a WHOLE accounting firm full time to do his accounting. To make my budget work I manage my record keeping through software and guidance from a CPA.
I also have grave concerns that he is part of the problem our country is now facing, not part of the solution. Mr Geithner and others failed to see the crisis developing or did nothing to stop it. One quote I have seen over and over was “Nobody could have seen this coming”. Well, someone as untrained in finances as I am did, moving all my investments to cash in 2007. Now Mr. Geithner and his associates in the world of finance and government are pouring trillions down the “rathole” trying to save their friends and former colleagues in the banking industry. I personally resent seeing my tax dollars go to prop up incompetent managers and failed companies. I fear we are prolonging this crisis by failing to allow a “flush” of all the bad debt and companies, replacing them with new blood. It will not be over until this flush happens. If the taxpayer winds up holding the bag, which is where I think we are headed, it will be greatest transfer of wealth in the history of the US and doom us to a lower standard of living for a very long time.
It sickened me when I heard this news. People like Geithner that think they are above it all…while the little guy worries every April that the paperwork/numbers are accurate on their tax forms. For Geithner to say he didn’t know,and for Obama to say it was an ‘honest mistake’—is a slap in the face to all honest, tax-paying Americans. Makes you wonder how much more money America would take in if EVERYONE paid their taxes as they are supposed to. We know he’s not the first to evade taxes, nor the last, but do we really want him in charge of the IRS?
It’s interesting that a member of the Federal Reserve that’s being considered for Treasury Sec.& Charles Rangel who is Chairman of the Ways & Means Com. just can’t get their personal taxes right but want to be involved handling trillons of dollars of taxpayers money. We’re in deep do-do aren’t we……..
I’m an MD and have had 3 IRS audits in the past ten years, all with no changes, I’ve got 4 different income streams, any of the tax programs or services would have caught this, he’s lying.
and this is a guy who is supposed to head the Internal Revenue Service? and he can’t even pay his taxes correctly? Come on now. we can get someone without stain. computerized income tax programs automatically compute self employment taxes due on Sch C without anyone having to sit down and calculate it. Who is he trying to kid? Time for Geithner to quietly bow out.
Totally amazing! I think Obama has enough intelligence and decency to do the right thing and dump this crook. However, I’ve always thought that he is in for a rude awakening when he finally realizes that the party is running the show and not him. He is simply a clueless puppet and the machine will eat him up. This is one of the first nibbles.
If Geithner were really an upstanding PATRIOT, he would recognize the damage this will cause to what little CREDIBILITY there is left in the system and WITHDRAW immediately. Even if he truely didn’t realize it (improbable as that is), he is still responsible. When I worked as an independant contractor I had to file and pay those taxes. My tax professional (Note the word PROFESSIONAL) certainly made sure I was aware. If we try to put this off onto those he hired to do his taxes, just remember, if he was not very diligent in hiring his personal help, what can we (his employers) expect when he goes to work for us and becomes responsible to run that show. He is either incapable of doing so or too neglectful to do so. Either way, dump the bum.
It is also unbelievable that the liberal press seems to keep looking for ways to help explain just how HONEST a mistake this really is. What a crock. Indiana University did a similar thing a few years back when they hired a known crooked basketball coach to take over a program that was completely above reproach when it came to going by the rules. They hire a man already under investigation and with dirty laundry in tow. Didn’t take long to realize he didn’t learn from his mistakes because to him, they weren’t mistakes. They were simply his way of doing business and he tried other tactics to avoid detection. Again, dump the bum.
I thought that Obama was supposed to be smart. Geitner is supposed to be smart too. All these brilliant people seem just to be doing the same old, same old.
Richardson was smart enough to resign but not Geithner.
Shame on Obama foisted this mess on the US at this time and the economy already in such a mess!
The Treasury Secretary is in charge of the IRS, right? Anyone who has ever been pursued by the IRS knows they are ruthless and relentless. How does Geithner get off not paying any penalties for his omissions? Is he another favored “insider”? Will he be so generous with the “little people” who find themselves at odds with the IRS? I think not. Look at his facial expressions and his eyes. He is ruthless and relentless himself.
The notion that this is complex does not pass the straight face test. Everyone is aware that the obligation to pay FICA and Medicare is universal for citizens of the USA on their earned income. If you are a contractor you are also responsible for the self-employment tax to cover the employer’s share of FICA.
Anyone is plans on holding public office knows that you must report and yes pay the FICA and Medicare taxes to the federal government for domestic help…and yes they should have legal residency status in the country.
To waste another minute writing articles defending these actions is an abomination. The Democrats will approve his appointment anyway, and yes we will have a publicly known tax evader responsible for the IRS.
Change that you can believe in?
I’m a Republican that voted for Barack, because I believe the country need change from where we been. Now I have this person of change saying the best person for Treasury Sec. is a person who did not pay taxes and had an illegal alien employed for domestic help… Does this look like change!
America here is the reality presentd to you very clearly and well researched. Watch Arron Russo’s documentary about the IR$ and The privately owned Federal Reserve America: Freedom to Fascism at Google Videos http://video.google.co.uk/videosearch?q=america+freedom+to+fascism&emb=0#
passs this far and wide, the enemies of the people are within the US of A…this is a WAKE UP CALL! Are you prepared for an “Intellectual Revolution Society”?
The answer is very clear.
Anyone who works for pay in USA gets a W-2 (except for embassy workers for foreign countries)
In preparing a tax return and signing it – there is a line for Household employees – his did not have an amount in it – which is required.
He signed the tax return
Finally, His tax return preparer – in due diligence – asks the question – did you have any household employees?
The Tax Return Preparer signed the return also.
Let’s face it – willful disregard – maybe even fraud – Tax preparer also should lose right to practice before the IRS – if knowledge.
No question – Geithner is just another wannabe wall st crook!
How come he just realizes now he owes taxes?
What timing for a memory jog.
Me forget taxes, me go to jail.
He forget taxes, he become treasurer.
In reference to President-Elect Obama AND his selection for Secretary of the Treasure, Mr. TIMOTHY GEITHNER and his IRS violations.
I find amazing the double talk of the Majority Leader of the Senate HARRY REID when he said that what the proposed Secretary of the Treasure (Mr. Timothy Geithner) IRS TAX violations committed were only “a minor indiscretion”. As I understand the findings of NOT reporting his income taxable earnings from his private job, a serious offense and an outright illegality, especially from a man with his background and experience. ANY ordinary person not reporting income as large as the amounts in question would be considered a SERIOUS TAX EVASION , even if the NANNY TAX EVASION PROBLEM is not considered.
A person of his background and education does not have a credible excuse, not in my eyes, for the offenses committed, ALSO THIS PERSON WAS AT ONE TIME CONSIDERED FOR THE IRS POST OF DIRECTOR OF THE AGENCY. This sure gives legitimacy of the famous statement of Ms. Leona Helmsley that “Only stupid people pay taxes”.
Again, the Senate will disregard the improprieties and illegalities and further the believe that the “Rule of Law” is very selective and confirm him. BUT WHAT IT CLEARLY INDICATES, IS THAT THE ERA OF CORRUPTION IS VERY MUCH ALIVE AND GROWING ! ! ! !. What happened with the promises of Mr. Obama for transparency and Washington outsiders ? There will be consequences, as the example is clear and does not go unnoticed, the people are not stupid and will adapt to the corruption that will continue. From BLOGOJAVICH, MADOFF, NO WALL STREET REGULATORS, MORTGAGE BROKERS AND SO MANY CEO(s), SENATOR TAPPING SHOES, CONGRESIONAL REPRESENTATIVE MONEY IN THE REFRIGERETORS ,ETC…
WE ARE GOING DOWN THE TUBE, FAST AND FURIOS. Be ready, the system will collapse from within, just like Rome.
When he was audited in 2006, he only paid back the taxes for 2003 and 2004 years knowing that he did not pay his self-employment taxes in 2001 and 2002. He only paid back his 2001-2002 back taxes because of his nomination. He was hoping he could get away with not paying the 01-02 taxes.
Any competent accountant would know about the need to pay self-employment tax when he got his Misc-1099 for the tax years in question. It’s not like he would hire just anyone off the street. This is not a mistake.
Any politician who calls this a common mistake should have their own taxes audited. Let see how mistakes they have on their returns.
Mr Geithner should not be confirmed. If the ordinary working citizen did this, the IRS would be all over him. Again a double standard and there really is “NO Change” as Obama has promised. And this individual will be head-up the IRS; do as I say, not s I do?????
The Secretary of the Treasury is in charge of the IRS. The IRS agents would not respect a tax cheat, nor would the judges, nor we the taxpayers. Two of Bill Clinton’s nominees withdrew over much less.
There is no way this could be an honest mistake for someone who is QUALIFIED to be Secretary of the Treasury. Why do these high profile people always think that laws are made for someone else? He is not even in the political arena yet and he is ALREADY cheating. Whenever he is in the cabinet there will be no end to his “massaging” of the truth and favoritism for his cronies. If Obama insists on placing this unscrupulous man in what appears to be the most important cabinet post in this critical time of financial meltdown, President-Elect Obama has already lost his credility and he hasn’t even been sworn in yet. It looks like we have Politics As Usual not a prescription for CHANGE.
President elect Obama can,t afford to have Geithner in such an important position.
The man is unable to keep his own finances in order, no excuses!
I was working as a contract nurse for a health dept. They didn’t withhold taxes, but I certainly knew I had to pay Them!
Absolutely not. “Do as I say, not as I do” comes to mind. Im at a loss on why the media is not tearing his credibility to shreads vs. following suit with Mr. Obama’s “innocent mistake” mantra. Joe the Plumber got creamed for only $1200 and he wasnt even in the political game!
The IRS hounded my brother-in-law into his grave for a legimate mistake on the part of his book keeper. They let this typical Washington crook off by forgiving the penalty and interest. BS. He should pay just like ordinary citizens.
If he is too stupid to realize that he was responsible for paying his own withholding and FICA, he is certainly too stupid to be Treasury Secretary. No excuses. He should just withdraw and apologize for being a crook.
No, Geithner should not be confirmed. Obama promised changed. To allow Geithner to be secretary of the treasury would be an insult to all Americans that are honest and obey the country’s laws. Geithner was dishonest not to pay his taxes. If he had any character left he would step down on his own.
Why put someone who is tarnished in as Treasury Secretary which oversees the IRS. Ignorance is not excuse and if he did it deliberately then that is even worse. There are other qualified people, and this need to end quickly like the Bill Richarson nomination did.
I was dismayed when Obama named the Chief Bankster of the NY Fed as Treasury. I was hoping perhaps he was taking the old creed to hold your enemies closer…..This just more proof of the pudding that Timmy Boy is just another of the Criminal Syndicate that run the US fininancial business.
Peter Shiff for Treasury.
He was audited for two years and paid the back taxes. He failed to then correct the other two years he then HAD to know were incorrect. Actually the IRS even offered people a special reduced penalty amnesty to correct unpaid employment taxes in 2007, but he failed to do it then either. He was planning to skip on the taxes period, he may be a genius (though his involvement with the current bailouts questions that), but he’s also a tax cheat who shouldn’t be rewarded by becoming Treasury Secretary.
Geithner is a crook who will fit right in with DC and the Chicago gang .
We desreve it since we wanted it this way . We will have a great 4 years of corruption.
What a spin. The guy doesn’t know how to fill out his tax return, but he’s going to manage the US Treasury and the IRS. He’s either incompenent or a tax cheat.
Geithner should step aside as others who failed to pay their taxes have done, such as Zoe Bairs in 1993. As a self employed person he is always subject to FICA and Medicare on net self employed (Sch C) earnings. Any tax preparer knows this, even a first year preparer at H&R Block etc. He can’t direct the IRS when he doesn’t even comply with the law and regulations himself. Let Obama pick someone else. There are plenty of good people who could do the job and aren’s stained
It will concern me if he is approved. The devil is in the details, and anyone being nominated for this position should not be unable to track details. I know how I am being paid and taxes that I owe when contracting, being employed, or doing free-lance work. How can he manage the top detail-oriented financiual job if he doesn’t have the where-withal to understand taxes, and other details of this significant job? Taxes are important to most Americans. They should be important to our delegated guardians, as well.
Absolutely not. Geithner’s failure to pay self-employment tax cannot be swepth aside. Of couse he knew he owed those taxes – he even submitted requests to the IMF for top-up payments intended to reimburse him for taxes he didn’t pay.
I voted for Obama, but believe congress should deny this appointment and teach our new president a lesson in humility. If he intends to lead by force of character he will have to show a willingness to acknowledge a serious mistake. We’ve had 8 years of arrogant wrong-headed leadership that refused to admit mistakes, and just dug the holes deeper.
What kind of credibility can the IRS have if the Treasury Secretary himself cheated on four years of returns?
This position is too important to bring in someone that obviously disqualified. Obama should immediately withdraw this Bush-esque nomination.
I underpaid my taxes a few years ago by about $200.00. The IRS immediately caught this error and I had a nasty letter from them. Didn’t this happen to Mr. Geithner with a $25,000.00 or are people in his position exempt from this sort of thing?
He will still be a good Treasury Secretary but one really has to wonder about the incongruity about the way people in his position are handled versus the rest of us.
Absolutely, he should be confirmed as Treasury Secretary. Perhaps his own mistakes (which I am willing to believe were not intentional) will cause him to take a vigorous lead in simplifying the tax code.
It is appalling that once again we will sit someone within our government who can’t be held accountable for the standards every other American is required to uphold! An everyday American would possibly be fined and/or jailed. Please don’t tell me with all the money he makes he didn’t have a tax attorney.
It is so disturbing to see our GREAT COUNTRY FALLING to unethical (Clintons) and corrupt positions of government, and now it is OPEN, in the PUBLIC EYE and people are OK with it?
What did I serve our country for 24 years active military, 2/3 wars … so our Values could be flushed away???
Geither was always my best case treasury hopeful and I still do. However, It’s amazing that these high profile individuals, either by making there money thru the public or serve the public’s interest do not realize how squeaky clean their personal finances need to be. Whatever his reason for failure to pay these taxes, no matter if by mistake, intentional or ignorance, he did not take the necessary fail-safe mechanisims to prevent these problems. He, however has created a credibility gap that may preclude him as establishing himself as potentially the finest treasury secretary in American history.
can understand the honest mistake about the domestic help, because she was legal initially. However, not paying taxes on earned income, is not an honest mistake unless you have the IQ of doornob. Even though your employer does not take taxes out of your check, that does not mean that you do not need to pay them. This is taught in Tax Law 101, in the first chapter. Either this guy is a complete moron, or a crook, its pretty obvious.
If he had not been nominated, he would not have paid his back taxes at all. Let’s see if we can find someone else who is a little less crooked for this post
Posted By Rich, milltown, NJ: January 14, 2009 1:56 pm
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IQ of a doorknob? you serious? don’t give him that much credit..a doorknob is smart enough to turn when told to..I would say he has the IQ of a speck of dust
This guy fits right in.I will test this when i make a mistake in my taxes this year.I am not kidding!
Good god!!! It looks like we’ve elected another corrupt politician. I guess “change” is really just more of the same. Why am I not suprised!!
No, the Senate should not approved Geithener. I worked Income Tax for 25 years, and a firm believer you pay your income tax, the exact amount, and no more and no less. I sure would not trust him over the IRS either. He needs to be replaced NOW. He knew he owed the money and only agreed to pay up when he got caught. I vote NO to confirm.
The WSJ ran an article today about the Geithner tax issue. Apparently, in addition to the SE issue and other taxes, for some years he improperly deducted the cost for his child’s sleepaway summer camp and itemized certain charitable contributions that did not qualify for a deduction.
It doesn’t matter if he had someone else prepare his taxes. When you sign your tax return YOU are responsible for its contents. This guy is supposed to be highly intelligent, but he apparently made many “honest mistakes”. Note the word MANY.
One or two mistakes I can see. The same mistake made over many years even after being informed of the mistake?
Either Geithner is not that intelligent or he is a liar.
Absolutely, positively NOT. Obama campaigned on changing the way Washington works. Continuing to back Geithner for the very Cabinet position under which the IRS resides would suggest Obama is not interested in any kind of substantive change.
This is actually worse than the Zoe Baird fiasco, given that Geithner would be overseeing the IRS. Obama needs to nominate someone else.
I kicked off this commentary and have read most of the others. I went to Change.gov to see if I could leave a comment and there was no place to do it. I did see where Obama’s transistion person Gibbs left a statement saying it was all an honest mistake. Not paying taxes for 4 years is an honest mistake? Is this another admnisnistration that thinks/hopes the citizens that elected them are idiots? Don’t sell me any swamp land. Find another nominee.
No
This highlights a lack of integrity and ethical behavior which negatively affects his trustworthiness. It also indicates the capricious (read–ploitical) nature of our justice system as to whom is prosecuted for tax evasion. Prove to me that we don’t have a working caste system here in the US.
Are you kidding, the guy is either a thief or stupid. We don,t need him–the integrity of Obama and his aides are already questionable. Be glad when the 4 years are up.
NO! He’s another hack in the mold of Robert Rubin and Lawrence Summers. Summers was his mentor, but other sources call him a Rubin protégé. That
in and of itself is grounds to exclude him from consideration.
Rubin and Summers were both key figures in the Clinton camp that really set the current economic crisis in motion. And lo and behold, here we have both of them now in the Obama camp to council him on how to attack the economic recovery. Talk about putting the foxes in charge of the hen house (or should we say, the piggy bank).
Let’s have a Treasury Secretary that won’t cater to the Banking cronies that created the financial mess in the first place, and has the cajones and moral fortitude to at least make a valiant effort to save what is left of this county’s economic freedom. Why not consider someone who truly understands how the financial crisis was engineered (emphasis given), instead of someone who is beholden to maintaining the status quo.
Let’s find a person of integrity and passion to fight against fraud, deception and unlimited dollar creation. Someone in the vein of Dr. Ron Paul would be a good choice.
Either POTUS-Elect Obama is truly for change and will see the initial error of his ways and nominate someone outside the inner sanctum, or he will quickly show his spots as simply another successor in the line of lackeys catering to the Banking and Finance Oligarchy!
A well-educated, intelligent, smart man who made an ‘honest’ mistake on a fairly straight-forward tax matter four years in a row even with his employer sending him memos clarifying and directing him on this matter?
If that is true, there is little hope for lesser mortals like me to get my taxes straight…
I am a Republican who didn’t vote for Obama, but I believe he should be able to get the cabinet he wants. Grill the guy, have him say he’s sorry,then let him go to work.
Absolutely confirm him as soon as possible. I feel he may be much more skilled than H Paulson at transferring the remaining middle class tax money to the hands of our politicians and bankers. After all, the sooner that the whining middle class is taxed into oblivion and extinct the better. Then our rich political leaders can enjoy their lives without all this complaining. After they run through our money in about 6 months I’m sure they’ll all move to Canada.
Do you think he does his own taxes, or just signed off on something that his probably top-notch brilliant accountant put together?
No way. Here is a business-educated individual that wants to be in charge of the U.S. Treasury and he doesn’t even know the tax laws. Obviously, his lack of knowledge regarding tax law disqualifies him from the position.
AQ criminal who admits what he did to replace a criminal who admits nothing. That is change we can believe in. Try not paying your taxes; I’ll send you a cake with a baked in file. I guess laws are different for bankers.
Hmmm, Did he pay the tax’s he owed? or not? Did he pay a fine too? Who cares we need somebody that is good for the job and if he qualifies then great, if not look for somebody else. As far as ethics goes where are the ethics to begin with here, I see none. People need to think in terms of the job, because it would seem to me that past ethical misconducts are why we are where we are at today?
I work for the IRS. If I don’t pay my taxes, I get fired. At the very least a serious investigation as to why I didn’t pay takes place. And they don’t take “I didn’t know” as an excuse not to pay. This country is a joke and the clowns running it are beyond pathetic. God save us from liberals!!!!
The federal reserve and New York banking establishment are not part of the problem. They are the problem. Exotic financial instruments were created and made too difficult for anyone to understand in order to skim the profits and head for the hills when it fell apart. This has been the operating paradigm for the East Coast marketeers and banksters. Bringing Geithner in is like hiring John Gotti to clean up the Mafia because he knows where the bodies are buried. As far as the guy whose wife says Geithner is brilliant, Gotti may be brilliant also but he should not be Attorney General nor should the Treasury Secretary be hired from that gang of crooks called the NYC financial community.
I can understand the honest mistake about the domestic help, because she was legal initially. However, not paying taxes on earned income, is not an honest mistake unless you have the IQ of doornob. Even though your employer does not take taxes out of your check, that does not mean that you do not need to pay them. This is taught in Tax Law 101, in the first chapter. Either this guy is a complete moron, or a crook, its pretty obvious.
If he had not been nominated, he would not have paid his back taxes at all. Let’s see if we can find someone else who is a little less crooked for this post
It’s funny. I can run a business, and actually PAY my Social Security taxes. Am I overqualified to be Treasury Secretary?
Apparently yes, since the criteria seem to be:
1) Max a tax “mistake”
2) Make the same “mistake” again 2 years later
3) Avoid correcting said “mistake” until being tagged as a possible Cabinet appointee.
The fact that he is still being considered for this vital post shows how far we have fallen, and even more so the people (Rangel, et al) who are defending Geithner.
Then again, if you’re the Federal Government, you NEED someone who won’t pay their bills, since that is how the government operates these days.
When you look at it from that standpoint, he’s a perfect fit – just not for the American taxpayer.
“The Secretary of the Treasury is the principal economic advisor to the President and plays a critical role in policy-making by bringing an economic and government financial policy perspective to issues facing the government. The Secretary is responsible for formulating and recommending domestic and international financial, economic, and tax policy, participating in the formulation of broad fiscal policies that have general significance for the economy, and managing the public debt. The Secretary oversees the activities of the Department in carrying out its major law enforcement responsibilities; in serving as the financial agent for the United States Government; and in manufacturing coins and currency.”
You think it is ok for this person to be a tax cheat?
To: Greg, Columbus , OH:
Well said, you nailed it, but don’t hold your breath waiting for an answer to those questions.
Welcome to the Libertarian party!
Based on limited specifics he actually may have made a legitimate mistake.
The domestic was not illegal when hired.
NO. DUE TO THE AUDIT, HE INTENTIONALLY ONLY WENT BACK 4 YEARS AND REPAID THE ARREARS. THAT WAS IT. IT WAS ONLY WHEN HE WAS NOMINATED, THAT HE WENT BACK FARTHER INTO 2001 AND 2002 AND REPAID THAT. HE WOULD HAVE SKATED OTHERWISE.
HE’S JUST ANOTHER GOVERNMENT CROOK, PLAIN AND SIMPLE.
question is since the US is refusing to pay it’s bills e.g. the national deficit rising to 2 trillion next year perhaps Tim would be a great Treasury choice because he has proven he will not pay his bills.
This just shows everyone in Washington DC government is a crook.
No. PEO ran on a platform of “Change You Can Believe In” but so far the people who he hired to help him run the US Govt are ex-Clinton aides. To show I am independent and objective, I will give credit for hiring Lawrence Summers and former Fed Chairman Paul Vocker.
That said, on the issue of Tim Geithner, he comes from the same pool of IMF/Ivy League elitists who think that because they come from wealthy parents or scored high on standardized tests they know better than the rest of us. Although I care deeply about illegal immigration, it seems everyone hires illegals for something so, what the heck?
Since he was hired because he “knew where the bodies were buried”, here’s the questions that should be asked:
1.)Why did the NY Fed not bail out BSC or LEH?
2.)Why did the Fed pick winners and losers; ie AIG, C, etc?
3.)What knowledge do you have of meetings between Bernanke, Paulson, and current Goldman Sachs officials?
4.)How bad is the banking system?
5.)Why are mortgage borrowers not being bailed out but greedy WS tycoons are walking away with million$ in bonuses after ruining the country?
6.)As Secretary of Treasury do you favor bailouts for consumers; student loans, mortgages, credit careds, automobiles etc in addition to the Big3 & Banking Industry?
7.)WHERE DO THE BAILOUTS END!!???
I would be shocked if he answered any of them; but these questions are far more important than pittance in taxes due or illegal immigration.
If I could hire an illegal immigrant (or a desperate legal American) to clean my house,
I would NOT.
And, Joe in Seattle, I would never hire you at any price for fear you would rip me off too as soon as it is in your favor to do so.
No wonder you like the same guy Wall Street likes.
Which is why I don’t think Geithner shouldn’t be approved. If Wall Street likes him, he is bad for the rest of us.
And maybe if so many people, like Joe here, actually thought that taking any advantage of anyone you can for personal gain was actually a BAD thing, we could fix this mess.
This question is a joke right? The way Washington works, by all means lets allow a tax evader to become the Treasury Secretary of the United States. On the subject of releasing the 350 billion TARP funds to Obama, let’s do the same intense hearings and grandstanding as we did with the auto executives before letting them have another dime. Change? What a joke. So tell me America, so far how do you like your change promised to you?
Taking from Mr. Lamonica, yes…it is somewhat disturbing that the person nominated to be in charge of the IRS apparently has trouble filing his taxes. What is more disturbing to me, however, is that even after the error from 2003/2004 was brought to light by an audit, he did not correct the same error for 2001/2002 until he was tagged for the Treasury post.
It’s hard to claim that his failure to pay correctly for 2001/2002 was a “mistake” after his 2006 audit brought the 2003/2004 “mistake” to light. He just thought he would sweep it under the rug and get away with it until this wonderful opportunity came along.
My wife has worked with Geithner and says he is f-ing brilliant (and she has an excellent BS detector). These bits of news are troubling, but should not derail the process. Looks to me like some people are too busy posturing to see what needs to be done.
NO. The confirmation of this nomination is unjustifiable. He broke the law, not even once but twice (at least). If the leaders of the country doesn’t respect the law, who would? If the congress just went ahead and endorsed him, what kind of message do they send to the general public?
Some people argue that the tax code is confusing and that his failure to pay tax while working for IMF could be a “common mistake.” But such argument doesn’t stick. If he didn’t know about the tax code and didn’t make enough effort to pay attention to it (isn’t he supposed to be smart?), it is even more serious issue, considering the position he was going to fill.
By the way, I cannot help wondering whether his behavior in handling his personal business stands along the same line of his handling of, for example, the forced sale of Bear Stearns and bailout of other financial institutions — trashing of rules and procedures, with an attitude that “I set the rules, and I am above the rules unlike common people” Even apart from all his personal mess, he is part/one of main causes of THE PROBLEM that we’re in, not somebody who could solve the problem.
It absolutely is NOT a common mistake. I’m just a regular old self-employed tax filer and I’d have never made this mistake. Taxes were not with-held from this income–there wasn’t a “line on a paycheck” he had to look at. He received a 1099 from the employer and it was his duty to include it as income. Not even a moron could make this mistake. So he’s either too dishonest or too stupid to be Treasury Secretary
NO! I voted for change that includes leadership with financial integrety. I don’t care about the immigration status of his domestic help, but trying to avoid paying self-employment taxes is, to me, a fatal flaw in a Government leader.
No. Correcting income taxes is a big problem for the head of Treasury (and the IRS). Also, we’ve already had test cases of employing illegal aliens, and the result is dismissal of the person from office. It’s a tough sentence, but it’s the right move. We have to stop other countries from flooding us with refugees.
Treasury is so screwed up; we need Chuck Norris. He has common sense, is good with money, knows how to work with people, kicks ass when he needs to, and would not take any guff from knownothings. [Gee, he should have run for president.] Obama should give Chuck a call today and find out what it would take to get him on the team.
Of course He shouldn’t be. He should be indicted for a crime. Instead, the Democrats will rename the Federal Reserve building after him, and Republican Senators will offer him a raise. Elitist thieves run the country, and the people just roll over.
the article talks about this being a “common mistake”. I do not want a common person running the treasury. looks like the same old washington to me. where’s the change barry?
The Senate should thoroughly vet all presidential cabinet nominations. And the results of these hearings should be accurately reported by the media.
If the Senate decides, as you did in this article, that Geithner is either not smart enough to fill out his taxes correctly or not smart enough to hire the services of a competent tax advisor, he is obviously incompetent to serve as Treasury Secretary…or any other cabinet post.
No, we need a treasury secretary who 1) understands economics, deficits, and the relationship between money supply and inflation and 2) is not a crook and interested in not paying their own taxes or funneling money to friends on Wall Street.
It’ll never happen, but Ron Paul might be an interesting nomination for Treasury Secretary.
I don’t know about his taxes, but isn’t he just more of the same old Wall Street status quo that got us into this disaster???
YES.
Everyone knows that the IRS is a criminal organization and that the tax code is retarded.
Also, if I could get an illegal immigrant housekeeper for $3/hour, I would, too. Who wouldn’t?
Making Geithner Treasury Secretary would be wrong. He says that he made a “mistake”, but unfortunately for him, his “mistake” undermines my confidence in his ability for any position of trust. Sorry! Russell Johnson, Atlanta, GA.
It seems to me that the mistake in his withholdings was an error by the employer, not by Geithner – honestly, does anyone ever look at the lines on their paystub other than net pay and vacation time remaining anyway?
As far as the housekeeper, she was legal when he hired her – that is not the same as hiring an illegal.
Both of these things are such non-issues that it’s silly they’ve even come up. Same with the Clinton Foundation and Arab donors. I would wager that nearly every major non-profit has taken money from them, because with oil prices as high as they have been the last few years they had insane amounts of money to offload.
I don’t thing anyone that did not pay his taxes should be appointed to Treasury Secretary of United States. Everyone knows if he paid his or not and that is no excuse.