Monday, January 19, 2009
Sorry Mr. Geithner! You have to step aside!
We spoke highly of Timothy Geithner’s selection as Sec of Treasury.
In other words, the guy is very talented. He also provides important continuity with outgoing Sec. Paulson.
Great choice but.....
We have reached the point where Mr. Geithner’s tax problem is more than just "one of those mistakes that all of us make".
Byron York has a great post today and it does not make Timothy Geithner look very good:
"What senators learned at the gathering was not only that Geithner had failed to pay self-employment taxes during his time at the International Monetary Fund.
They learned that the IMF had repeatedly informed Geithner, as it had all its employees, of his obligation to pay that tax.
They learned that Geithner signed documents saying he would pay the tax.
And they learned that Geithner accepted IMF reimbursement for Social Security and Medicare taxes that he had not, in fact, paid.
Geithner paid part of his obligation after a 2006 Internal Revenue Service audit, and the rest of it after he was nominated to become treasury secretary.
In all, he paid $42,702 in back taxes and interest.
In addition to his payment of the unpaid self-employment taxes, Geithner also had to pay $5,566 to cover other shortfalls in his tax payments, for a total of $48,268 in back taxes and interest.
Since their meeting with Geithner was the first time that most senators had heard of the problem, their questions were not terribly detailed; several of the queries were along the lines of “What were you thinking?” And Geithner’s answers were not terribly satisfying.
“He can’t offer a specific reason,” says another source familiar with what went on at the meeting.
“He doesn’t really have an answer.
He just didn’t know.”
I think that we are watching a nomination in serious trouble.
It's time for Obama to tell Mr. Geithner that he won't be in his Cabinet! Otherwise, the American public will do it for him.
Again, Mr. Geithner is a very talented guy. I am not cheering to bring him down. However, no one is so talented in the US that they can have such a lackadaisical attitude about his or her IRS obligations.
Sorry Mr. Geithner.
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