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Getbig Main Boards => Politics and Political Issues Board => Topic started by: headhuntersix on January 14, 2009, 07:25:35 AM
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Capitol Hill grilling is likely for Timothy Geithner, President-elect Barack Obama's pick to head the Treasury Department, after public revelations he failed to pay $34,000 in taxes several years ago.
Senate Democrats are pressing to schedule a quick confirmation hearing for Geithner on Friday, hoping to tee up swift approval of his nomination on Inauguration Day. But newly released information about the tax goofs by Geithner, regarded as a brilliant financial markets specialist well-positioned to deal with the nation's considerable economic problems, could complicate the process.
Republicans have yet to sign off on expediting the hearing, although senior Democrats expressed confidence that the disclosures would do little to slow Geithner's path to confirmation. At least one Republican, Sen. Orrin Hatch of Utah, said he had "no problem" with Geithner.
Still, the disclosures virtually guarantee a tough hearing for Geithner before the Senate Finance Committee, which is considering his nomination.
Geithner failed to pay self-employment taxes for money he earned from 2001 to 2004 while working for the International Monetary Fund, according to materials released by the committee Tuesday.
He paid some of the taxes in 2006, after an IRS audit discovered the discrepancy for taxes paid in 2003 and 2004. But it wasn't until much later -- days before Obama tapped him to head Treasury late last year -- that Geithner paid back most of the taxes, incurred in 2001 and 2002. He did so after Obama's transition team found that Geithner had made ocial Security taxes. The IRS estimated in 2006 that as many as half those employees had made tax-filing mistakes, and offered a group settlement to let them correct the errors.
But some tax experts said the problem is not that common.
Tom Ochsenschlager, vice president of tax for the American Institute of Certified Public Accountants, said it would be difficult for someone preparing a tax return for a self-employed person to skip the Social Security and Medicare tax lines.
"It's such a basic mistake that I kind of wonder if we know all the facts," Ochsenschlager said
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What..U libs missed this. I guess the Obama admin will be the land of milk and honey where all blemishes will be wiped away. If McCain did this there would be 400 threads decrying his stupidity. Sorry boys ur not getting away witha single thing. Once again....Good Job Barry!!!!! ::)
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hopefully this scumbag geitner doesnt get in
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This guy is hardly a scumbag and will most likely get confirmed.
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This guy is hardly a scumbag and will most likely get confirmed.
he just another jew who doesnt give a shit about the US or americans, only himself and members of his tribe, he is 100% a scumbag.
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This just gets better and better.
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he just another jew who doesnt give a shit about the US or americans, only himself and members of his tribe, he is 100% a scumbag.
ok - we see where you're coming from
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ok - we see where you're coming from
so you think he cares about americans, or has any loyalty to the US? you are sadly mistaken.
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so you think he cares about americans, or has any loyalty to the US? you are sadly mistaken.
I'm going to go ahead and assume he cares about Americans and is loyal to the US
you should probably get back on your meds
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I'm going to go ahead and assume he cares about Americans and is loyal to the US
you should probably get back on your meds
you are delusional
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you are delusional
no doubt one of us is
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hopefully this scumbag geitner doesnt get in
He's not a scumbag, but come on, get somebody to run Treasury that can understand the job.
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He's not a scumbag, but come on, get somebody to run Treasury that can understand the job.
He's actually one of the few people (from what I've read and heard on TV) who is most qualified for the job and has the best understanding of TARP
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This is starting to look like either total carelessness or willful evasion.
Either way - not good
Questions and answers in Geithner's tax problems
By STEPHEN OHLEMACHER – 1 hour ago
WASHINGTON (AP) — President-elect Barack Obama's choice to run the Treasury Department hit a snag this week when it was revealed that the nominee failed to pay delinquent federal taxes from earlier this decade until just before his nomination was announced.
It was also revealed that the nominee, Timothy Geithner, had employed an immigrant to provide household help whose work papers expired while she was still working for him.
Geithner failed to pay a total of $34,023 in taxes from 2001 to 2004. He paid some of it in 2006 after he was audited by the Internal Revenue Service, which he would oversee as Treasury secretary. He paid the rest after Obama expressed his intent to nominate him. Geithner also paid a total of $8,679 in interest.
Here are some questions and answers about Geithner's tax troubles:
Q: How did Geithner fail to pay more than $30,000 in federal taxes?
A: Geithner worked for the International Monetary Fund from 2001 to 2003. Under federal law, international organizations like the IMF are exempted from paying the employer share of Social Security taxes. Also, they don't withhold the worker's share from paychecks, like other employers do.
U.S. workers at such organizations are instead required to pay self-employment taxes. Geithner failed to pay self-employment taxes during his entire tenure at the IMF, according to the Senate Finance Committee's report.
Q: Was Geithner ever notified that he was required to pay self-employment taxes?
A: Yes. The IMF provides employees with several documents throughout the year to help them understand and meet their tax obligations. The documents included an employee tax manual, quarterly wage statements and year-end wage statements. Geithner acknowledged receiving all these documents.
Q: How did Geithner's delinquent taxes come to light?
A: In 2006, the IRS audited Geithner for the tax years 2003 and 2004, resulting in $16,732 in additional taxes and interest. The IRS waived penalties. Geithner left the IMF in 2003, but some of his compensation was not paid until 2004, so that year was affected, too.
Q: What about his delinquent taxes from 2001 and 2002?
A: Geithner amended his tax returns for 2001 and 2002 after Obama expressed his intent to nominate him to be Treasury secretary, according to the committee report. Geithner paid an additional $25,970 in taxes and interest for those years.
Q: Why didn't Geithner pay the delinquent taxes for 2001 and 2002 earlier, after learning that he made the same errors for 2003 and 2004?
A: The IRS only audited Geithner for the 2003 and 2004 tax years, so tax agents didn't know about the delinquent taxes for earlier years. Generally, the IRS has three years from the date returns are filed to assess any additional tax. Geithner can expect questions at his confirmation hearing about why he waited until he was about to be nominated until he paid the delinquent taxes for earlier years.
Q: Did Geithner hire an illegal worker at his home?
A: Geithner hired an immigrant to provide household help whose work eligibility expired while she was employed by Geithner. The worker had documents verifying her status as a legal worker, but they expired in July 2005 and she continued to work for Geithner until October of that year.
Q: Did Geithner know her eligibility expired?
A: Unclear. The committee report paints Geithner as a sloppy bookkeeper. He recorded the document number and expiration date from the employee's work papers in an address book. He did not keep copies of the documents and did not confirm whether the employee renewed her papers after they expired.
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There seems to be something very screwy about the US system of Government when we now have to overlook a tax evader because he is the only human out of 300 million Americans that is adequate enough run the Treasury Department.
Quick, it's an emergency, pass him! ;) Don't argue or debate, little people, just go along with Tim Geithner.
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This gets better.....the IMF reimburses for taxes paid. This guy was submitting the forms and receiving his cash, but never paying the taxes. This goes from a possible mistake...to criminal.
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This gets better.....the IMF reimburses for taxes paid. This guy was submitting the forms and receiving his cash, but never paying the taxes. This goes from a possible mistake...to criminal.
the more I read about this the worse it looks.
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A guy this smart doesn't make tax mistakes.....that was bad enough. The fact that he said he paid em, and then took the IMF reinbursement, thats criminal. Clinton had problems with his first 2 AG nominations, they were'nt even close to this bad. Clinton had em decline the nomination and Obama needs to let this one go.
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A guy this smart doesn't make tax mistakes.....that was bad enough. The fact that he said he paid em, and then took the IMF reinbursement, thats criminal. Clinton had problems with his first 2 AG nominations, they were'nt even close to this bad. Clinton had em decline the nomination and Obama needs to let this one go.
yeah - that's my feeling too.
it wasn't a mistake
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How do I get a job where they pay my taxes.
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Yes we can!
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this doesn't look good but let's just wait
maybe he's got some sort of reasonable explaination
so far it looks pretty bad - both for Geithner and Obama's team or whoever vetted this guy
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this doesn't look good but let's just wait
maybe he's got some sort of reasonable explaination
so far it looks pretty bad - both for Geithner and Obama's team or whoever vetted this guy
His past track record at Citi proves that he is a failure.
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His past track record at Citi proves that he is a failure.
he is very successful, at screwing over the goyim, that is his purpose in life along with his fellow tribe members.
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he is very successful, at screwing over the goyim, that is his purpose in life along with his fellow tribe members.
what's up with all your racist shit?
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what's up with all your racist shit?
i am not racist, i am anti-racist. geithner is racist supremacist scum.
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i am not racist, i am anti-racist. geithner is racist supremacist scum.
what evidence do you have that he's a "racist supremacist scum"
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yeah - that's my feeling too.
it wasn't a mistake
Think about this... seriously.
You get a paycheck... Hell, you don't... It's actually a direct deposit.
The money goes into your bank every month... Do you look at the the little form that has the tax stuff on it?
I don't... I get my money and I'm good. It's not IRS taxes... It was social security taxes, which normally get taken out for you and me, and didn't get taken out for him because the company he was working for wasn't based in the US.
I don't see where I would notice if my SS wasn't taken out at all... If my first check didn't have it, then I wouldn't notice anything off.
Hell, if I was even looking at my paystub would I even notice a line not on there that was supposed to say SS/medicare but didn't?
I doubt it.
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Think about this... seriously.
You get a paycheck... Hell, you don't... It's actually a direct deposit.
The money goes into your bank every month... Do you look at the the little form that has the tax stuff on it?
I don't... I get my money and I'm good. It's not IRS taxes... It was social security taxes, which normally get taken out for you and me, and didn't get taken out for him because the company he was working for wasn't based in the US.
I don't see where I would notice if my SS wasn't taken out at all... If my first check didn't have it, then I wouldn't notice anything off.
Hell, if I was even looking at my paystub would I even notice a line not on there that was supposed to say SS/medicare but didn't?
I doubt it.
It could be an honest mistake and hopefully that's the case.
If we're talking about his time at the IMF then from what little I've read (and posted on page 1) he was supposedly given plenty of info about how to pay his taxes
Q: Was Geithner ever notified that he was required to pay self-employment taxes?
A: Yes. The IMF provides employees with several documents throughout the year to help them understand and meet their tax obligations. The documents included an employee tax manual, quarterly wage statements and year-end wage statements. Geithner acknowledged receiving all these documents.
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Think about this... seriously.
You get a paycheck... Hell, you don't... It's actually a direct deposit.
The money goes into your bank every month... Do you look at the the little form that has the tax stuff on it?
I don't... I get my money and I'm good. It's not IRS taxes... It was social security taxes, which normally get taken out for you and me, and didn't get taken out for him because the company he was working for wasn't based in the US.
I don't see where I would notice if my SS wasn't taken out at all... If my first check didn't have it, then I wouldn't notice anything off.
Hell, if I was even looking at my paystub would I even notice a line not on there that was supposed to say SS/medicare but didn't?
I doubt it.
Were you as forgiving of Joe the Plumber's tax problem??????????????
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Were you as forgiving of Joe the Plumber's tax problem??????????????
Completely.
I think Income taxes and SS/Medicare are BS anyway.
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It could be an honest mistake and hopefully that's the case.
If we're talking about his time at the IMF then from what little I've read (and posted on page 1) he was supposedly given plenty of info about how to pay his taxes
Q: Was Geithner ever notified that he was required to pay self-employment taxes?
A: Yes. The IMF provides employees with several documents throughout the year to help them understand and meet their tax obligations. The documents included an employee tax manual, quarterly wage statements and year-end wage statements. Geithner acknowledged receiving all these documents.
Understood... A lot of companies have people sign things saying I read this policy or that policy... Is it always the case?
Of course not.
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Understood... A lot of companies have people sign things saying I read this policy or that policy... Is it always the case?
Of course not.
no doubt - but then this guy wants to be Treasury Secretary.
hopefully this will all be fully explained in the hearings.
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no doubt - but then this guy wants to be Treasury Secretary.
hopefully this will all be fully explained in the hearings.
Just like Charlie Rangles tax issues. Never going to happen. Democrat crooks get away with almost everything.
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USA! USA! USA! :-*