Geithner Didn't Know He Had To Pay Taxes

[Slimprofits]

Re: Geithner Didn't Know He Had To Pay Taxes - ELITE

Here's a good example of what I'm trying to point out.

The new Administration is going to "save" the domestic auto manufacturing industry by putting it under the watchful eye of...a "czar" from Private Equity? This is starting to sound exactly the way the Democrats handled appointments to head Fannie and Freddie; and look where that got your country. The FIRE economy would appear to be alive and well. :rolleyes:

Rattner as Car Czar Probably Wouldn’t Be an Iacocca

Jan. 14 (Bloomberg) -- Steven Rattner, who may become the U.S. car czar, would bring with him the financial savvy amassed during almost 25 years of deal-making... [how could you not like that line ]

...Rattner, co-founder of private-equity firm Quadrangle Group LLC, may be named by President-elect Barack Obama to oversee the restructuring of the U.S. auto industry, two people familiar with the matter said yesterday...

Total Geithner saturation on the news and infotainment networks. Much less discussion about the second half of TARP and zero coverage of Gordon Gekko's appointment as Car Czar.

Senator Graham said earlier today, "Now is not the time to think in small political terms."

I won't call this refreshing, not knowing where the Senator's priorities lie. It's an admission of sorts.

[Scot]

Re: Geithner Didn't Know He Had To Pay Taxes

The US is the only country I can think of where you pay tax at home for money earned abroad.

And what's more:

"Any alien who is a former citizen of the United States who officially renounces U.S. citizenship and who is determined by the Attorney General to have renounced U.S. citizenship for the purpose of avoiding taxation by the United States is inadmissible. This provision took effect September 30, 1996 and applies to individuals who renounce their citizenship on or after that date." (From http://www.immspec.com/grounds-of-inadmissibility.htm)

In other words, remain a citizen and pay up, or you never get to see your loved-ones again.

[freuchie]

Re: Geithner Didn't Know He Had To Pay Taxes

My definition of an ELITE: If I do the same thing, I get penalized harshly and/or get thrown in jail.

[seanm123]

Re: Geithner Didn't Know He Had To Pay Taxes



It apears that the ONLY way Geitner could have underreported his social security tax is to LIE on line 6 of the IRS Form 1040SE. Whilst the form may not be clear as day for Joe or Jane main street, I trust that anyone who rose to lead the Federal Reserve Bank of NY would NOT have had any trouble with it.


http://www.irs.gov/pub/irs-pdf/f1040sse.pdf

[GRG55]

Re: Geithner Didn't Know He Had To Pay Taxes

And what's more:

"Any alien who is a former citizen of the United States who officially renounces U.S. citizenship and who is determined by the Attorney General to have renounced U.S. citizenship for the purpose of avoiding taxation by the United States is inadmissible. This provision took effect September 30, 1996 and applies to individuals who renounce their citizenship on or after that date." (From http://www.immspec.com/grounds-of-inadmissibility.htm)

In other words, remain a citizen and pay up, or you never get to see your loved-ones again.

...Last thing I remember, I was
Running for the door
I had to find the passage back
To the place I was before
relax, said the night man,
We are programmed to receive.
You can checkout any time you like,
But you can never leave!

[petertribo]

Re: Geithner Didn't Know He Had To Pay Taxes

IMF Informed Geithner on Taxes

"Current and former IMF officials said the fund provided numerous warnings to U.S. employees about payroll taxes. According to IMF documents released by the Senate Finance panel, Mr. Geithner regularly received information about his tax obligations.

Mr. Geithner didn't make any Social Security or Medicare tax payments on his income during the years he worked for the IMF, though he did pay income taxes. After the Internal Revenue Service audited him in 2006 and discovered the payroll-tax errors, Mr. Geithner corrected them for 2003 and 2004. Only after Mr. Obama picked him for Treasury secretary last fall did Mr. Geithner pay the Social Security and Medicare tax he owed for 2001 and 2002...."

http://online.wsj.com/article/SB123194884833281695.html

Geithner also deducted his kids SUMMER CAMP costs!

"Q: Aren't there some other mistakes, too?

A: One of the more egregious errors was that Geithner, over three different tax years, claimed that expenses for the summer camps he'd sent his children to qualified for the child and dependent-care tax credit. This credit is for working parents with children younger than 13 who send them to preschool or after-school care. IRS documents and commercially available tax software clearly define what qualifies.

"That's one anyone who has kids and has filled out that form knows that it's wrong. That's really odd," said Paul Caron, a prominent tax-law expert and associate dean at the University of Cincinnati College of Law."

Geithner failed to pay a penalty tax on withdrawal from a retirement account:

"Q: Aren't Geithner's problems evidence of complexity in the tax code?

A: The self-employment tax perhaps, but millions of Americans claim the child care credit without problems.

Documents that the Senate Finance Committee released suggest that Geithner also failed to pay a penalty tax for withdrawing money early from a federal retirement account.

There's a 10 percent penalty for doing that, and it's advertised up front for tax-deferred retirement accounts. This is as basic as it gets in the world of personal finance.

"I don't understand how the 10 percent withdrawal penalty could have fallen through the cracks. That's just a red flag," said Peter Sepp, spokesman for the National Taxpayers Union, a group that lobbies for simplifying the U.S. tax code."

http://www.miamiherald.com/news/poli...ry/853581.html

Some are suggesting that Geithner would implement a new tax policy: DON'T PAY UNLESS YOU'RE CAUGHT PROGRAM to stimulate the Economy. This would only be available to those who have received bonuses or benefits under the TARP or any of the FED's numerous giveaway programs.

[bpr]

Re: Geithner Didn't Know He Had To Pay Taxes

Anyone have Geithner's accountant's number? I just missed the deadline for my Q4 estimate and I need someone with bad eyesight.

Seriously, though, I can understand the self-employment tax thing. I regularly talk with freelancers and those looking to go out on their own that have no idea about that extra present they get. Even with the papers he had to sign: you know how many papers he probably had to sign before taking the job?

But the early withdrawal penalty? He didn't know about that?

[leithh]

Re: Geithner Didn't Know He Had To Pay Taxes

There are really two issues with this record.

1) The housekeeper issue reminds us of the many politicos who have made these same types of "mistakes," and there is no doubt that they were dishonest and did it on purpose.

2) The tax "mistakes", as a group, are the kind of thing that a really, truly, honest person would never have done. Call me a fool, but I do my best to pay what I owe, even if I pay a little too much.

Bottom line, it all just speaks to character. He may be just fine, normal, whatever, but clearly does not have that deep conviction to truth and honesty in his soul.