As indicated here, I think that the country has bigger fish to fry than the the state of Tim Geithner’s tax returns. But perhaps in writing what I wrote, I was a little quick to dismiss the magnitude of the situation. To be sure, this is an argument for tax simplification and to be sure, if Tim Geithner was a Republican-leaning plumber voter, he would be castigated for having failed to pay far less in taxes. And as for the mistake itself–tax simplification or no–it was quite a doozy. Quite a doozy. Have I mentioned how much of a doozy this mistake was?
Because Geithner is so smart, so humble, so entirely in tune with the wonderfulness of the President-elect and because he is “too big to fail,” (there’s some tough-minded journalism for you), I doubt that this will amount to anything at the end of the day. But my first reaction to the contrary notwithstanding, perhaps it ought to.
bs
Caleb Howe
Moe Lane
Dan McLaughlin
Vladimir
Mark Impomeni
Where to start in terms of hypocrisy . .
JSobieski Thursday, January 15th at 2:44AM EST (link)(1) Programs like Tubro Tax and Tax Cut will prompt you for self–employment taxes
(2) One of the ways in which Obama is almost certain to increase taxes is by increasing the cap on FICA taxes—possibly eliminating it altogether
(3) Yet his own Treasury secretary forgot to pay those very same taxes
(4) Which will cripple small businesses by essentially raising taxes by 15%
Does anyone in Obama’s economic team have the perspective of a small business owner? A business owner? Someone who wasn’t infatuated with Marxist economic theory in college?
If they raise the FICA tax, I am tempted to try the “its so complicated” defense with respect to self-employment taxes. After all, I can’t make heads or tails out of TARP!
I'm calling Bull Crap on the whole
itrytobenice Thursday, January 15th at 9:03AM EST (link)“This is an argument for tax simplification” argument.
When I’m trying to figure out how to account for a transaction in which I sell a piece of farm equipment which I have held for 3 years, for which I too a partial Section 179 deduction, for which I used Accelerated Depreciation for the remainder, for which I still have a value on the tax book, for which I am exchanging for another piece of farm equipment of a different sort (think tractor vs. baler) now *that* is freaking complicated.
I have to read publications on Section 179 recovery, Like Kind Exchanges, Capital Gains, Depreciated Business Assets and more.
Tim Geithner deducted his kids’ summer camp and his electric bill on Schedule A. In order to know this is illegal you have to either:
a: have some common sense. Of course they’re not going to let you deduct that or,
b: read the instructions for Schedule A.
He knew he owed self employment taxes because IMF gave him tax information on it. They gave him a booklet that explained it. They gave him a quarterly statement for his estimated taxes. They gave him an annual statement for his tax return. And most damning of all:
They reimbursed him for his FICA taxes that he was required to pay. After he filed the reimbursement papers.
He’s a liar and a tax cheat. And he didn’t even have to pay a penalty. And I can assure you, we wouldn’t get the same kindness.
The problem with America is stupidity. I’m not saying there should be capital punishment for stupidity, but why don’t we just take the safety labels off of everything and let the problem solve itself?
your right but the code should be simplified.
Alberta Thursday, January 15th at 12:52PM EST (link)The tax code should be simplified. Using this situation as an example isnt ideal, granted, but the point remains.
“He’s a liar and a tax cheat. And he didn’t even have to pay a penalty. And I can assure you, we wouldn’t get the same kindness.”
5 5 5
That is totally correct.
Sir, my concern is not whether God is on our side; my greatest concern is to be on God’s side, for God is always right.
Abraham Lincoln
And even if he was a total idiot
zuiko Thursday, January 15th at 12:58PM EST (link)He still didn’t pay his 2001-2002 taxes when he got busted on 2003-2004. That pretty much gives the game away… that he was only interested in paying his taxes if he got caught, not just because he owed them.
Underlying most arguments against the free market is a lack of belief in freedom itself. - Milton Friedman
To answer the question in your title ... Nothing
bk Thursday, January 15th at 9:07AM EST (link)(at least if said nominee is a Democrat)
The IRS is no better than the mafia
izoneguy Thursday, January 15th at 9:09AM EST (link)Geithner is an insider, that is why he gets “special” treatment.
If you get audited just use “the Geithner defense”.
“When the government fears the people, there is liberty. When the people fear the government, there is tyranny.”
Thomas Jefferson
This whole double-standards thing
1SGinTN Thursday, January 15th at 10:04AM EST (link)(and not just about Geithner) is quite obvious to those of us paying attention in Conservative circles. How is it playing among the general electorate and the MSM?
After the eye-opening interview on you-tube of Obama voters during the election, I have no expectation that most folks are paying attention. I don’t get much news from the MSM, but again, I have no expectation that the coverage would be detailed or comprehensive.
Tell me my expectations are unfounded. Go ahead, tell me. -(crickets chirping)
Tu Ne Cede Malis
-Virgil