That is the implication from his testimony today.
Mr. Geithner faced some uncomfortable questions over why he failed to pay more than $34,000 in Social Security and Medicare taxes over several years while working at the International Monetary Fund.Sen. Jon Kyl (R., Ariz.) called it “incomprehensible” that Mr. Geithner didn’t realize he needed to pay employment taxes. He also questioned why Mr. Geithner took so long to correct the problem for tax years 2001 and 2002. The payroll-tax errors were discovered during a 2006 Internal Revenue Service audit of Mr. Geithner’s taxes, and he paid what he owed for 2003 and 2004. But Mr. Geithner didn’t pay the Social Security and Medicare tax he owed for 2001 and 2002 until after Mr. Obama indicated in the fall that he planned to nominate him as Treasury secretary.
“I regret having not done that sooner,” Mr. Geithner said. “If I thought about it more, maybe I would have come to it sooner. I did not believe when I settled that audit that I had an obligation to go back. I had not thought about it in the intervening years.”
Let’s review:
Geithner signed a form acknowledging his responsibility to pay his taxes. He accepted money from the International Monetary Fund to offset payment of his taxes. He did not pay his taxes.
Upon getting an audit by the IRS, he paid back taxes for 2003 and 2004, but still did not pay his 2001 and 2002 taxes.
He first said he did not realize he had the obligation.
Today he said Turbo Tax screwed him up. BTW, Intuit, which makes Turbo Tax, saw its stock drop as a result.
Tim Geithner was either lying then or lying now. The odds are, in blaming Turbo Tax today before the Senate in sworn testimony, Tim Geithner committed perjury.
Steve Maley
KnightsofMalta
Make that three felonies.
Steven Willis (Diary) Wednesday, January 21st at 11:10PM EST (link)As I said in another thread, I’ve been a tax attorney for some 30+ years.
I can tell you with a high level of confidence, this had nothing to do with a complicated Internal Revenue Code. Yes, the Code is a disgrace; however, the issues involved are straight forward and require nothing more than third-grade level math (not too much to expect of a Fed Governor). They require First Grade reading skills.
Assuming the news reports are correct, i.e., he signed papers to the effect that he had paid the tax and he sought and received reimbursement, he should be in prison. That involves at least two counts of fraud – two felonies: fraud on the IMF and tax fraud. Plus perjury before Congress.
And that stuff about not realizing he had an obligation for the early years? The statute of limitation never runs on fraud. I suspect he owes much more than he paid.
And blaming it on Turbo Tax!!!! Give me a break – the guy essentially uses tax law for dummies and he wants to head up the IRS??????
I do not want him leading the IRS. I do not want him managing banks. I do not want him in polite society. I do not care if he is the favorite nominee of the Republicans. We must have some standards and we must have them NOW!
I agree with others in another thread: “Where is the press and where are the Republicans?” If we cannot shout at this, then what will get our attention? If not now . . . when?
“Let it be said, I fought the good fight, I finished the race, I kept the faith.”
Paul, Second Timothy 4:7, The New Covenant.
Steve Willis
Professor of Law
University of Florida College of Law
No need to worry...
speciallist (Diary) Wednesday, January 21st at 11:29PM EST (link)Every time there is an important issue, the Great GOP Fairy rises out of the bumpkin patch that he thinks is the most sincere.
Tonight the Great GOP Fairy will rise out of this bumpkin patch. He will fly through the air and bring sound leadership for all the Republicans of the world.
I'm sure he'll make it up to Intuit with some interest free loans (nt)
zuiko (Diary) Wednesday, January 21st at 11:35PM EST (link)Underlying most arguments against the free market is a lack of belief in freedom itself. – Milton Friedman
time to release the returns....
JLenardDetroit (Diary) Thursday, January 22nd at 12:11AM EST (link)at one point I used to use Turbo Tax, and they are very thorough programs…. Back then the FORMS that printed to be signed had a code on them making them identifiable to the IRS the software by which the return was generated, they had to be an authorized/approved provider of Tax Services to allow that…. LET US SEE HIS TAX FORMS!!! LET HIM PROVE HE USED TURBO TAX IF HE WANTS US TO BELIEVE HIM…. DOUBT HE DID, SO HE WON’T….
Regards from NoMoTown (the MOTORlessCITY)
“Liberals, looking to do for? America what they’ve done for? Detroit! which is DESTROY IT!”
“I think, therefore I am Conservative”
“Conservative by choice, Republican by necessity”
“You can lead a Liberal to the Truth/Facts, but you cannot make them THINK!”
“Romney [No, not my first choice] does NOT have a MORMON problem. He has a, far too many Americans; these days; are MORONS problem!”
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Heil “O” Hell No Obamao is NOT MY PRESIDENT! “No U won’t”
I want “O” to FAIL (here, here, & whole Diary (Ofail) here, is why)
“The first Liberal was Satan” – a Rush caller (other Quotes)
Hahha
OccamsRazor (Diary) Thursday, January 22nd at 12:40AM EST (link)I genuinly thought you were kidding about Turbo Tax.
Idda thought stock would increase for Turbo Tax with a decleration such as this. A man with such ‘stature’ should be filling out his taxes on paper with a crayon, or at least a number 2 pencil with a fresh eraser.
Not really
RyanOHIO Thursday, January 22nd at 12:48AM EST (link)Before he said he used Turbotax, he said that it was all his fault and not the fault of the software.
It was a stupid question to be honest. The GOP senators on the committee need to be asking about how he let Lehman Brothers fail and pressing him on why he only paid half the years he missed back (Hint: He knew the statute of limitations had run out.) Instead of pushing him on what kind of software he used.
There are enough questions about this guy that he shouldn’t be voted for. Unfortunately our representatives in Congress are too spineless to betray the Messiah and him and Holder will probably pass with 90 votes.
CPA
DefendUSA (Diary) Thursday, January 22nd at 8:13AM EST (link)My husband has worked in the big 6, big 4 and other major accounting firms. WTH? They all use TurboTax or TaxCut. Geittner’s getting a pass is absolute horse puckey.
As the tax attorney said, it uses prompts and numbers like anything else.
The leftists are just rolling over to call it a mistake all the while imparting their double standards on anyone who has an R behind their names and they have the chutzbah to say we are hypocrits! To that I just have to say, “Bite me.”
*starred thought*
To be a leader is to do the uncomfortable thing. Man up, Mr. President.
Bread and Circuses
MikeO Thursday, January 22nd at 6:14PM EST (link)Mr. Geithner should be checking into Club Fed rather than testifying at confirmation hearings.
That said, this is a non-starter. I would wager that the bulk of Obama’s electoral support don’t even have to file.