Comments on: What Happens When The Incoming Treasury Secretary Can’t Do His Own Taxes?

By: zuiko

zuiko — Thu, 15 Jan 2009 17:58:30 +0000

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.

By: Alberta

Alberta — Thu, 15 Jan 2009 17:52:57 +0000

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.

By: 1SGinTN

1SGinTN — Thu, 15 Jan 2009 15:04:32 +0000

(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)

By: izoneguy

izoneguy — Thu, 15 Jan 2009 14:09:39 +0000

Geithner is an insider, that is why he gets “special” treatment.
If you get audited just use “the Geithner defense”.

By: bk

bk — Thu, 15 Jan 2009 14:07:44 +0000

(at least if said nominee is a Democrat)

By: itrytobenice

itrytobenice — Thu, 15 Jan 2009 14:03:54 +0000

“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.

By: JSobieski

JSobieski — Thu, 15 Jan 2009 07:44:30 +0000

(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!