what a hack....i am about to cut my ears off if i have to listen to this guy bs his way thru this hearing any longer. ...and no i can't change the channel since we leave it on cnbc all day.
one congressman asks "sooooo....do you think the tax hikes during the 30's helped create the 'depression within the depression' in 1937?" geithner "well....blah blah blah...." congressman follows up ""sooooo....do you think the tax hikes during the 30's helped create the 'depression within the depression' in 1937?" geithner "well...umm...i am more familiar in the monetary policy mistakes in the 1930's and not the tax policy." C0NFERM HIM NAO!!
Is it true that he failed to pay his taxes for a few years? If so, he might want to have his own house in order before he worries about running our collective piggy bank.
he tried to write off his kid's summer camp as a business expense and he also tried to not pay his self employment tax from the IMF. the IMF and its accountants specifically told the people it was employing that they had to pay the self employment tax. he tried to get away without paying it since his accountant told him he didn't have to pay it. normally, i wouldn't give a damn about it but since he is basically going to be in charge of the IRS too it does kind of irk me.
If he would use his experience to justify creating a much simpler tax system with lower nominal rates and fewer loopholes for the politically favored, I'd say it's a good thing, despite the fact that he seems to have no clue about most of our economic system. As it is, I think Madoff would be a better choice.
If it was an honest mistake no biggy. If he it's evident that he cheated on his taxes he should have to pay whatever penalties, and withdraw from the nomination.
How do you make an honest mistake with taxes. I know if 40% my pay check isn't gone before I see it something must be wrong.
If you think you got bad advice and didn't have to pay tax on an item, believed something could be counted as business expense but it couldn't. There are a ton of loopholes, and intricacies that can be fouled up. People miscalculate their taxes all the time.
The people miscalculating their taxes on an issue like self employment tax aren't attempting to become Treasury Secretary. If he has that little understanding of the IRC, then he has no business having that job. FWIW, when you have been told by your superiors that you will owe the tax, it isn't exactly an uninformed miscalculation. There is a case for tax evasion to be had here.
So far, my least favorite of the appointees. He better be a good desk jockey because I'm not that impressed so far.
Despite the fact that he looked like an idiot and was caught in multiple lies during his testimony before the Finance Committee, they voted 18-5 to recommend Geithner to the full Senate. Democrats voted as a bloc, and several Republicans, including Cornyn voted with them. This new get-along period in Washington is going to really, really suck.
I tend to agree with you, and I think Geithner owes us better answers. But I will say - if his accountant told him he wasn't required to pay those taxes, then that has some credibility. Ultimately, for your taxes, I think it's reasonable for you to trust your tax accountant. That would help explain 2003 and 2004. However, it doesn't explain 2001 or 2002 when he filled out his own taxes.
I forgot to post this yesterday, he will be the guy... sad he is one bad choice IMF is as bad as it gets IMO
After reading up on Geithner and getting sick to my stomach I give up on politics once again and start distancing myself from this administration. My hope lasted 2 days.
