Treasury Secretary Nominee Timothy Geithner’s failure to pay four years’ worth of self-employment taxes for Social Security and Medicare is absolutely astonishing. And as more details are released, Geithner’s actions seem even more disturbing.
According to the New York Times, Geithner still didn’t correct the same type of error for some years, even after the Internal Reveue Services flagged him for the failure to pay the taxes in other years. To have him leading the department that manages the IRS would be a slap in the face to the millions of self-employed Americans who fulfill their responsiblities to correctly asses their tax burdens.
These disturbing details paint a picture of a nominee who hasn’t been fully vetted. As I have written in the Washington Examiner and the American Spectator, unlike previous Treasury Secretary nominees, Geithner had not distinguished himself as a corporate leader or as an academic economist. His only significant policy accomplishment has been his role in the Bush-Paulson bailouts.
And disturbing details are emerging about his misjudgments in this policy area as well. According to the Bloomberg wire service, Geithner pushed for Citigroup to take over the operations of Wachovia Corp. at taxpayer expense, even after Wells Fargo’s offer to purchase the firm without taxpayer backing. Had Geithner prevailed, who knows how much more trouble the financial system would be in given Citigroup’s current financial troubles.
President-Elect Barack Obama has nominated many well-qualified candidates to serve in his administration, and, despite some policy disagreements, CEI scholars have praised his choices for posts in the Securities and Exchange Commission, the Federal Communications Commission, the Department of Housing and Urban Development, and the Department of Agriculture. But in this choice for the Treasury Department, the Obama transition team members clearly dropped the ball. In an effort to please some on Wall Street and keep the bailouts going, they glossed over their nominee’s credentials and judgment.
Geithner’s errors and/or misjudgments make him unfit to serve as Secretary of the Treasury. His nomination should be withdrawn, and, if this does not happen, should be voted down by the Senate.
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Hey Tim - estimated taxes for us self-employed folks are due tomorrow. Do I also have to remind you what you can do with my check?!
I think he should withdraw his nomination. If this does not happen I think the Senate should not confirm this nomination. It is laughable that a man who (avoided) paying taxes is up for nomination for the US TREASURY!!!! What is happening in America. the lack of Accountability from Washington to Wall Street is ruining this country. AOL did a survey 80% thought Geithner should not be nominated, yet 60% thought he would get the support of the US senate anyway. Where is the American voice. America use to be a place that individuals felt heard, more and more I hear people talk about the lack of freedom and voice in this country.
If Timothy Geithner is an example of the kind of persons that the President Elect, Barack Obama is placing in charge of Government Departments, THEN BARACK OBAMA SHOULD NOT BE ALLOWED TO BE MADE PRESIDENT OF THE UNITED STATES OF AMERICA.
In light of Geithner’s nomination, I’m
thinking about making a push for Marion Berry to head up the Drug Enforcement Agency. After all, Marion just had “hiccup” with drugs and this would not interfere with his ability to govern the DEA. Imagine all of the respect that his leadership would bring to that agency and its employees.
I truly admire Barack Obama and supported him his campaign. I also plan to support him in his presidency. However, I find his choice and support of Tim Geithner to be disgusting and short sighted, in light of the facts that have come out about Geithner’s intentional violations (note that is plural - violationS) of the tax code. Social Security has been in crisis for years and Geithner chose to put his personal interests above this crisis.
How can we trust him to put the America’s interests above his own in this crisis? We can’t…..there is way to much at stake! Not to mention that he will have zero respect from the IRS employees and only make it that much more difficult to do their job because taxpayers will undoubtedly use Geithner as an example of why they should not have to follow the tax law and why their penalties should be waived, just like the leader of the IRS. Gee, isn’t tax collection and adherence to the tax law kind of important now since the government is shelling out trillions of dollars as a solution to our finiancial dilemma?
I just heard the reply from Geithner about dodging his taxes. We all know that he knew full well his decision to not pay these taxes. This fellow would not have paid his back taxes had it not been nominated for the Treasury Sec. He has been caught. I don`t know anyone who earns 400k yearly doing his own taxes as he stated. He may be qualified bust he has demonstrated by his tax evasion not to be trustworthy
Geithner wants us to believe that his accountant plus when doing his own taxes (two separate events if you listened to his testimony) and after an audit that told him to pay up….he didn’t pay up for those years that he knew were owed. Otherwise he is stupid? Those are the two options; choose one. He’s a cheat or he is a moron. We are in a time of national crisis and Obama promised us transparency and the best. I voted for Obama and I want him to keep his word. BTW, that was a fantastic and bold stroke by Obama regarding lobbyists and the staff pay. Now that is My President, of whom I am proud. Go Bama! Ditch Geithner. You can find better.
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It’s great to express your opinion here but don’t forget to email or call your Senator and let them know how you feel. This is the only way to stop his conformation.
If he really just “forgot” he isn’t competent enough for the job, if it wasn’t simple forgetfulness, he shoouldn’t be allowed near any position of responsibiliy