Thursday, January 15, 2009

What if I didn't pay taxes?

Roger Simon on Timothy Geithner:
Would it be OK if I stopped paying my taxes until Barack Obama names me to be his secretary of the treasury?

That is a deal I would like to get. That is the deal financial wizard Timothy Geithner got.

He didn’t pay all of his federal taxes for years. Then, after Obama decided to name him treasury secretary, Obama’s vetting team discovered Geithner’s little oversight.

Not paying your taxes is considered serious for some people. But not for Geithner, a Wall Street “wonder boy” — he is 47 — who is president of the Federal Reserve Bank of New York and was instrumental in putting together the recent Wall Street bailout package.

You would think a guy like this would know about paying taxes, but no. Mistakes were made.

Geithner failed to pay the proper self-employment taxes for 2001, 2002, 2003 and 2004, even though he was sent documents telling him he had to do so.

But in 2006, Geithner got a document he couldn’t ignore. The IRS sent Geithner a notice saying he had not paid his taxes for 2003 and 2004, and Geithner paid up.

But he did not pay up for 2001 and 2002, even though he must have known that he skipped taxes for those years, too.

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