Geithner Accepted IMF Reimbursement for Taxes He Didn't Pay

National Review Online ^ | 1/14/09 | Byron York

[the invisib1e hand]

So, is the reimbursement considered taxable income?

That's a riddle, but it's also a riddle to me why someone is reimbursed for paying taxes to begin with.

[WaterBoard]

Corruption is only important when it’s a not a Democrat.

[maine-iac7]

I admit Rush has me convinced that the media is in the tank for this guy, but it seems not entirely

It may be that a few are having 'buyer's remorse'

[TheWasteLand]

I have no problem with that quote. Government is a reality and so are markets. To "understand" them both is fine.

Yeah, but I don't want the new Secretary of Treasury to share Henry Paulson's "understanding" of markets and government.

[the invisib1e hand]

"Raw capitalism" if there is such a thing, and if it means "capitalism without morals," (I'm not sure what else it could mean) will indeed kill itself and even Marx knew it.

The solution, of course, is to have a marketplace made up of moral players.

[Arizona Carolyn]

Yet the Republican party is salivating over the possibility to confirm him... why????????

[reg45]

Barack 0bama: Corruption we can believe in.

[stockpirate]

There is no if involved here. It is without a shadow of a doubt.

[midwyf]

When I filed my 1982 taxes, I read an 8 as a 3 in the hundred column on the carbon copy used at that time. IRS notified me they thought the number was an 8, the hopsital confirmed this when I wrote to them, I think I paid something like $70 on the $500 difference, but the penalty was more than the amount, nearly $100 and yes I had to pay it. But then I am not smart enough to run the IRS or Treasury.

[Wil H]

Hey, stop whining, at least Geithner is an American, which is more than you definitively say about his boss...

[sunmars]

"At the end of the tax allowance form were the words, “I hereby certify that all the information contained herein is true to the best of my knowledge and belief and that I will pay the taxes for which I have received tax allowance payments from the Fund.” Geithner signed the form. He accepted the allowance payment. He didn’t pay the tax. For several years in a row." This could be treated as fraud as obtaining funds falsely and he only paid up when caught, the guy is as crooked as they come.

[P-Marlowe]

WHY did they waive penalties?????

Because he will soon be authorizing their pay scale and determining who gets promoted and who gets the ax.

[P-Marlowe]

I once sent a check to the IRS for $3000 for underwitholding of taxes and some numbskull data processor plugged it in as a $300 payment.

The check was cleared for $3000 and I later received a bill from the IRS for $2700 plus $300 in penalties and was told that interest on the $3000 balance was accumulating at some ridiculous double digit rate.

It took me six months of wrangling with my bank and some idiot clerk at the IRS to get them to acknowledge that they received the full $3000 but even after they acknowledged their mistake, they never waived the penalty or the interest (because when they finally posted the additional $2700, it was a "late" payment) and then I had to cut them a separate check for about $400 for penalties and interest to get them off my back.

I guess since I wasn't a congressman or a candidate for Treasury Secretary, they treated me like they would treat anyone else.

[Polybius]

"Raw capitalism" if there is such a thing, and if it means "capitalism without morals," (I'm not sure what else it could mean) will indeed kill itself and even Marx knew it. The solution, of course, is to have a marketplace made up of moral players.

There is no such thing as any group of meaningful size that is composed solely of saints or even merely moral players. .

Even Jesus could not manage to form such a group.

The bottom line is that ANY group, be it Government or business or church or even your own family will contain certain individuals who will screw you over for their own benefit if given half a chance.

The Roman Republic and the Founding Fathers both understood this and therefore put systems of "Checks and Balances" in place. Once the system fails, there is Hell to pay.

That is why you will not find me in the camp that claims that business works best if left totally free to do as it pleases.

When business is left free to do that, there will be no shortage of individuals who will gladly sell to your mutual fund, for a fat commission, mortgages that have been written out to deadbeats without a job that will never be paid back and that they KNOW will never be paid back. Then, the following month, they will do it all over again for more commissions.

We are now in the financial mess we are in because there were not enough Checks and Balances in place to prevent those people from committing the financial equivalent of knowingly selling E. coli infected meat.

In God We Trust.

Everybody else needs to function under a system of Checks and Balances.

That is not "Socialism". That is plain common sense.

"Socialism" is when you have too many Checks and not enough Balance.

[victim soul]

Anyone who cannot handle honestly his own personal funds should have nothing to do with handling ours.

Why do the Republicans have to say anything? Where are the so called Blue Dog Dems?

[spokeshave]

So, is the reimbursement considered taxable income?

Yes....

and he needs another "payment" to pay the tax on it....for which he is additionally taxed.

[SunkenCiv]

under yon bus with thee!

Choice for Treasury secretary admits he failed to pay taxes
KC Star | 1/14/09 | BRETT J. BLACKLEDGE AP
Posted on 01/14/2009 5:38:00 AM PST by spintreebob
http://www.freerepublic.com/focus/f-news/2164330/posts

[Theodore R.]

Has a crook been nailed, or are American people too crooked to notice?

[668 - Neighbor of the Beast]

What’s wrong with people? Well, there are now laws against every little thing. You can’t even tar and feather a crook anymore. You need a permit just to gather and holler at him, and what’s the use of that, he has no shame.
People who are capable of forming an angry mob, will inherit the earth. And that ain’t us.

[Theodore R.]

The American people like the IRS because it deals mostly with “rich people” unlike themselves. Your problem is ultimately your fellow Americans.