Barack Obama’s choice for Treasury Secretary, New York Federal Reserve Bank President Tim Geithner, was the author of the $700 billion bailout bill and the Bear-Stearns financial bailout. You would think that he would know when he’s supposed to pay his taxes; especially if he’s about to oversee the IRS in his new position, right?
Senators gathered Tuesday in an emergency meeting discussing the fate of Treasury nominee Timothy Geithner, who is under fire after a report that he neglected to pay payroll taxes for himself and employed a housekeeper whose immigration status had expired.
Social Security and Medicare taxes when he worked at the International Monetary Fund, The Wall Street Journal first reported this afternoon.(R-Iowa) raised questions today about the immigration status of the housekeeper, and is also questioning why Geithner did not pay
The Senate Finance Committee has known about Geithner’s tax problems since Dec. 5, but the details are just being made public now, Senate aides said. Finance Committee Chairman Max Baucus says Geithner made a “serious mistake” but adds that the allegations are not enough to “disqualify” Geithner from consideration.
All told, Geithner has paid off $42,702 in back taxes and interest for his failure to pay his self employment taxes between 2001 and 2004, but it’s worth noting that about $26,000 of that was paid just last November, right before his nomination papers were sent to the Senate Finance Committee.
“I believe that these errors, although serious, do not rise to the level of disqualification, Baucus said. “He’s an extremely competent man. The errors were, in my judgment, honest mistakes … The country needs a Treasury secretary quickly given the economic straits were in. In my judgement, these errors, although serious, were corrected immediately and do not rise to the level of disqualification. I hope very much that Mr. Geithner can be confirmed quickly before the president-elect is inaugurated.”
Hey Senator Baucus! What Flavor is Obama’s butt? The failure to pay employment taxes “do not rise to the level of disqualification??” It did for Bernard Kerik, Bush’s nominee for Homeland Security chief. Why not Geithner?
Interesting how this applies to Republicans, but NOT to Democraps and their nominees.