Thursday, January 15, 2009

This would never happen to you or me

"LA Times: Though he was a prodigy in the world of economics, Timothy F. Geithner underwent an IRS audit in 2006 and ended up paying back taxes for a mistake in two years' worth of filings. That was embarrassing enough.

But just as he was about to be named to head the Treasury Department, a more awkward fact came to light: Geithner had made the same error in two earlier tax years and failed to fix it even after the audit."

Someone at IRS gave Geithner a pass Go, do not go to jail card, because he was too big to fail. It was the Obama team vetting him that found the error. The IRS let him off the hook. Another too big, too brilliant to fail, Washington insider. When will we learn? We are about to have a tax crook as head of Treasury! Wasn't this Madoff's problem? Wasn't this the story with the Indian Enron guy? [B. Ramalinga Raju of Satyam] A different set of rules for our buddies? The little guy is hounded, charged interest, and fined for even a minor infraction of "forgetting" a tax rule. When our son needed to dip into his IRA a few years back to pay his bills, he carefully (he thought) paid the penalty and taxes due. But something was overlooked (don't ever try to figure out those rules without an accountant or lawyer), and shazam, down came the IRS on him 2 or 3 years later with a fine and interest. He had the additional cost of hiring a lawyer. Geithner gets into trouble, and the IRS doesn't even follow through. Dual set of rules. And then there's the domestic staff issue. Why do all these Democrats get caught by this? Why can't they figure out why that domestic is such a bargain? Wasn't that a Clinton staffing problem too.

And all these Democrats and media talking heads excusing him for being "sloppy," or "overlooking" something. Would they be so kind to a Republican appointee, or even my son?

1 comment:

Anonymous said...

"The nomination of a man who has cheated on his taxes to become Treasury Secretary “doesn’t pass the straight-face test,” Bauer said. “If this were a Republican cabinet nominee, he would be in deep trouble, even in a Republican-controlled Senate.” [Gary Bauer]