The drama involving Timothy Geithner continues. His nomination as Treasury secretary has been delayed by his past failure to pay taxes and that is a lowdown, dirty shame. He said that it was a mistake, but the International Monetary Fund begs to differ. Apparently, Geithner was repeatedly advised in writing by the IMF that he owed Social Security and Medicare taxes on the income he earned at the organization between 2001 and 2004.
Questions over his initial failure to pay more than $34,000 in taxes are clouding his prospects for confirmation. The Senate Finance Committee postponed Geithner’s confirmation hearing for the second time this week on Wednesday. It’s now scheduled for next Wednesday, which means President-elect Barack Obama will take office without a Treasury secretary amid the biggest financial crisis in decades.
Here is what I cannot understand. How did Barack Obama’s vetting team missed this? Did they think that it wasn’t a big deal? If so, that is preposterous. It is a big deal. If this man had to be reminded several times by the IMF about his affairs and he did nothing, he does not need to be at the helm of the Treasury department. Imagine what he would do with our money. Geithner acknowledged in writing that he claimed a child care credit for his kids’ summer camp fees. Geez, isn’t that cheating? He also didn’t pay a 10 percent penalty on early withdrawal from a tax-exempt retirement account. Sounds like cheating to me. Why is it that some rich folks are content on finding ways to cheat the system while the IRS tries to scare poor folks? This is strike two for the Obama team. Governor Bill Richardson decided to decline the nomination for Commerce Secretary after the investigation heated up.
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Filed under: Barack Obama, Commerce Secretary, Gov. Bill Richardson, International Monetary Fund, Medicare, Social Security, Taxes, Timothy Geithner, Treasury Department, Vetting Team
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