by Daniel T. Zanoza, Executive Director
I'm really getting tired of saying this, but the situation surrounding Barack Obama's presidency would be funny, if it wasn't so sad.
If you haven't heard the latest, supposed financial genius, Timothy Geithner, was confirmed by the Senate Finance Committee by a vote of 18 - 5 on Thursday morning. Geithner was nominated by Obama to be the new Secretary of the Treasury. This all sounds well and good so far, doesn't it? However, there is a little problem of Geithner being a tax scofflaw. Indeed, if it weren't for the fact Geithner was nominated by Obama for the Treasury position, he would still owe the IRS somewhere around $34,000 and Geithner would probably be a better candidate for a TV show, America's Most Wanted, perhaps? But Geithner did the right thing. I'm sorry, let me put it this way. Geithner did what he had to do and paid two years worth of unpaid back taxes. However, he did not pay for the two other years he owed because the statutes of limitations had run out. Huh?
I'm not kidding. The individual who will be the Secretary of the United States Treasury which, by the way, oversees the Internal Revenue Service, only paid his taxes because he had to. What a fine example he should make for the American taxpayer. No wonder they call him a genius. Oh, the reason why Geithner will probably be confirmed to the Treasury post is because the man is simply too intelligent to let go. According to the Obama and media spin machines (same thing), it is worth putting a scofflaw in charge of the nation's monetary system--if he is brilliant. I guess the test was since Geithner could get away with dodging the IRS, he was well qualified to run that government body.
Yes, it sounds like madness, but there's more. In the year 2007, the government was owed approximately $290 billion from those like Geithner who either forgot, refused or didn't pay their taxes for whatever reason. The money Geithner owed stemmed from income he received while self-employed. Geithner also wrongfully deducted an expense related to his children's sleep-away camp--to make matters worse. Please remember, this man is a "genius" who will now have control over literally trillions of dollars when he is confirmed as the U.S. Treasury Secretary.
Now, if you expected Geithner to receive the grilling of his life from the Senate Finance Committee, you were wrong. Sen. Chuck Grassley (R-Iowa) called Geithner's situation "problematic". Wow! That's brutal. Some other Republicans asked Geithner about his failure to understand the American income tax system, one saying it was a reason for the IRS code to be reformed. Yep! Some screwy Republicans tried to use Geithner's tax evasion...oops, sorry for telling it like it was...to score political points regarding the tax code. Amazing, isn't it?
I just couldn't watch any more after John Kerry said he was voting for Geithner ten minutes into the hearing and before the Massachusetts senator had an opportunity to ask a question. It was obvious the fix was in. The Senate Finance Committee hearing was nothing more than a dog and pony show for us idiots (the American public) who thought some serious questions would be asked.
I wonder what would happen to an average citizen who only paid his taxes after getting a letter from the IRS or before undergoing a background check, in order to take a new job with the government.
Folks, this man didn't pay for two years of taxes that he owed because the clock had run out on the statutes of limitations. I know I said this before, but it's so remarkable it bared repeating. I wonder what would have happened to a Bush nominee who did the same after Bush's re-election in 2004. We all know the answer to that question. But this is the Barack Obama White House. A government which once operated as a democratic republic is quickly evolving into a monarchy or worse.
Yes, Mr. Geithner will soon be confirmed as the monetary guru of the land. The full Senate will have to vote on his confirmation.
In the mean time, the rest of us scratch our heads and try to get ready for April 15th. However, perhaps there is a new loophole called the "Geithner Clause." Is anybody willing to try it out?
For a list of U.S. Senate Finance Committee members, go to: http://finance.senate.gov/sitepages/committee.htm
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