It's racism! The honkie gets away with it while muh man, Wesley Snipes is incarcerated for it.

The statute had run on those two years when he was audited by the IRS. He was under no legal obligation then (when audited) or now to pay those taxes.

This kind of thing happens all the time. Assume you are one of those FNIAs who prepares their own return and innocently (or not) mishandles reporting something on your return year in and year out. IRS audits you and adjusts your returns. If there is no indication of fraud, the statute of limitations is three years. So, who here would go back, oh, say six more years and pony up all those taxes when not legally required to ?? I wouldn't advise someone to.

From what I gather, he did include these IMF payments in income, but did not report them as payments subject to S/E tax. So, the Government lost out on the medicare tax portion (2.9%) of his IMF payments. (I assume his salary with the Fed Reserve is subject to FICA and his earnings were over the FICA limits, which in those years was 80,400 and 84,900. )

That said, I doubt he's the ONLY guy in America who can fill the position of Treas. Sec. If he is, we is in trouble.

That is about as kind of a spin as can be put on the situation. He KNEW==His employer met with everyone to insure they were aware, and according to one report, even paid extra income to cover the expected taxes.
If he gets the nomination it is an indication of business as usual.

How long until we pine for the good ole days of the W administration?

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1982 300SD " Wotan" ..On the road as of Jan 8, 2007 with Historic Tags

Not really spin, just an explanation of how the law is written.
But, yes, he was informed of the proper tax treatment and still mishandled it. I don't know if it ever came out if he prepared his own returns or had an accountant prepare it. At least he could claim the "Oops" defense. The " I didn't look it over before I filed it" excuse! Blame my accountant.

But if he did,as you relate, pay extra income (taxes) to cover the expected taxes", it seems like he was acting in good faith originally and later, when he prepared it, he goofed up.

As a CPA, I don't think it's a big deal. I don't have a problem giving him a pass on this. And I'm not exactly what you would call a Democratic Supporter.

He did not pay; his employer paid him extra to compensate for the extra taxes.
If my employer decides to give me a $5000 bonus, they check I get is somewhat less, say about $3300. This is because they with held the taxes. If they gave me a $5000 check for the bonus, and then another $2000 check for the taxes, it would approximate what Geithner rec'd.

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1982 300SD " Wotan" ..On the road as of Jan 8, 2007 with Historic Tags

MS,

Your post was not clear to me, I took it to mean the HE paid extra taxes to the Govt to cover his IMF income. And I haven't read into what actually occurred.
If the IMF paid him "extra" to cover his "extra taxes", the extra reimbursement is also subject to income and self-employment tax. So, if the boss gives you 5,000 and then another 2,000 "for the taxes", you have 7,000 of taxable income. I'm sure you agree with that.

Regardless, I still give him a pass. Probably an innocent mistake. I wouldn't assume that his position in the Fed. Reserve gives him any more expertise or interest in the Code than anyone else.

I may be wrong, but I'll be surprised if his name is added to the Confirmation Hall of Shame, including Zoe Baird, Kimba Wood, Clement Hainsworth, and "Judge Mediocracy", G Harold Carswell , to name just a recent few.
And I'll live with it....

Thanks for your informed and unbias assessment.

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MBlovr
'59 180 Dad's original
'59 180 Dad's 2nd one
'67 250SE Dad's last one
'59 220 SE My first one
'62 220SE Coupe second one
'89 190E 2.6 5spd third one
'06 E350 4matic (sold)
'10 E350 4matic

My dog ate my tax return........

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Palangi

2004 C240 Wagon 203.261 Baby Benz
2008 ML320 CDI Highway Cruiser
2006 Toyota Prius, Saving the Planet @ 48 mpg
2000 F-150, Destroying the Planet @ 20 mpg



TRUMP .......... WHITEHOUSE
HILLARY .........JAILHOUSE
BERNIE .......... NUTHOUSE
0BAMA .......... OUTHOUSE

Not get away with it, got promoted!


People say, 'didn't pay his taxes' because that sounds obviously terrible. People don't say, 'didn't pay 2.9% of his taxes'.

Honestly though, there's not a very limited number of people who can fill the job. But, only a very limited number of people's opinions matter when determining who's good for the job. And those people don't pay their taxes either. The business elite are really the ones who do the confirmation, and they did it already.
IOW, he's not the fox guarding the henhouse, he's the fox guarding the other foxes.

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1984 300TD