Saturday, January 17, 2009

Save Thousands in Taxes with an “honest” mistake

It has never been more obvious than now, that we live in a society of haves and have nots.  The nominee for Secretary of the US Treasury did not pay taxes for several years and when he got caught in an audit, he paid only the back taxes that the auditors found, not all of the taxes that he knew about.  On top of that, he was not fined, no penalty.  If you don’t think we have a double standard between public figures and regular, non celebrity-type citizens try that and see how you are treated in the federal pen.

But that is not the end of this guys sordid tale.  The WSJ points out a few more “goofs” of this supposed genius:

“Other tax issues also surfaced during the vetting, including the fact Mr. Geithner used his child's time at overnight camps in 2001, 2004 and 2005 to calculate dependent-care tax deductions. Sleepaway camps don't qualify.

Amended tax returns that Mr. Geithner filed recently include $4,334 in additional taxes, and $1,232 in interest for infractions, such as an early-withdrawal penalty from a retirement plan, an improper small-business deduction, a charitable-contribution deduction for ineligible items, and the expensing of utility costs that went for personal use.

The other cloud for Mr. Geithner involved an immigrant housekeeper whose work-authorization papers expired during her tenure working for Mr. Geithner. “

It takes some real audacity to try to deduct your kids summer camp.  Sure some accountant could have prepared his paperwork for him, but once again try that excuse with your tax  filings.  You and you alone are responsible for what goes on your tax forms. 

The other real kicker for me is the fact that this financial whiz took an early withdrawal from his retirement plan and lied about it to the IRS.  That action calls into question not only his honesty, but his money management skills.  After all this is no run of the mill, inconsequential nominee, this guy is going to oversee the IRS!!!  And all of our tax dollars in US Treasury.

His defense is simply that all of this was an “honest mistake”.

The guy can’t manage his own personal finances let alone oversee the finances of the country.  This is the change that we have been promised??  This is considered acceptable behavior by BHO??  What would be unacceptable?

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