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January 15th, 2009
09:14 AM ET

Why Geithner is a big deal

[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2009/POLITICS/01/14/transition.wrap/art.obama.afp.gi.jpg caption="Barack Obama's team says Tim Geithner, left, quickly addressed the mistakes he made."]

The Wall Street Journal

Washington is abuzz over Treasury Secretary-designate Timothy Geithner's $34,000 self-employment tax "mistake." The brouhaha has prompted a second delay for Mr. Geithner's confirmation hearing, which was originally scheduled for Friday but will now be put off until after the inauguration.

When he does appear, Senators will want to know how a reputed financial wizard could have overlooked his Self-Employment Tax liability for four years. All the more so because he had signed a document from his employer at the time, the International Monetary Fund, certifying "that I will pay the taxes for which I have received tax allowance payments." Democrats are saying this is no big deal, but if that's true then perhaps they should consider applying their tax absolution a little more broadly.

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Filed under: Barack Obama • Economy • Presidential Debate
soundoff (7 Responses)
  1. eual

    thats our government ( Is this ive sinned all over again) admit your
    wrong doing and we are supposed to forgive him .if he forgot his own
    what would he do with our money. I thought the new president yall elected was going to (CHANGE) the way this country was run.

    January 15, 2009 at 11:46 am |
  2. Michelle

    I am with you John B. I think the GOP must think
    Americans were asleep and the last 8 years did
    not happen. The public is with PE Oabama
    because he is taking on the establishment.
    Come Tuesday a new era begins.

    January 15, 2009 at 11:25 am |
  3. xtina, chicago IL

    Timothy Geithner is stepping into public office, already a tax cheat . So much for change.

    January 15, 2009 at 10:55 am |
  4. Annie Kate

    Whether you use an accountant or not to do your taxes the ultimate responsibility of filing them and being sure they are accurate, complete, and have the appropriate documentation is solely up to you. I agree that the amnesty extended to Geithner should be extended to all first time "offenders" of the gap. It is only fair and it encourages people to be more willing to fess up when they have made a mistake knowing that they won't be penalized for far more than the taxes would have been to begin with.

    January 15, 2009 at 10:44 am |
  5. John B.

    I find it ironic that after 8 yrs. of what some call the most corrupt administration in the history of the Republic that the Republicans are now so critical of Obama's pics for his administration. They expect perfection from the Dems but not their own party officials. They once again prove to be hypocrits just like they were during the campaign.

    January 15, 2009 at 10:18 am |
  6. Michelle

    Well it appears he is not alone with tax issues
    when it comes to Treasury Secs, like say Paul
    O.neil who also had a tax issue. Last i check I
    think his name is on some American currency
    that is out there.

    January 15, 2009 at 10:15 am |
  7. Max

    HE did address this – blame his accountant????

    Maybe that accountant will be doing some FREE taxes this year????

    January 15, 2009 at 9:42 am |
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