Timothy Geithner, the newly nominated candidate for Secretary of the Treasury, who many claim is a financial genius and the only person who can stave off financial disaster, somehow “forgot” to pay his own quarterly Social Security and Medicare taxes for at least 3 of the last 8 years. He is having difficulty coming up with an adequate explanation of this “oversight” for his Senate confirmation hearings (probably because there really isn’t a good reason):
What senators learned at the gathering was not only that Geithner had failed to pay self-employment taxes during his time at the International Monetary Fund. They learned that the IMF had repeatedly informed Geithner, as it had all its employees, of his obligation to pay that tax. They learned that Geithner signed documents saying he would pay the tax. And they learned that Geithner accepted IMF reimbursement for Social Security and Medicare taxes that he had not, in fact, paid. Geithner paid part of his obligation after a 2006 Internal Revenue Service audit, and the rest of it after he was nominated to become treasury secretary. In all, he paid $42,702 in back taxes and interest. In addition to his payment of the unpaid self-employment taxes, Geithner also had to pay $5,566 to cover other shortfalls in his tax payments, for a total of $48,268 in back taxes and interest. — Byron York in National Review
Now, when our soon-to-be Messiah President says “it was an honest mistake that could happen to anybody”, I must strongly disagree. For 20 years, I was in a position where I had to make just those kind of filings and payments. I too had to sign a quarterly statement, under penalty of perjury, certifying that I had indeed made such payments. I also knew darn well that if I didn’t make said payments, it would eventually catch up with me and I would end up in jail… instead of nominated for, and likely to be confirmed as, the person with the most power over the entire US economy in history.
Guess I just didn’t steal enough money to be “too big to fail!”