From his unprecedented power grabs to his personal income taxes,
Timothy Geithner has made a career of bending the rules and
threading the needle.
(Page 4 of 4)
He’s not Bernie Madoff, the fraudster who ran a Ponzi scheme;
he’s Andrew Fastow, the Enron accountant who followed the rules but
always delivered the requested result. Geithner knows where he is
and knows where he or his bosses want to get—and he finds the way
that the rules will allow it. This is why he’s Secretary
Loophole.
Remember, President Obama pledged in his inaugural address to
“remak[e] America”—not “rebuild” or “renew” America or “remake”
government, but to remake the country. He has pledged to “discover
great opportunity in the midst of great crisis.” Timothy Geithner
put the same ambitious notions in less soaring rhetoric last June:
“the severity and complexity of this crisis makes a compelling case
for a comprehensive reassessment of how to use regulation to strike
an appropriate balance between efficiency and stability.” In other
words, Geithner is on board with this whole project of “remaking
America.” Expanding government’s power is at the heart of this
remaking project.
Surely Congress will give Treasury and the administration new
powers in the coming months and years, but it’s just as sure that
Geithner will, on his own, find some other new executive powers,
maybe dwelling among the penumbras and emanations of the law, as he
has in the past.
Timothy P. Carney is a columnist for the Washington Examiner and the author of The Big Ripoff: How Big Business and Big Government Steal Your Money (Wiley).
Threading a needle through a loophole? The payroll tax matter was
one of smashing an M1-A1 tank through a building.
Much as there has been populist and right-wing snark against Mr.
Daschle getting a limo and not counting that as income, the
average person out there, who admittedly doesn't get a free limo,
can at least sympathize with getting some non-monetary freebie.
Tell me that no one here has not put Frequent Flier miles to
personal use (my reading of the tax rules is that there is an
exemption for Frequent Flier miles being taxable income, and that
is probably the result of airline lobbying).
Secretary Sibelius has also been the target of criticism for
whatever tax problem she had. But her problem involved
deductability of mortgage interest when her house was in some
kind of post-sale limbo, and this kind of gray-area tax problem
can happen to any of us.
But as to Mr. Geithner, there was not gray-area or "I forgot to
enter it" or "TurboTax made me do it" excuse that works here. It
has been reported that the HR people where he worked took people
aside and told them they had to pay the tax. And we are not
talking about the Income Tax here. We are talking the Payroll
Tax, you know, that regressive tax on working stiffs who would
not otherwise have any withholding from their meagre paychecks,
that tax that funds Senior Citizens through the Third Rail of
American Politics: Social Security and Medicare.
I mean here is the head of the Treasury which is in charge of the
IRS. Maybe this is a "it took Nixon to go to China" matter.
Perhaps Geithner is the only person with the moxie for the
financial crisis, and it took a left-liberal President to put him
in charge as a right-conservative President would never be
allowed to to this.
Tim| 5.15.09 @ 2:26PM
Dr Ray Stantz: Personally, I liked the university. They gave us
money and facilities, we didn't have to produce anything! You've
never been out of college! You don't know what it's like out
there! I've *worked* in the private sector. They expect
*results*.
Twitted by Lyn_Sue This post was Twitted by Lyn_Sue - Real-url.org @rushlimbaugh, RT @KatyinIndy Sec Loophole http://bit.ly/d4dMR Geithn http://twitter.com/Lyn_Sue/statuses/1810890776
D. Smith| 5.15.09 @ 11:36PM
Interesting, insightful dissection of Tiny Tim, omitting one of
his more creative interpretations of IRS filing of taxes. Did
TurboTax tell him it was OK to call posh summer camp tuition for
his kid "child care"?
In my opinion, this kind of penny-ante skirting of paying one's
taxes requires a criminal mind with the sensitivity of a
safe-cracker. A perfect fit for the Obama Administration.
Every time I hear of Geithner's avoidance of four years of IMF
taxes, I think anyone who calls summer camp "child care" and gets
away with it can get away with anything with the
asleep-at-the-wheel IRS. How about private school tuition, is
that child care, too?
Just wait until we get Souter's replacement. We will have plenty
to howl about, then. A Supreme Court Justice chosen based on
empathy, compassion and having "been there". Describes Oprah,
doesn't it? You don't have to be a lawyer to be a Supe.
FAQ Other Writings PDA Terms of Use Backup RSS « DENVER POST: Dems red-faced over veteran imposter. “He spoke at a Barack Obama veterans rally in f… May 16, 2009 TIM GEITHNER: “Secretary Loophole?” (Via NewsAlert). Posted at by Glenn Reynolds at 7:22 am Sic gorgiamus allos subjectatos nunc! Making even the dumbest sh** interesting! -- Oxblog "Glenn also has a rather dry sense of humour,…
…Secretary Loophole”?? This article shines a FLOODLIGHT on the US Treasury Secretary. America needs to know what Geithner has been up to! From: The American Spectator http://spectator.org/archives/2009/05/15/secretary-loophole/ Secretary Loophole By Timothy P. Carney from the May 2009 issue When Timothy Geithner worked at the International Monetary Fund, he managed a feat that probably very few…
elHombre| 5.16.09 @ 12:21PM
Cheaters and criminals. The Chicago Way. The Obama Way.
…worked at the International Monetary Fund, he managed a feat that probably very few Americans have even contemplated: he got himself reimbursed by his employer for taxes he never paid. via The American Spectator : Secretary Loophole. This entry was posted on May 16, 2009 at 4:57 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or…
2Guns, AZ| 5.16.09 @ 7:00PM
'nuff to make you sick, ain't it. And to think the Demo's called
Bush II a culture of corruption.
…article shines a FLOODLIGHT on the US Treasury Secretary. America n eeds to know what Geithner has been up to!  From: The American Spectator http:/ /spectator.org/archives/2009/05/15/secretary-loophole/ Secretary Loophole By Tim othy P. Carney from the May 2009 issue  When Timothy Geithner worked at the In ternational Monetary Fund, he managed a…
…article shines a FLOODLIGHT on the US Treasury Secretary. America n eeds to know what Geithner has been up to!  From: The American Spectator http:/ /spectator.org/archives/2009/05/15/secretary-loophole/ Secretary Loophole By Tim othy P. Carney from the May 2009 issue  When Timothy Geithner worked at the In ternational Monetary Fund, he managed a…
Netizen19380| 5.29.09 @ 6:09PM
An Open Letter to American Government and Business:
Okay, that’s it; why does the United States continue to deal with
China?
Our nation has been subtly at war with China. Communist China has
already breached the borders of Capitalist America, in many ways.
And their insidious “attacks” have been deadly. America needn’t
even engage in a military war with China, China has already
successfully attacked American families in their very homes.
China has assaulted us through the avenues of our own
consumerism:
- China has killed our pets, with inferior tainted petfood.
- China has killed our elderly and sick, with inferior tainted
drugs.
- China has sickened our children, with inferior lead and toxin
laden toys.
- China has destroyed our newly-constructed homes values, with
inferior tainted drywall.
- China has destroyed our job base, through outsourced
manufacturing jobs.
- China mocks fair trade, by perennially running trade imbalances
with the U.S.
- China damages our digital data, through state sponsored cyber
attacks and censorsoring our companies.
- China has stolen our personal identities, through online
identity theft.
- China steals our stories, by wantonly ignoring copyright
laws.
- China continues to flagrantly harm the global environment; by
poor pollution controls, by on-lining coal-burning power plants
one-a-week and by dumping cheap plastic goods the world
over.
- China ruins economies the world over, by keeping their own
currency’s value artificially low.
- China despises the American Dollar, China wants to no longer
base the International Monetary Fund currency on the U.S.
Dollar.
- ...and ultimately China could very easily behead our economy,
when they call in the U.S. debts which they hold.
Capitalist America has undermined itself in the short-run by
“selling out” to Communist China, at the long-term expense of
having a robust American economy. China is no friend the the
United States. Ultimately, if America wants to reverse it’s
decline during this 21st century, American government and
business leaders must help our nation by limiting and eliminating
many imbalanced policies and dealings with China. No excuses, no
gray areas. Period.
…106 Show more Shortened Links Linking to the spectator.org page http://bit.ly/16ATcQ info http://tinyurl.com/qk4n52 http://bit.ly/aSRaG info http://is.gd/A6Gv 13 tweets Tweet The American Spectator : Secretary Loophole spectator.org/archives/2009/05/15/secretary-loophole – view page – cached When Timothy Geithner worked at the International Monetary Fund, he managed a feat that probably very…
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Paul Milenkovic| 5.15.09 @ 11:08AM
Threading a needle through a loophole? The payroll tax matter was one of smashing an M1-A1 tank through a building.
Much as there has been populist and right-wing snark against Mr. Daschle getting a limo and not counting that as income, the average person out there, who admittedly doesn't get a free limo, can at least sympathize with getting some non-monetary freebie. Tell me that no one here has not put Frequent Flier miles to personal use (my reading of the tax rules is that there is an exemption for Frequent Flier miles being taxable income, and that is probably the result of airline lobbying).
Secretary Sibelius has also been the target of criticism for whatever tax problem she had. But her problem involved deductability of mortgage interest when her house was in some kind of post-sale limbo, and this kind of gray-area tax problem can happen to any of us.
But as to Mr. Geithner, there was not gray-area or "I forgot to enter it" or "TurboTax made me do it" excuse that works here. It has been reported that the HR people where he worked took people aside and told them they had to pay the tax. And we are not talking about the Income Tax here. We are talking the Payroll Tax, you know, that regressive tax on working stiffs who would not otherwise have any withholding from their meagre paychecks, that tax that funds Senior Citizens through the Third Rail of American Politics: Social Security and Medicare.
I mean here is the head of the Treasury which is in charge of the IRS. Maybe this is a "it took Nixon to go to China" matter. Perhaps Geithner is the only person with the moxie for the financial crisis, and it took a left-liberal President to put him in charge as a right-conservative President would never be allowed to to this.
Tim| 5.15.09 @ 2:26PM
Dr Ray Stantz: Personally, I liked the university. They gave us money and facilities, we didn't have to produce anything! You've never been out of college! You don't know what it's like out there! I've *worked* in the private sector. They expect *results*.
Pingback| 5.15.09 @ 6:35PM
Twitted by Lyn_Sue links to this page. Here’s an excerpt:
D. Smith| 5.15.09 @ 11:36PM
Interesting, insightful dissection of Tiny Tim, omitting one of his more creative interpretations of IRS filing of taxes. Did TurboTax tell him it was OK to call posh summer camp tuition for his kid "child care"?
In my opinion, this kind of penny-ante skirting of paying one's taxes requires a criminal mind with the sensitivity of a safe-cracker. A perfect fit for the Obama Administration.
Every time I hear of Geithner's avoidance of four years of IMF taxes, I think anyone who calls summer camp "child care" and gets away with it can get away with anything with the asleep-at-the-wheel IRS. How about private school tuition, is that child care, too?
Just wait until we get Souter's replacement. We will have plenty to howl about, then. A Supreme Court Justice chosen based on empathy, compassion and having "been there". Describes Oprah, doesn't it? You don't have to be a lawyer to be a Supe.
Pingback| 5.16.09 @ 7:22AM
Instapundit » Blog Archive » TIM GEITHNER: “Secretary Loophole?” (Via NewsAlert)…. links to this page. Here’s an excerpt:
Pingback| 5.16.09 @ 8:27AM
Tim Geithner: Our Treasury Secretary a.k.a. “Secretary Loophole”?? « Romanticpoet’s W links to this page. Here’s an excerpt:
elHombre| 5.16.09 @ 12:21PM
Cheaters and criminals. The Chicago Way. The Obama Way.
Pingback| 5.16.09 @ 1:01PM
Secretary Loophole « Depravity links to this page. Here’s an excerpt:
2Guns, AZ| 5.16.09 @ 7:00PM
'nuff to make you sick, ain't it. And to think the Demo's called Bush II a culture of corruption.
89543guns, wonderland| 5.17.09 @ 12:14AM
Wow, just think! Try it.
Pingback| 5.17.09 @ 1:16PM
Tim Geithner: Our Treasury Secretary a.k.a. âSecretary Loopholeâ?? | acorn 8 links to this page. Here’s an excerpt:
Pingback| 5.17.09 @ 1:17PM
Tim Geithner: Our Treasury Secretary a.k.a. âSecretary Loopholeâ?? | acorn 8 links to this page. Here’s an excerpt:
Netizen19380| 5.29.09 @ 6:09PM
An Open Letter to American Government and Business:
Okay, that’s it; why does the United States continue to deal with China?
Our nation has been subtly at war with China. Communist China has already breached the borders of Capitalist America, in many ways. And their insidious “attacks” have been deadly. America needn’t even engage in a military war with China, China has already successfully attacked American families in their very homes. China has assaulted us through the avenues of our own consumerism:
- China has killed our pets, with inferior tainted petfood.
- China has killed our elderly and sick, with inferior tainted drugs.
- China has sickened our children, with inferior lead and toxin laden toys.
- China has destroyed our newly-constructed homes values, with inferior tainted drywall.
- China has destroyed our job base, through outsourced manufacturing jobs.
- China mocks fair trade, by perennially running trade imbalances with the U.S.
- China damages our digital data, through state sponsored cyber attacks and censorsoring our companies.
- China has stolen our personal identities, through online identity theft.
- China steals our stories, by wantonly ignoring copyright laws.
- China continues to flagrantly harm the global environment; by poor pollution controls, by on-lining coal-burning power plants one-a-week and by dumping cheap plastic goods the world over.
- China ruins economies the world over, by keeping their own currency’s value artificially low.
- China despises the American Dollar, China wants to no longer base the International Monetary Fund currency on the U.S. Dollar.
- ...and ultimately China could very easily behead our economy, when they call in the U.S. debts which they hold.
Capitalist America has undermined itself in the short-run by “selling out” to Communist China, at the long-term expense of having a robust American economy. China is no friend the the United States. Ultimately, if America wants to reverse it’s decline during this 21st century, American government and business leaders must help our nation by limiting and eliminating many imbalanced policies and dealings with China. No excuses, no gray areas. Period.
- A Concerned American
Pingback| 8.31.09 @ 2:53PM
Twitter Trackbacks for The American Spectator : Secretary Loophole [spectator.org] o links to this page. Here’s an excerpt:
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