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Old 01-08-2010, 07:54 AM
 
Location: Land of debt and Corruption
7,526 posts, read 7,194,115 times
Reputation: 2845

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Quote:
Originally Posted by saganista View Post
You don't deserve a break. Neither does anyone else who goes around mouthing tax-cheat, tax-cheat, tax-cheat over and over again, when mistakes like Geithner's are being made by upstanding Americans of every sort by the thousands every year. Maybe that's not something that folks who simply file a 1040-EZ every April can relate to, but it's the fact.
A 3-4 year mistake totalling $34k?? Made by someone who is in charge of the Fed Reserve? THIS is his JOB. I don't buy for one second that it was a mistake. It was an intentional mistake if anything.
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Old 01-08-2010, 08:14 AM
 
19,183 posts, read 28,328,017 times
Reputation: 4002
Quote:
Originally Posted by whatyousay View Post
It's the big daddy complex the Obama admin has. They do our thinking for us so we don't have to. We don't need to hold them accountable for anything, because they never do wrong.
This is flimsy even by your standards. As Obama said during his address to a joint session of Congress, if you have serious ideas, put them forward. They should be considered. In an act of symbolism that couldn't have been more apropos of the current state of the Republican Party, right-wingers were down there in their seats en masse waving sheafs of paper at him that didn't actually have anything written on them. Just blank sheets of paper.

Quote:
Originally Posted by whatyousay View Post
FTR, Geithner didn't have a "one-time" oops tax slip up. It was from 2001-2004 I believe and a $34,000 tax liability he simply "forgot" he owed. And this is the guy we want heading up the FED???
It was indeed a one-time oops that he and Turbotax simply repeated in updating his returns from one year to the next. Geithner was originally audited in 2006 and the error -- a fairly common one among Americans working for international institutions -- was found in both 2003 and 2004. He paid back taxes and interest. Penalties were waived by the IRS in light of how common the error is. Subsequently, Geithner discovered the error in 2001 and 2002 also. Because of the 3-year IRS limitation, he was uinder no obligation to correct those returns, but did so anyway, again paying all back taxes plus interest.

By the way, Geithner is Secretary of the Treasury. He does not head up the Fed.
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Old 01-08-2010, 08:34 AM
 
19,183 posts, read 28,328,017 times
Reputation: 4002
Quote:
Originally Posted by pghquest View Post
My god...It was just an innocent mistake.. I guess the only logical thing to do now is "cheat", I mean make honest mistakes on our taxes...
Go right ahead. You'll get a letter back from the IRS. I've received several of them myself over the years, usually regarding AMT calculations. Do be sure that you have developed some innocent explanation for how your "mistake" could have occurred, however. Without one of those, you'll be socked with what can be quite uncomfortable penalties.

Quote:
Originally Posted by pghquest View Post
Now that we got that cleared up, I guess it couldnt be logical to make the tax codes easier for people to follow....
The tax code is complicated because the economy is complicated. To some degree, we will always have to live with the former on account of the latter. That said, most people might agree that simplification and clarification of the code and of the filing procedures that it requires could be accomplished. That "could" however gets complicated in practice by the insistence of ideologues upon being included in the process and their subsequent muddying of the waters with all manner of impractical and otherwise foolish ideas. This leads many to think that we are as well off in simply living with what we've got.
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Old 01-08-2010, 08:42 AM
 
23,851 posts, read 19,802,302 times
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Interesting how certain threads pull certain posters' out of the woodwork to do damage control. It's almost as if he/she has been purposely dispatched to tamp down the criticism of anything Fed-related.

It's a disturbing pattern, and it certainly hasn't escaped notice.
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Old 01-08-2010, 08:43 AM
 
69,372 posts, read 55,357,998 times
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Quote:
Originally Posted by saganista View Post
Go right ahead. You'll get a letter back from the IRS. I've received several of them myself over the years, usually regarding AMT calculations. Do be sure that you have developed some innocent explanation for how your "mistake" could have occurred, however. Without one of those, you'll be socked with what can be quite uncomfortable penalties.
The ONLY letter I've received back from the IRS in 20+ years of taxes is one which the IRS claims I OVERPAID because I didnt claim a credit I was due, and they were sending me a refund.. Never once have I ever underpaid. The fact that you've gotten several letters back from the IRS is quite comical considering you call us "common folks" too stupid to understand basic things like "AIG PAID $X to bank Y"..
Quote:
Originally Posted by saganista View Post
The tax code is complicated because the economy is complicated. To some degree, we will always have to live with the former on account of the latter. That said, most people might agree that simplification and clarification of the code and of the filing procedures that it requires could be accomplished. That "could" however gets complicated in practice by the insistence of ideologues upon being included in the process and their subsequent muddying of the waters with all manner of impractical and otherwise foolish ideas. This leads many to think that we are as well off in simply living with what we've got.
Ahh no, the tax code is complicated because tax code is written and then everyone has to have special exemtions for x, y, z.. My income and expense isnt difficult to figure out, nor is my yearly net profit.. My net tax liability should be just as easy as running out out on a spreadsheet.. Dont worry, I'm anxiously awaiting your reply to tell me how stupid I am for wanting taxes easier to compute, after all, I think it would be easier to pay a straight tax than to jump through the 10,000 pages of taxcodes I jump through to avoid it..
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Old 01-08-2010, 08:44 AM
 
Location: Land of debt and Corruption
7,526 posts, read 7,194,115 times
Reputation: 2845
Quote:
Originally Posted by saganista View Post
This is flimsy even by your standards. As Obama said during his address to a joint session of Congress, if you have serious ideas, put them forward. They should be considered. In an act of symbolism that couldn't have been more apropos of the current state of the Republican Party, right-wingers were down there in their seats en masse waving sheafs of paper at him that didn't actually have anything written on them. Just blank sheets of paper.


It was indeed a one-time oops that he and Turbotax simply repeated in updating his returns from one year to the next. Geithner was originally audited in 2006 and the error -- a fairly common one among Americans working for international institutions -- was found in both 2003 and 2004. He paid back taxes and interest. Penalties were waived by the IRS in light of how common the error is. Subsequently, Geithner discovered the error in 2001 and 2002 also. Because of the 3-year IRS limitation, he was uinder no obligation to correct those returns, but did so anyway, again paying all back taxes plus interest.

By the way, Geithner is Secretary of the Treasury. He does not head up the Fed.
SOT, duh. A one-time error does not repeat itself over four years of time however. And, he had the help of an accountant as well. He also didn't initially pay the back taxes from 2001-2002 until it looked like a treasury confirmation hearing was possible. Whereas you see no malintent, I feel that he was trying to evade paying the tax on that earned income.
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Old 01-08-2010, 08:44 AM
 
19,183 posts, read 28,328,017 times
Reputation: 4002
Quote:
Originally Posted by whatyousay View Post
A 3-4 year mistake totalling $34k?? Made by someone who is in charge of the Fed Reserve? THIS is his JOB. I don't buy for one second that it was a mistake. It was an intentional mistake if anything.
It's a good thing you don't let your heart rule your head. First of all, it was $43K all told, not $34K. A total of $17,230 was repaid in response to the original IRS audit for the tax years 2003-04, and a total of $25,970 was voluntarily paid by Geithner to correct his returns for the tax years 2001-02. At the time those returns were filed, he was a consultant at the International Monetary Fund, not President of the FRBNY.

You don't buy it as a mistake on the basis of what? A personal animus towards those currently working within the Obama adminstration isn't really much to go on, you know.
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Old 01-08-2010, 08:49 AM
 
69,372 posts, read 55,357,998 times
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Quote:
Originally Posted by saganista View Post
At the time those returns were filed, he was a consultant at the International Monetary Fund, not President of the FRBNY.
So what your claiming is that Obama nominated someone unqualified for a position to regulate tax codes that he himself did not understand. What his position WAS at the time is irrelevant, it points out his qualifications for his NEW position, or lack of qualifications in this instance.
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Old 01-08-2010, 08:49 AM
 
146 posts, read 131,580 times
Reputation: 47
^^^ The fed police have been dispatched to spread more propaganda. The circle jerk is getting old.
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Old 01-08-2010, 08:50 AM
 
146 posts, read 131,580 times
Reputation: 47
That was meant for the post above yours pgh...
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