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Geithner's Tax History Muddles Confirmation - WSJ.com
http://online.wsj.com/article/NA_WSJ_PUB:SB123187503629378119.html[8/24/2010 6:00:21 PM]
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Geithner's Tax History Muddles Confirmation
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Obama's Cabinet
By JONATHAN WEISMAN
WASHINGTON -- Timothy Geithner didn't pay Social Security and Medicare taxes for severalyears while he worked for the International Monetary Fund, and he employed an immigranthousekeeper who briefly lacked proper work papers.
Those issues, and a series of other taxmatters, scuttled a tentatively scheduledconfirmation hearing Tuesday for Mr.Geithner as Treasury secretary, SenateFinance Committee aides said. The taxmatters were instead the subject of aclosed-door meeting between the nominee,currently president of the Federal ReserveBank of New York, and members of theSenate Finance panel, in whose hands hisconfirmation lies.
Several senators said after the meeting thatthey intended to remain supporters of Mr.Geithner, who has playing a central role in
tackling the financial crisis. Senate Finance Chairman Max Baucus (D., Mont.) called the issueserious, but not disqualifying.
"I still support him," said Sen. Orrin Hatch (R., Utah) as he emerged from the meeting. "He's avery competent guy."
Sen. Charles E. Grassley of Iowa, the committee's senior Republican, didn't give Mr. Geithnera pass. "It's serious, and whether or not it's disqualifying is to be determined," Mr. Grassleysaid after the meeting.
Obama aides said they didn't think theseissues would present a problem, given whatthey characterized as the minor nature of theinfractions and the gravity of the role Mr.Geithner has been nominated to take. Mr.Geithner's "service should not be tarnishedby honest mistakes, which, upon learning ofthem, he quickly addressed," Obama presssecretary Robert Gibbs said in a statement.
Senate aides said a new hearing, which
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President-elect Barack Obama's pick for Treasurysecretary, Timothy Geithner, left, employed animmigrant housekeeper with expired work papers.
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Geithner's Tax History Muddles Confirmation - WSJ.com
http://online.wsj.com/article/NA_WSJ_PUB:SB123187503629378119.html[8/24/2010 6:00:21 PM]
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More on GeithnerWashington Wire: Nomination Hits a Snag
Geithner docs (From Senate FinanceCommittee)
promises to be contentious, was scheduledfor Friday.
At the closed-door meeting, Mr. Geithnerwas contrite, several participants said. He
told senators the mistakes weren't intentional, but that he should have known better. TheInternal Revenue Service makes up by far the largest piece of the Treasury's budget.
Mr. Geithner declined to comment on any matters as he left the closed-door meetingTuesday.
The tax issue relates to Mr. Geithner's work for the International Monetary Fund between2001 and 2004. As an American citizen working for the IMF, Mr. Geithner was technicallyconsidered self-employed and was required to pay Social Security and Medicare taxes forhimself as both an employer and an employee.
The IMF and World Bank reimburseemployees, including U.S. citizens, for theirU.S. income taxes. They don't, however,make contributions toward Social Securityand Medicare taxes, which individuals areexpected to pay on their own.
In 2006, the IRS audited Mr. Geithner's 2003 and 2004 taxes and concluded he owed taxesand interest totaling $17,230, according to documents released by the Senate FinanceCommittee. The IRS waived the related penalties.
During the vetting of Mr. Geithner late last year, the Obama transition team discovered thenominee had failed to pay the same taxes for 2001 and 2002. "Upon learning of this error onNov. 21, 2008, Mr. Geithner immediately submitted payment for tax that would have been duein those years, plus interest," a transition aide said. The sum totaled $25,970.
The Obama team said Mr. Geithner's taxes have been paid in full, and that he didn't intend toavoid payment, but made a mistake common for employees of international institutions. Thatcharacterization was contested by Senate Finance Republicans, who produced IMFdocuments showing that employees are repeatedly told they are responsible for paying theirpayroll taxes.
As to why Mr. Geithner didn't pay all his back taxes after the 2006 audit, an Obama aide saidthe nominee was advised by his accountant he had no further liability. Senate Finance aidessaid they were concerned either Mr. Geithner or his accountant used the IRS's statute oflimitations to avoid further back-tax payments at the time of the audit.
Other tax issues also surfaced during the vetting, including the fact Mr. Geithner used hischild's time at overnight camps in 2001, 2004 and 2005 to calculate dependent-care taxdeductions. 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. For three months,until she stopped working for the family to have a baby, the woman was working on theexpired papers. An Obama aide said the woman reapplied for the papers and received them,and now resides legally in the U.S.
Mr. Geithner, 47 years old, has been a central figure in the government's efforts to tackle the
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Geithner's Tax History Muddles Confirmation - WSJ.com
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housing collapse and its aftermath. He has spent most of his career managing governmentresponses to financial crises.
His nomination was widely praised last fall. People on both sides of the aisle saw him assomeone capable of carrying on the government's efforts, while also representing a fresh start.
Such issues, however, have derailed other nominations. President Bill Clinton's first andsecond choices for attorney general both withdrew amid allegations they failed to pay taxesfor household help. President George W. Bush's first choice for Labor secretary withdrew afterit emerged she had housed an illegal immigrant.
—Bob Davis contributed to this article.
Write to Jonathan Weisman at [email protected]
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Timothy Geithner's Tax Problems - washingtonpost.com
http://www.washingtonpost.com/wp-dyn/content/article/2009/01/18/AR2009011802070.html[8/24/2010 6:05:15 PM]
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Timothy Geithner's Tax ProblemsMonday, January 19, 2009
At a time when the nation needs a reliable, respectedvoice on financial issues at the Treasury Department,is an admitted tax cheat the best we can do [front page,Jan. 14]?
Over several years, Treasury secretary nomineeTimothy F. Geithner failed to pay Social Securitytaxes, even though he was advised by his employer todo so, signed an agreement indicating that heunderstood that such payments were his responsibilityand received extra pay from his employer specificallyfor that purpose.
Mr. Geithner "came clean" only when he was caught,first by an IRS audit that found he owed SocialSecurity taxes for 2003 and 2004 and then whenadditional tax liabilities for 2001 and 2002 werediscovered after his nomination. He has been praisedfor repaying these additional taxes for the earlier years,which apparently may not have been required under astatute of limitations, but this raises another question:Why didn't he voluntarily correct his 2001 and 2002taxes once he found out that he had made the sameerror in 2003 and 2004?
Timothy Geithner is not the "change we need," andPresident-elect Barack Obama should withdraw hisnomination.
WILLIAM D. CORDES
Washington
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Timothy Geithner's Tax Problems - washingtonpost.com
http://www.washingtonpost.com/wp-dyn/content/article/2009/01/18/AR2009011802070.html[8/24/2010 6:05:15 PM]
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·
A few years ago I was a U.S. citizen employed at the Canadian Embassy in Washington;the embassy's tax status is similar to that of the International Monetary Fund.
On my first day I was informed by the human resources department that the CanadianEmbassy does not withhold U.S. taxes and for tax purposes I was to be considered self-employed. As such, I would be responsible for all state and federal income taxes on myincome. Like all good Americans, I promptly forgot about my tax obligation until thefollowing tax season.
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Geithner's Tax Troubles Are Serious - Forbes.com
http://www.forbes.com/2009/01/13/treasury-geithner-obama-biz-beltway-cx_bw_0113geithner2.html[8/24/2010 6:18:37 PM]
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The New PresidentGeithner's Tax Troubles Are SeriousBrian Wingfield, 01.13.09, 07:22 PM EST
The issues surrounding Obama's choice for Treasurysecretary may be worse than Democrats are letting on.
WASHINGTON, D.C.--TimothyGeithner has just run into apotentially serious obstacle on theroad to his confirmation as BarackObama's Treasury secretary.
Tuesday, the Senate FinanceCommittee made public concernsabout Geithner's tax obligations,which resulted in his recentpayment of $42,702 in additionaltaxes and interest for tax years2001 to 2004. In addition, thecommittee's report on the mattersays that in 2005 Geithneremployed a housekeeper forabout three and a half monthsafter her ability to work in the U.S.had lapsed.
Speaking to reporters Tuesday,Committee Chairman Max Baucus,D-Mont., described Geithner'serrors as "serious," but he saidthey were "honest mistakes" that"do not rise to the level ofdisqualification." Baucus also said
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Geithner's Tax Troubles Are Serious - Forbes.com
http://www.forbes.com/2009/01/13/treasury-geithner-obama-biz-beltway-cx_bw_0113geithner2.html[8/24/2010 6:18:37 PM]
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Geithner corrected the problemsas soon as he learned of them.The Montana Democrat wants to have a confirmation hearingon Friday because he says it's important to have a Treasurysecretary on "day one." Obama's inauguration takes place Jan.20.
But Geithner's tax troubles are more worrisome for hisconfirmation than Baucus lets on--and not just because theInternal Revenue Service is part of the Treasury Department.
According to the Senate committee's report, Geithner "recentlyfiled amended tax returns" for each tax year from 2001 through2006. However, the report doesn't specify when these returnswere filed, leaving open the question about how long Geithnerknew about the improprieties before he fixed them.
On Dec. 5, Obama's transition team told Finance Committeestaff that Geithner hadn't paid social security or self-employment taxes on income received from the InternationalMonetary Fund from 2001 to 2004, the report says. Threeyears ago, the IRS audited Geithner for tax years 2003 and2004, which resulted in him paying back taxes and interest--butno penalties--totaling $16,732.
However, Geithner voluntarily amended his 2001 and 2002returns only after Obama expressed interest in nominating himto the Treasury post. The total bill this time: $25,970.
Comment On This Story
Income taxes for U.S. citizens who work for the IMF can betricky. The IMF doesn't withhold an employee's share of socialsecurity taxes, and all of the organization's employees areresponsible for meeting their own tax obligations. The IMFgives its employees--Geithner included--direction on how topay self-employment taxes. And Geithner, a former Treasuryofficial who is now president of the New York Fed, has dealtwith complicated tax issues before, the report notes.
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Geithner's Tax Troubles Are Serious - Forbes.com
http://www.forbes.com/2009/01/13/treasury-geithner-obama-biz-beltway-cx_bw_0113geithner2.html[8/24/2010 6:18:37 PM]
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Was Geithner previously aware of irregularities on his 2001and 2002? Did he only correct them when it became evidentthat a congressional committee would likely scrub his taxrecords in anticipation of confirmation hearings? The reportdoesn't say. Officials from Obama's transition team were notimmediately available to comment.
But there's another concern, related to three people who haveworked for him as household help since 2004. "He did notobtain the required Form I-9, Employment EligibilityVerification, from these persons at the time they were hired toverify their legal work status," the Finance Committee's reportsays.
Nonetheless, Geithner was apparently aware of their legalstatus--someone entered into an address book owned by theGeithners, the report says. The Geithners apparently made arecord that one employee's legal work status expired in July2005, though she "did not renew her legal work status and theGeithners did not follow up with the employee to confirmwhether she had done so." The person remained on thefamily's payroll until October 2005.
For now at least, Obama is standing by Geithner, one of hismost vaunted Cabinet nominees.
"The president-elect chose Tim Geithner to be his Treasurysecretary because he's the right person to help lead oureconomic recovery during these challenging times," incomingWhite House Press Secretary Robert Gibbs said in astatement. "He made a common mistake on his taxes and wasunaware that his part-time housekeeper's work authorizationexpired for the last three months of her employment."
And Senate Democrats--including Majority Leader Harry Reidand Sen. Charles Schumer of New York--are already startingto rally behind the nominee, who has been a major player inthe government's response to the economic crisis.
The real question is whether Republicans on the FinanceCommittee will respond. They're likely to raise perhaps thebiggest issue of all--concerns about the vetting process forObama's Cabinet members. Earlier this month, New MexicoGov. Bill Richardson, the nominee for commerce secretary,withdrew his name amidst questions regarding a pay-to-play
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Geithner's Tax Troubles Are Serious - Forbes.com
http://www.forbes.com/2009/01/13/treasury-geithner-obama-biz-beltway-cx_bw_0113geithner2.html[8/24/2010 6:18:37 PM]
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Geithner's Tax Troubles Are Serious - Forbes.com
http://www.forbes.com/2009/01/13/treasury-geithner-obama-biz-beltway-cx_bw_0113geithner2.html[8/24/2010 6:18:37 PM]
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