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Treasury Pick Geithner Missed $34,000 of Tax Payments
By
Jen Chung
Published Jan 14, 2009
Modified Jan 14, 2009
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By
Jen Chung
Published Jan 14, 2009
Modified Jan 14, 2009
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Yesterday, it was revealed that Treasury nominee Timothy Geithner didn't pay $34,000 in taxes between 2001 and 2004. Geithner, according to the NY Times, "huddled privately with members of the Senate Finance Committee on Tuesday afternoon to explain that he had now paid the back taxes and interest" (though he didn't pay most of it until last November). Now his confirmation hearings have been postponed.
While both Democrat and Republican Senators expressed support for Geithner's confirmation, the Times points out, "At least, the flap is a major embarrassment for the man chosen to head the Treasury Department, which oversees the Internal Revenue Service, especially as Mr. Geithner worked at the Treasury under three presidents." No kidding! Apparently Geithner didn't realize that while at the International Monetary Fund he was considered "self-employed" so his pay didn't cover taxes. Obama's transition team found out these details while investigating Geithner and told senators on December 5.
Geithner also found out during the hearing that a former housekeeper's legal status expired for a few months before she quit working for him. Obama communications director Robert Gibbs said, "He made a common mistake on his taxes and was unaware that his part-time housekeeper's work authorization expired for the last three months of her employment." Politico writes that the Obama transition team's "PR push" may help Geithner's chances; true, it's no corruption probe.
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back taxes
confirmation
federal reserve
timothy geithner
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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