But as a result of a 2006 audit, Geithner paid $16,732 in back taxes and penalties for the 2003-2004 period. Just before he was nominated, the Obama team found that he had failed to pay Social Security and Medicare taxes for the 2001-2002 period as well. Geithner ended up paying to the IRS $25,970 in back taxes and penalties for a total of $42,702 in late payments.Honestly, can you blame the guy? When even simple investments in mutual funds require complicated forms around the dreaded April 15th deadline (Foreign Tax Credit Deduction...WTF?!?), it's no surprise that even a person with a graduate-level education would goof it up. This should be a sign that Geithner should maybe consider simplifying the tax code. But phonebooks full of laws and regulations keep tax lawyers, DC bureaucrats, and other parasites who provide no value for society gainfully employed. Don't expect any "change" to come to that regulatory-industrial complex.
Guy To Oversee Obama's IRS Goobed Up His Taxes
Sorry we're a bit late on this story, but Obama's nominee for Treasury Secretary, the department that oversees the much-hated IRS, boned up his taxes a few years back. From Fox News: