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The Changeover: Treasury Secretary
It's probably safe to say that there are not very many easy jobs in the new administration, but Treasury secretary is certainly among the more daunting positions. He's the one who will oversee the distribution of the remainder of the Troubled Asset Relief Program (TARP), pending approval by Congress, and will also play a role in the Obama Administration's economic stimulus package. Timothy Geithner, the nominee, has his work cut out for him, but first he has to be approved by the Senate. The hearing will take place on Wednesday and Think Out Loud will provide analysis and discussion the next day.
NOTE: THIS SHOW WAS PRE-EMPTED BY NEWS OF MAYOR SAM ADAMS'S RELATIONSHIP WITH BEAU BREEDLOVE. YOU CAN LISTEN TO THAT SHOW HERE.
It's probably safe to say that there are not very many easy jobs in the new administration, but Treasury secretary is certainly among the more daunting positions. He's the one who will oversee the distribution of the remainder of the Troubled Asset Relief Program (TARP), pending approval by Congress, and will also play a role in the Obama Administration's economic stimulus package. Timothy Geithner, the nominee, has his work cut out for him, but first he has to be approved by the Senate. The hearing will take place on Wednesday and Think Out Loud will provide analysis and discussion the next day.
Geithner currently serves as head of the New York Federal Reserve Bank and has played a significant role in negotiations over failing financial institutions over the past few months. Before that, he was director of the International Monetary Fund and he has experience in the Treasury Department, where he served as under-secretary for international affairs during the Clinton administration. (He also played a minor role in the Treasury under Reagan.)
Despite his impressive resume, Geithner will face some tough questions during his public job interview Wednesday. He will no doubt be asked about the $34,000 in federal taxes that he failed to pay a few years ago. Though he has since paid back the money, with interest, the error is particularly embarrassing for someone who hopes to head up the department that oversees the Internal Revenue Service. Geithner has also been criticized for his involvement in last year's financial bailouts, and for his former housekeeper, whose legal documentation lapsed while she was working for him.
What would you ask the nominee for Treasury Secretary? Are you concerned about how the rest of the federal TARP money will be spent? What are you hoping to see in an economic stimulus package?
Photo credit: saturnism / Flickr / Creative Commons
Tagged as: changeover · stimulus · transition
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When I was self employed, I knew full well that I was responsible for these taxes and my accountant handled all the paperwork. I was a musician, not a financial whiz. It cost me $80 a year to have this done by an accountant. Where was Geithner's accountant in all this?
On the other hand
I've been trying to pay the social security taxes and file a W2 for my nanny. I really want to get this done and do it right. I have spoken with the IRS, gone to the website and signed up to do all this on line. I can not navigate the site or get anyone on the phone who can help me. I am working hard and begging for help to pay these taxes and getting nowhere. For this reason, I can not hold anyone accountable for having trouble paying taxes. The IRS makes this a very difficult process.
That said, I believe that Geithner should be held to a higher standard than I am. I will likely get fined when I finally figure out how to pay these taxes. That will be my punishment. I think the person hoping to be in charge of the IRS should be held to the highest of standards.
So I'm not sure what i think.
That's OK because we have elected officials who will figure this out for us. I do hope that not just Republicans are hard on him. As a life long Democrat, I really hope to see those in my party hold him accountable and ask him the tough questions as well. Isn't that with the new President was talking about on Tuesday? Working beyond partisan politics? -
Federal and state tax forms are too complicated, time consuming, unfair, etc. It's easy to make mistakes filing tax forms, especially if your financial matters are complex. How many people have access to capable tax lawyers and they avoid paying taxes altogether? Have you ever tried getting answers from the IRS? Fuhgetaboutit!
Geithner's $34k mistake is inconsequential if he's capable of being an effective secretary. He's paid the taxes with interest. Let's get on with life.
The question I'd ask the secretary is what external pressures are placed on the secretary to make decisions beneficial to special interests? It would be wonderful if the secretary responded like the attorney general who said water boarding is torture. I seek an honest, transparent and illuminating answer.
I'm extremely concerned how TARP money is spent because it is not helping thus far. I hear financial institutions are sitting on the money instead of investing in loans and mortgages.
The economic stimulus should provide:
- $20/hour jobs city, state, government jobs
- health care for the indigent and poorest
- food for the indigent and poorest
- job training for those who will work
- tax relief for small companies so they can hire workers and grow
The economic stimulus should not help:
- poorly run corporations that are risky investments with respect to TARP
- excessively paid board and executive officers indirectly bailed out by TARP -
Comments are now closed.
Since the Reagan administration, laws, policies and procedures used by revenue law enforcement agencies have been changed in order to reduce revenue received by the government. In 1996, big changes were made to reduce the ability of IRS auditors and collectors to enforce revenue producing laws. What is the new Treasury Secretary going to do to change laws, policies and procedures back to what they were before 1996 in order to allow proper enforcement of revenue producing law?