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Geithner: Rich Should Have to Pay More to be Americans

February 26, 2012
The Godfather, Godfather Politics

Tim Geithner serves as the Treasury Secretary under President Obama. He was previously the president of the Federal Reserve Bank of New York. You may recall that Mr. Geithner had some trouble during the nominating process to his present position. It was revealed that he had not paid $35,000 in self-employment taxes for the years 2001–2004. Geithner eventually paid the IRS the additional taxes owed, and was charged $15,000 interest, but was not fined for late payment.

In a statement to the Senate Finance Committee, Geithner called the tax issues “careless,” “avoidable,” and “unintentional” errors. He said he wanted to “apologize to the committee for putting you in the position of having to spend so much time on these issues.” Try this if the IRS ever audits you. So come the privileges of working in the Obama administration.

But privileges have their exceptions. Speaking on CNBC, the tax scofflaw said the following about the rich paying higher taxes:

“That’s the kind of balance you need. Why is that the case? Because if you don’t try to generate more revenues through tax reform, if you don’t ask, you know, the most fortunate Americans to bear a slightly larger burden of the privilege of being an American, then you have to — the only way to achieve fiscal sustainability is through unacceptably deep cuts in benefits for middle class seniors, or unacceptably deep cuts in national security.”

And now… the rest of the story. …..

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