Tax Cheat Promises Tax Cheat He'll Crack Down On Tax Cheats

[BPSCG]

Link

Treasury Secretary Timothy Geithner said the U.S. bank rescue program may cost more than the $700 billion Congress approved, and he pledged to crack down on companies and individuals who try to avoid paying taxes.

Testifying before the House Ways and Means Committee on the Obama administration’s 2010 budget, Geithner pledged to work with Congress to “determine the appropriate size and shape” of further bailouts.

(...snip...)

The Treasury chief said the administration will unveil a series of “legislative and enforcement measures” in coming months to deal with companies and wealthy individuals who use offshore accounts to avoid paying taxes. The agency also plans to propose rules that would curb companies’ ability to delay paying U.S. tax on their foreign earnings, Geithner said.

Today’s hearing marked Geithner’s first appearance before the panel that writes U.S. tax law. His nomination faced resistance earlier this year in the Senate after Geithner, who oversees the Internal Revenue Service, agreed to repay almost $50,000 in back taxes and penalties.

The story doesn't mention that tax cheat Charles Rangel is the chairman of the House Ways and Means Committee, "the panel that writes U.S. tax law."

Actually, the title of this thread is slightly misleading. Can you tell why?

Note that what Geithner is proposing to do is to come down on tax avoiders, that is, people and companies who find ways in the law to legally not pay taxes. So the title of the thread should more properly be, "Tax Cheat Promises Tax Cheat He'll Crack Down On People And Companies That Legally Avoid Taxes." But that's a big mouthful.

 

[The Painter]

He'll Crack Down On People And Companies That Legally Avoid Taxes."

Just wondering how you crack down on something that is legal??? Make it illegal???

The lunatics really have taken over the asylum.

 

[BPSCG]

Just wondering how you crack down on something that is legal??? Make it illegal???

Well, read the third paragraph of the OP again:

The Treasury chief said the administration will unveil a series of “legislative and enforcement measures” in coming months to deal with companies and wealthy individuals who use offshore accounts to avoid paying taxes. The agency also plans to propose rules that would curb companies’ ability to delay paying U.S. tax on their foreign earnings, Geithner said.

The answer to your question: Yup.

 

[Tsukasa Buddha]

 

[Roadtoad]

Uh, Beeps, I hate to remind you, but Obama and his party have been out to pull this off for ages. Some of this has some basis in good governance. The rest? Let's face it; it's another push to take more money out of your wallet.

Hey, they've learned: Do what you're good at. Look at what's about to happen to the price of cigars, courtesy of the SCHIP funding bill, and SCHIP has been revealed to not even be about kids.

 

[Meadmaker]

By coincidence, as I opened up the browser window on my PC to the Politics page, the last line displayed the title of this thread, but the author was hidden. Nevertheless, I found myself thinking, "Looks like Beeps has started a new thread."

 

[peptoabysmal]

Yep, this guy who couldn't figure out Turbo Tax is in charge of what to do with hundreds of billions (with a b) in bailout money.

 

[Puppycow]

Leave Time Geithner Alone!!! LEAVE HIM ALONE!!!!

 

[Meadmaker]

Yep, this guy who couldn't figure out Turbo Tax is in charge of what to do with hundreds of billions (with a b) in bailout money.

"b" is so 20th century. Bring on the "t"s!

 

[BPSCG]

By coincidence, as I opened up the browser window on my PC to the Politics page, the last line displayed the title of this thread, but the author was hidden. Nevertheless, I found myself thinking, "Looks like Beeps has started a new thread."

 

[Darat]

Link
The story doesn't mention that tax cheat Charles Rangel is the chairman of the House Ways and Means Committee, "the panel that writes U.S. tax law."

...snip...

Your point is exactly what? You think that USA companies should be able to avoid taxes by way of "off-shore accounts"?

 

[BPSCG]

Uh, Beeps, I hate to remind you, but Obama and his party have been out to pull this off for ages.

Thanks, but I didn't need the reminder. More and more, I'm coming around to the unpleasant conclusion that this is a congress and administration that hate corporate America, because nobody could be so foolish as to not see the connection between this kind of talk and the fact that the stock market has dropped 15% since Obama became president. Government is sucking up all the available credit and talking about taxing business and investors more. Then Obama says that

...profit and earning ratios are starting to get to the point where buying stocks is a potentially good deal if you've got a long-term perspective on it...

, which is another way of saying, "Now that my policies have hammered stock prices, it's a good time to buy." Yeah, maybe, if we thought you were going to change your policies. And if that stock advice wasn't coming from someone who doesn't know that the term is "price-to-earnings ratio," not "profit and earnings ratio," whatever that's supposed to be.

And you wonder why everyone is fleeing the market.

 

[Roadtoad]

Well, and add in the bailouts. Had companies actually had to go through bankruptcy courts, we'd have finally learned all their dirty little secrets, and found out what kind of charlatans had been installed as CEOs in a lot of these outfits. (Does the name "Al Dunlap" ring any bells?) We'd have been able to learn and become more savvy about who investors allow to run these outfits.

The bailouts, however, have stopped this. They aren't about "change," they're about preserving the power base that has placed Obama in office, the same base that put George W. Bush in power.

Half the time, when I hear someone defending the bailouts, (and yes, kids, they are BAILOUTS), I want to smack 'em up alongside the head with a winch bar. SCHMUCKS!

 

[BPSCG]

U.S. oil and natural gas producing companies should not receive federal subsidies in the form of tax breaks because their businesses contribute to global warming, U.S. Treasury Secretary Timothy Geithner told Congress on Wednesday.

It was one of the sharpest attacks yet on the oil and gas industry by a top Obama administration official, reinforcing the White House stance that new U.S. energy policy will focus on promoting renewable energy sources like wind and solar power and rely less on traditional fossil fuels like oil as America tackles climate change.

"We don't believe it makes sense to significantly subsidize the production and use of sources of energy (like oil and gas) that are dramatically going to add to our climate change (problem). We don't think that's good economic policy and we think changing those incentives is good for the country," Geithner told the Senate Finance Committee at a hearing on the White House's proposed budget for the 2010 spending year.

The Obama administration's budget would levy an excise tax on oil and natural gas produced in the Gulf of Mexico, raising $5.3 billion in revenue from 2011 to 2019.

This new 13 percent tax on all oil and gas production in the Gulf would only affect those companies enjoying a loophole that allows them to avoid paying royalties on the energy supplies they drill. Companies already paying royalties would get a tax credit.

Obama's budget would also place a $4 per acre annual fee on energy leases in the Gulf that are designated as nonproducing. The budget proposal projects the fee would generate $1.2 billion from 2010 to 2019.

Link.

In a development that I'm sure is completely unrelated, the Dow is down another 200+ points today.

Every time Geithner opens his mouth, the market gets clobbered. And this is the guy whose financial genius was so indispensable that we had to overlook the fact that he cheated on his taxes. Can't we just pay him to STFU?

 

[WildCat]

In a development that I'm sure is completely unrelated, the Dow is down another 200+ points today.

Every time Geithner opens his mouth, the market gets clobbered. And this is the guy whose financial genius was so indispensable that we had to overlook the fact that he cheated on his taxes. Can't we just pay him to STFU?

Geithner is a disaster.

 

[BPSCG]

Geithner is a disaster.

Keep in mind, he serves at the pleasure of the President.

 

[GStan]

Keep in mind, he serves at the pleasure of the President.

Overload........too....many....jokes....

 

[SteveGrenard]

Your point is exactly what? You think that USA companies should be able to avoid taxes by way of "off-shore accounts"?

Isn't there something like this going on in England as well? I think its called setting up in the Channel Islands or something like that.

 

[Tin Foil Timothy]

Actually, the title of this thread is slightly misleading. Can you tell why?

Note that what Geithner is proposing to do is to come down on tax avoiders, that is, people and companies who find ways in the law to legally not pay taxes. So the title of the thread should more properly be, "Tax Cheat Promises Tax Cheat He'll Crack Down On People And Companies That Legally Avoid Taxes." But that's a big mouthful.

Still a great thread title though!!!!

 

[NoZed Avenger]

Half the time, when I hear someone defending the bailouts, (and yes, kids, they are BAILOUTS), I want to smack 'em up alongside the head with a winch bar. SCHMUCKS!

I'll hold your coat.

And help with the bail.