/PRNewswire-USNewswire/ -- Eagle Forum, a leading conservative grassroots organization founded by Phyllis Schlafly, applauds Congresswoman Michele Bachmann (R-MN-6th) for introducing a resolution which would bar the U.S. dollar from being replaced by any foreign currency. Bachmann's legislation was prompted by a series of contradictory public remarks made by U.S. Treasury Secretary Tim Geithner last week.
During a House Financial Services Committee hearing last week, both Secretary Geithner and Federal Reserve Chairman Ben Bernanke clearly stated that they "categorically renounce" the proposal offered by China's top central banker to replace the devalued U.S. dollar with a new global currency. But, just 24 hours later, while speaking at the liberal Council on Foreign Relations in New York, Geithner contradicted his previous statement and declared that the U.S. Treasury Department was "actually quite open" to the idea of a global currency.
"The American people do not want a new world currency that China would control," said Eagle Forum President Phyllis Schlafly. "It is the Obama Administration's and the Federal Reserve's policies that are causing the dollar to take even bigger hits against other currencies."
"Simply replacing the dollar is not the solution," Schlafly said. "It would be yet another Band-Aide to cover up the real source of the problem which is Obama's tidal wave of unlimited bailouts, nationalization of the banks and the auto and mortgage industries, stimulus bills, and his proposed budget that will inevitably cause massive inflation and further strangle our economy."
"Eagle Forum commends Congresswoman Bachmann for aggressively questioning both Geithner and Bernanke during the committee hearing on Wednesday and for ensuring that they remain accountable for their sworn testimony," concluded Schlafly. "Congresswoman Bachmann is an example of the kind of leader that grassroots Americans are demanding from their elected officials, and we encourage even more Members of Congress to take direct action, like Michele, and to go on the offensive against this Administration's economic recklessness."
Rep. Michele Bachmann's resolution, H.J. Res. 41, was officially introduced on March 25, 2009. It currently has 29 cosponsors and has been referred to the House Committee on the Judiciary. Because the U.S. Constitution allows the President to engage foreign governments in treaties, Bachmann's resolution provides for a constitutional amendment which would prohibit the President from entering into a treaty or other international agreement that would provide for the U.S. to adopt a currency issued by an entity other than the United States.
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Showing posts with label geithner. Show all posts
Showing posts with label geithner. Show all posts
Monday, March 30, 2009
Wednesday, March 4, 2009
Boehner: Geithner, Orszag Must Answer Important Questions About Administration’s Plans to Raise Taxes During a Recession
House Republican Leader John Boehner (R-OH) yesterday released the following statement as Treasury Secretary Timothy Geithner and Office of Management and Budget Director Peter Orszag testify this morning before the House Ways & Means and Budget Committees:
“American families and small businesses know we cannot afford more taxes, more spending, and more debt amid this increasingly-severe recession, and they deserve real answers from Secretary Geithner and Director Orszag today. How can the Administration justify a trillion-dollar tax hike on families, seniors, and small businesses during a recession? With our nation’s economy in a tailspin, who will pay for the big government spending spree proposed in the Administration’s budget? During this unprecedented economic turmoil, why does the President plan to sign into law the nearly half-trillion spending bill making its way through Congress, even though it is loaded with some 9,000 airdropped earmarks and includes the biggest discretionary spending increase since the Carter Administration?
“With a deepening recession and growing uncertainty among middle-class families about their jobs and nest eggs, the American people are looking to both parties in Washington for real leadership during times of economic crisis. That is precisely why we should be working together on a responsible budget that helps our economy recover without piling more debt on future generations.”
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“American families and small businesses know we cannot afford more taxes, more spending, and more debt amid this increasingly-severe recession, and they deserve real answers from Secretary Geithner and Director Orszag today. How can the Administration justify a trillion-dollar tax hike on families, seniors, and small businesses during a recession? With our nation’s economy in a tailspin, who will pay for the big government spending spree proposed in the Administration’s budget? During this unprecedented economic turmoil, why does the President plan to sign into law the nearly half-trillion spending bill making its way through Congress, even though it is loaded with some 9,000 airdropped earmarks and includes the biggest discretionary spending increase since the Carter Administration?
“With a deepening recession and growing uncertainty among middle-class families about their jobs and nest eggs, the American people are looking to both parties in Washington for real leadership during times of economic crisis. That is precisely why we should be working together on a responsible budget that helps our economy recover without piling more debt on future generations.”
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Monday, January 26, 2009
Senator Collins to Oppose Treasury Secretary Nominee's Confirmation
/PRNewswire-USNewswire/ -- U.S. Senator Susan Collins today announced that she will oppose the confirmation of Timothy Geithner, who was nominated to be U.S. Secretary of the Treasury. The Senate is expected to vote on the confirmation tonight circa 6:00 p.m.
Senator Collins placed this statement in the Senate Record:
Mr. President, I rise today to state my opposition to the confirmation of Timothy Geithner to be Treasury Secretary.
Our current economic crisis is, in part, a crisis of confidence. If we are to return to prosperity, the American people must have confidence in those who would chart our course. Mr. Gauthier's professional background and experience should inspire that confidence. They are overshadowed, however, by the personal issues regarding his own tax returns.
When these issues first arose, they were cited as examples of the baffling complexity of our tax code and of the need for reform. They were described by the nominee himself as "careless mistakes." As more details have emerged, it has become clear to me that this is not merely a matter of complexity leading to mistakes, but of inexcusable negligence.
Mr. Geithner failed to pay self-employment taxes while working for the International Monetary Fund. He failed to make these tax payments despite the fact that the IMF repeatedly reminded him of this obligation. He signed paperwork acknowledging this obligation. He received extra compensation that he acknowledged at the time was for the purpose of paying this obligation. Yet when he filed tax returns for the years he was employed at the IMF, he did not pay self-employment taxes.
After working for the IMF for three years, Mr. Geithner was audited by the Internal Revenue Service in 2006, which discovered that he had failed to pay his self employment taxes. Mr. Geithner was ordered to correct his tax returns for 2003 and 2004, and he paid the amount that he owed for those years.
But Mr. Geithner had made the same omission in 2001 and 2002, years that were outside the scope of the audit. Yet having been informed by the IRS of his omission for 2003 and 2004, Mr. Geithner took no action to correct the deficiency from 2001 and 2002 -- years for which the statute of limitations had already run. In fact, Mr. Geithner chose not to make the payments until he was being considered for this position at the end of 2008.
A similar failure to correct omissions when informed of them occurred when the accountant who prepared Mr. Geithner's tax returns in 2006 informed him that certain deductions Mr. Geithner had taken for three earlier years were not allowed. These deductions involved writing-off overnight camps as child care expenses. Mr. Geithner did not attempt to claim the deduction for 2006, but did not correct his returns for the previous years. And again, this deficiency was not addressed until late last year, when Mr. Geithner was being considered for this Cabinet position.
Mr. President, throughout the State of Maine and indeed throughout the nation, millions of hard-working Americans pay their taxes on time and in full. Our taxation system is essentially an honor system that depends on self-assessment and honesty. When taxpayers make mistakes, they are expected to correct them promptly and completely. How can we tell the taxpayers that they are expected to comply fully with our tax laws, when these laws have been treated so cavalierly by the person who would lead the Treasury Department and, ultimately, the Internal Revenue Service, when he was applying them to himself?
Therefore, Mr. President, I must oppose this nomination.
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Senator Collins placed this statement in the Senate Record:
Mr. President, I rise today to state my opposition to the confirmation of Timothy Geithner to be Treasury Secretary.
Our current economic crisis is, in part, a crisis of confidence. If we are to return to prosperity, the American people must have confidence in those who would chart our course. Mr. Gauthier's professional background and experience should inspire that confidence. They are overshadowed, however, by the personal issues regarding his own tax returns.
When these issues first arose, they were cited as examples of the baffling complexity of our tax code and of the need for reform. They were described by the nominee himself as "careless mistakes." As more details have emerged, it has become clear to me that this is not merely a matter of complexity leading to mistakes, but of inexcusable negligence.
Mr. Geithner failed to pay self-employment taxes while working for the International Monetary Fund. He failed to make these tax payments despite the fact that the IMF repeatedly reminded him of this obligation. He signed paperwork acknowledging this obligation. He received extra compensation that he acknowledged at the time was for the purpose of paying this obligation. Yet when he filed tax returns for the years he was employed at the IMF, he did not pay self-employment taxes.
After working for the IMF for three years, Mr. Geithner was audited by the Internal Revenue Service in 2006, which discovered that he had failed to pay his self employment taxes. Mr. Geithner was ordered to correct his tax returns for 2003 and 2004, and he paid the amount that he owed for those years.
But Mr. Geithner had made the same omission in 2001 and 2002, years that were outside the scope of the audit. Yet having been informed by the IRS of his omission for 2003 and 2004, Mr. Geithner took no action to correct the deficiency from 2001 and 2002 -- years for which the statute of limitations had already run. In fact, Mr. Geithner chose not to make the payments until he was being considered for this position at the end of 2008.
A similar failure to correct omissions when informed of them occurred when the accountant who prepared Mr. Geithner's tax returns in 2006 informed him that certain deductions Mr. Geithner had taken for three earlier years were not allowed. These deductions involved writing-off overnight camps as child care expenses. Mr. Geithner did not attempt to claim the deduction for 2006, but did not correct his returns for the previous years. And again, this deficiency was not addressed until late last year, when Mr. Geithner was being considered for this Cabinet position.
Mr. President, throughout the State of Maine and indeed throughout the nation, millions of hard-working Americans pay their taxes on time and in full. Our taxation system is essentially an honor system that depends on self-assessment and honesty. When taxpayers make mistakes, they are expected to correct them promptly and completely. How can we tell the taxpayers that they are expected to comply fully with our tax laws, when these laws have been treated so cavalierly by the person who would lead the Treasury Department and, ultimately, the Internal Revenue Service, when he was applying them to himself?
Therefore, Mr. President, I must oppose this nomination.
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Libertarian Party asks Congress to Give Everyone a “Tim Geithner Tax Break”
Congress should give all taxpayers a “Tim Geithner tax break” by significantly simplifying the Internal Revenue Code, Libertarian National Committee chairman Bill Redpath said Monday.
“Congress should make sure what happened to Mr. Geithner, a finance professional, won’t continue to happen to millions of average folks,” said Redpath.
“If the man running the IRS can’t understand the tax code with a computer helping him, how can the average taxpayer hope to do his taxes without breaking the law?,” asked Redpath.
“This should be a clear signal the Internal Revenue Code is broken beyond repair and must be repealed. Millions of taxpayers hope this new administration will bring meaningful change to federal tax laws,” said Redpath.
Redpath asked Congress to scrap the Internal Revenue Code and replace it with a fair, simple system that doesn’t require professional accountants or complex software.
Geithner faces criticism for not paying self-employment taxes while working as a contractor for the International Monetary Fund. Geithner claims it was an honest error made while calculating his taxes using a popular tax preparation software program.
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“Congress should make sure what happened to Mr. Geithner, a finance professional, won’t continue to happen to millions of average folks,” said Redpath.
“If the man running the IRS can’t understand the tax code with a computer helping him, how can the average taxpayer hope to do his taxes without breaking the law?,” asked Redpath.
“This should be a clear signal the Internal Revenue Code is broken beyond repair and must be repealed. Millions of taxpayers hope this new administration will bring meaningful change to federal tax laws,” said Redpath.
Redpath asked Congress to scrap the Internal Revenue Code and replace it with a fair, simple system that doesn’t require professional accountants or complex software.
Geithner faces criticism for not paying self-employment taxes while working as a contractor for the International Monetary Fund. Geithner claims it was an honest error made while calculating his taxes using a popular tax preparation software program.
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Wednesday, January 21, 2009
Timothy Geithner's Claims Contradicted by the Facts; Obama Must End 'Distraction' of Nomination as Banking Crisis Deepens
/PRNewswire-USNewswire/ -- Peter Flaherty, President of the National Legal and Policy Center (NLPC), today made the following statement:
"Timothy Geithner paid his payroll taxes for 2003 and 2004 after being audited, but did not pay for the years 2001 and 2002, relying only on the statute of limitations. He later paid them after being considered for the Treasury post by Barack Obama. These very simple circumstances should disqualify anyone from a high government post, especially service as the Treasury Secretary, who oversees the IRS.
"Geithner claimed today that his failure to pay his taxes was 'completely intentional.' This is contradicted by the facts. In the wake of his IRS audit three years ago, a conscious decision had to be made not to pay taxes for 2001 and 2002.
"Our banks are in deep trouble. Government actions so far, which Geithner has had a major role in formulating, have not succeeded in solving the problem. Barack Obama should focus on confronting this spiraling crisis, and end the distraction of the Geithner nomination.
"Is Obama guilty of the crime of hubris? He comes in with a broad mandate and significant good will. He is apparently seeking to ram through Geithner because he believes that he can do so. This is the kind of arrogance that could come back to haunt him later.
"Obama has promised to raise taxes for millions of middle-class taxpayers. He has also promised to provide rebates to lower income taxpayers for their payroll taxes, even though those taxes are collected for the purpose of funding social security, from which the same taxpayers will eventually collect benefits. I don't think he ever promised to allow Wall Streeters like Geithner to beat the payroll tax, as well."
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"Timothy Geithner paid his payroll taxes for 2003 and 2004 after being audited, but did not pay for the years 2001 and 2002, relying only on the statute of limitations. He later paid them after being considered for the Treasury post by Barack Obama. These very simple circumstances should disqualify anyone from a high government post, especially service as the Treasury Secretary, who oversees the IRS.
"Geithner claimed today that his failure to pay his taxes was 'completely intentional.' This is contradicted by the facts. In the wake of his IRS audit three years ago, a conscious decision had to be made not to pay taxes for 2001 and 2002.
"Our banks are in deep trouble. Government actions so far, which Geithner has had a major role in formulating, have not succeeded in solving the problem. Barack Obama should focus on confronting this spiraling crisis, and end the distraction of the Geithner nomination.
"Is Obama guilty of the crime of hubris? He comes in with a broad mandate and significant good will. He is apparently seeking to ram through Geithner because he believes that he can do so. This is the kind of arrogance that could come back to haunt him later.
"Obama has promised to raise taxes for millions of middle-class taxpayers. He has also promised to provide rebates to lower income taxpayers for their payroll taxes, even though those taxes are collected for the purpose of funding social security, from which the same taxpayers will eventually collect benefits. I don't think he ever promised to allow Wall Streeters like Geithner to beat the payroll tax, as well."
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Wednesday, January 14, 2009
Obama Must Withdraw Geithner Nomination
/PRNewswire-USNewswire/ -- Peter Flaherty, President of the National Legal and Policy Center (NLPC), today made the following statement:
President-elect Obama should withdraw Timothy Geithner's nomination for Treasury Secretary. Obama says that middle-class families with incomes of $250,000 are wealthy and their taxes should be raised, but he wants a Wall Streeter who didn't pay his taxes to be his point man on the economy.
The amount of unpaid taxes -- $42,000 -- may sound like pocket change to Geithner and his Wall Street buddies, but it is a lot of money on Main Street.
Geithner's claim that he didn't know he was supposed to pay taxes doesn't pass the laugh test. It is true that American citizens who work for the IMF are responsible for the employer's share of the payroll tax, but IMF employment includes generous pay and a host of other perks. Anyone who has ever worked there is well versed on the details because it is such great deal.
Henry Paulson and Timothy Geithner are the architects of our bailout policies, where ordinary taxpayers are forced to subsidize the wealthy, who are not allowed to go broke, no matter how spectacular their failures. Geithner was a poor choice, and his failure to pay his taxes proves it.
Charles Rangel, Chairman of the House Ways and Means Committee, did not report or disclose years of rental income on a Dominican Republic beach house and claims he did nothing wrong. His committee writes the tax laws. Now we have a Treasury nominee who for years failed to pay his payroll taxes and we are again told that he did nothing wrong. Will the same officials who plan to raise our taxes ever take responsibility for paying theirs?
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President-elect Obama should withdraw Timothy Geithner's nomination for Treasury Secretary. Obama says that middle-class families with incomes of $250,000 are wealthy and their taxes should be raised, but he wants a Wall Streeter who didn't pay his taxes to be his point man on the economy.
The amount of unpaid taxes -- $42,000 -- may sound like pocket change to Geithner and his Wall Street buddies, but it is a lot of money on Main Street.
Geithner's claim that he didn't know he was supposed to pay taxes doesn't pass the laugh test. It is true that American citizens who work for the IMF are responsible for the employer's share of the payroll tax, but IMF employment includes generous pay and a host of other perks. Anyone who has ever worked there is well versed on the details because it is such great deal.
Henry Paulson and Timothy Geithner are the architects of our bailout policies, where ordinary taxpayers are forced to subsidize the wealthy, who are not allowed to go broke, no matter how spectacular their failures. Geithner was a poor choice, and his failure to pay his taxes proves it.
Charles Rangel, Chairman of the House Ways and Means Committee, did not report or disclose years of rental income on a Dominican Republic beach house and claims he did nothing wrong. His committee writes the tax laws. Now we have a Treasury nominee who for years failed to pay his payroll taxes and we are again told that he did nothing wrong. Will the same officials who plan to raise our taxes ever take responsibility for paying theirs?
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