Timothy Geithner on All of the Sunday Morning Shows

[Jackie S]

It's still George W Bush's fault.

That just about covers it.

[Whirlaway]

Sink the "Buffert Rule" and adopt the "Geithner Ruler" - don't pay your back taxes until you get a plush job appointment with Obama.

When the IRS audited Geithner, he paid what he owed for 2003 and 2004. But he didn’t pay what he owed for 2001 and 2002. Why? Because the statute of limitations had run on those years, so the IRS couldn’t sue him to collect the money or charge him criminally for failing to pay it. Only when he was nominated as Secretary of the Treasury did Geithner go back and pay what he owed for 2001 and 2002!

[farmstud60]

What we really need is some politicians to get some balls and scrap the current insane IRS tax code. We need a simple flat tax, with the same depreciation schedules for business equipment that accounts use for real books, not the IRS tax books. Make it a flat tax, and then make it necessary for 2/3 thirds of Congress to agree on any changes. This would probably solve 75% of the problems in Washington DC, including campaign finance issues, and the power would be drastically cut for Washington politicians.

[Guest123018-4]

What percentage of your income would you say would be a fair income tax.
Would you do away with employment taxes?
Would anyone be exempt or get paid for not earning enough?
Would there be any deductions or exemptions from taxes?
What do you do with all of the not for profit charities and organizations?
What will be considered income?
Will you be taxed on income from your income that you have been taxed on?
Will social security benefits be considered income.
What about workers compensation?
What about other insurance payments?
Will the tax be on net income or gross income?

[WTF]

Originally Posted by The2Dogs

What percentage of your income would you say would be a fair income tax. Enough to pay for all the shit we want.
Would you do away with employment taxes? I would do away with all taxes if nobody wanted anything from the government.
Would anyone be exempt or get paid for not earning enough? No if you felt sorry for them, you could help them or watch them starve. Your choice.
Would there be any deductions or exemptions from taxes? No, if you did not want to pay for defense, you would not have to. Same with welfare. Same with roads...you just could not use that service if you thought it was bad.
What do you do with all of the not for profit charities and organizations?Tell them to go fuc themselves. If you want to give to a charity, fine but you do not get to write it off your tax bill if you have one.
What will be considered income? Anything you earn or is given to you. In other words, a charity would have to pay taxes just like any other business. If they spent all they earned on charity then , no taxes.
Will you be taxed on income from your income that you have been taxed on? Hell yes, that is how the tax system works.
Will social security benefits be considered income.If we run out of money, yes. Those old bastards set up this shitty system. They never paid enough into it and are now bitching that it is going broke!
What about workers compensation?What about it, Pay it and STFU. If nobody wants to pay it, nobody gets it!
What about other insurance payments? If you do not pay insurance, you get no insurance.
Will the tax be on net income or gross income?

Net income for men, Gross income for women and children

[CuteOldGuy]

Jesus, WTF. Please leave this discussion to grownups. You are sounding stupider than ever.

[Guest123018-4]

WTF is just yanking my chain, he needs to go and pick on the dalilama

It is good to have some decent conversations but I still find it difficult to find people that think for themselves and dont just cut and paste what other have to say.
Hell I even stoped to posting links to some bullshit I never read. Why is it so hard for people to have an original thought. Yeah I know some people only deal in somebody's version of the facts. I like to use my brain.

I like the idea of a flat tax but doubt we will ever see it. Way too many special interest groups out there. I am still in favor of no hidden taxes; all taxes should be visible on everything, excise taxes, act taxes, you name it.. If people saw how much tax other than income and sales tax they were paying they would really be pissed.

I got to run, a buddy of mine at the GSA and a couple of old SS guys are setting up a party with hookers and booze and invited me since I am paying for it. oh you're paying for it too; too bad you did not get an invite.

[farmstud60]

Originally Posted by The2Dogs

What percentage of your income would you say would be a fair income tax.
Would you do away with employment taxes?
Would anyone be exempt or get paid for not earning enough?
Would there be any deductions or exemptions from taxes?
What do you do with all of the not for profit charities and organizations?
What will be considered income?
Will you be taxed on income from your income that you have been taxed on?
Will social security benefits be considered income.
What about workers compensation?
What about other insurance payments?
Will the tax be on net income or gross income?

You are confusing the issue yourself.

First off, I'm not sure what you are talking about when you say employment taxes. I'm guessing you are really talking FICA taxes, which are Social Security and Medicare Taxes. They can't be included in income tax talks because they are a separate tax. Bringing this up only tries to confuse the issue.

15%-20% tax rate
You can't use gross income on a business, even though on individuals it would be easy to use gross income. Business needs to be able to take to take the costs of doing business off of income.

Use a standard per person excemption of $5000 per person, indexed to inflation.

Two classes of income, current year, and capital gains for assets held more than 12 months. Same tax rate, but able to take off inflation rate to adjust for buying more of dollars on capital gains.

[cptjohnstone]

Originally Posted by Whirlaway

Sink the "Buffert Rule" and adopt the "Geithner Ruler" - don't pay your back taxes until you get a plush job appointment with Obama.

When the IRS audited Geithner, he paid what he owed for 2003 and 2004. But he didn’t pay what he owed for 2001 and 2002. Why? Because the statute of limitations had run on those years, so the IRS couldn’t sue him to collect the money or charge him criminally for failing to pay it. Only when he was nominated as Secretary of the Treasury did Geithner go back and pay what he owed for 2001 and 2002!

NOPE NOPE NOPE

there are no statute of limitations when it comes to the IRS, now you can get a reduced settlement but you still have to pay. I know, I have been and done that

[CuteOldGuy]

The statute of limitations on collection of taxes is 10 years from the date of assessment.

[Whirlaway]

The IRS rules are quite complex and i don't think it is correct to claim there are no statue of limitations .....here is a link to the WSJ story..which states that there are statue of limitations in certain IRS cases.....obviously Geithner was one of those cases........

http://judicial-discipline-reform.or...asion_jan9.pdf

I doubt if the WSJ reported this in error......

Originally Posted by cptjohnstone

NOPE NOPE NOPE

there are no statute of limitations when it comes to the IRS, now you can get a reduced settlement but you still have to pay. I know, I have been and done that