Geithner to crack down on tax cheats? Bwahahaha

It’s just too good to pass up. The best part is they say it with a straight face. The president said he intends to close loopholes that actually were put in place during the Clinton administration to allow companies to compete more effectively overseas.

But the irony of making the announcement with Treasury Secretary and Tax Cheat in Chief Tim Geithner at his side was too good for even Gretta Van Susteren to pass up.


Bwahahahah. Oh … and here’s the best part. The corporate executives who run these companies (which included GE, one of Obama’s biggest supporters) were surprised and hurt at the language Obama used. Bwahahaha.

The U.S. has “a broken tax system” that is “full of corporate loopholes that makes it perfectly legal for companies to avoid paying their fair share,” Obama said as he outlined his plan with Treasury Secretary Timothy Geithner at the White House. Obama called most of the breaks “unjustifiable” and likened some company practices to a “tax scam.”

That rhetoric stung some executives: Carl Guardino, chief executive of the Silicon Valley Leadership Group, told Treasury officials on a conference call after the speech that Obama’s “word choices were a bit troubling” because chief executives in his organization are “proud Americans.”

Sound like maybe these guys supported the young President? What? And now he turns on them … throwing them under the bus along with the Wall Street folk? Oh my, when will they learn? No one is immune in this administration. Hope n Change.

Read that whole article and you will also find that the Democrats in Congress are not exactly on board with Obama’s plan.

Senate Finance Committee ChairmanMax Baucus, a Montana Democrat, called for “further study” of Obama’s proposals within minutes of the president’s announcement yesterday. RepresentativeJoseph Crowley, a Democrat on the tax-writing House Ways and Means Committee, said he’s wary because the tax changes would hurt Citigroup Inc., his New York district’s largest private-sector employer.

Now, I like everyone else, am in favor of companies paying taxes on the money they make. But I am not in favor of companies paying taxes twice, here and overseas. In this case, corporations would immediately pay US taxes on foreign profits at the US rate of 35% and that is the second highest corporate rate in the world putting companies at an immediate disadvantage overseas.

The unintended consequences are pretty simple. The tax bite is big enough that companies will shift operations overseas completely, and encourage others to start their operations their as well.

As I have said repeatedly, lower the US corporate tax rate and you will prevent much of this from happening, but that’s not part of this administration’s outlook on the economy.

Posted in

Jim Vicevich

Jim is a veteran broadcaster and conservative/libertarian blogger with more than 25 years experience in TV and radio. Jim's was the long-term host of The Jim Vicevich Show on WTIC 1080 in Hartford from 2004 through 2019. Prior to radio, Jim worked as a business and financial reporter for NBC30 - the NBC owned TV station in Hartford - and as business editor at WFSB-TV in Hartford for 14 years while earning six Emmy nominations and three Telly Awards.


  1. Dimsdale on May 5, 2009 at 2:02 am

    Maybe the very young president is using the "it takes a thief to catch a thief" adage to heart, and not just for Treasury…

  2. ktrelski on May 5, 2009 at 2:31 am

    'Happy Cuatro de Cinco!'

    (This will make great sub title for my next book about Obama:)

    How can the president justify keeping this man I don't know.  Anyway see my blog a check out my book.

  3. Anne-EH on May 5, 2009 at 2:46 am

    I have only one word for all of this HYPOCRITS!

  4. Lazybum on May 5, 2009 at 2:11 pm

    Is this the height of arrogance? Nahh, it is just the beginning. The Obama legacy will be all the hypocritters he sics on we the great unwashed.

    Man, what a world.

  5. Dimsdale on May 5, 2009 at 2:14 pm

    Obambi's administration is becoming one big joke (that you won't hear on any late night talk show), a big "stop me if you've heard this before" kind of joke.

  6. phil on May 6, 2009 at 1:04 am

    because chief executives in his organization are “proud Americans.” 

    Wait a minute! Proud Americans?  Aren't we supposed to hang our heads in shame, and bow and apologize to those who wish to destroy us?

  7. SoundOffSister on May 6, 2009 at 2:18 am

    Great news…Geithner going after tax cheats.  Is that like a dog chasing its tail?

  8. Wayne SW on May 7, 2009 at 2:45 am

    Mr. What Me Worry and Mr. Turbo Tax make quite a team.  Dumb & Dumber

The website's content and articles were migrated to a new framework in October 2023. You may see [shortcodes in brackets] that do not make any sense. Please ignore that stuff. We may fix it at some point, but we do not have the time now.

You'll also note comments migrated over may have misplaced question marks and missing spaces. All comments were migrated, but trackbacks may not show.

The site is not broken.