Site for Free Markets and Free People

Wednesday, March 04, 2009

Geithner Can't be Trusted

Treasury Secretary Tim Geithner cannot be trusted. Period. First he had his tax evasion problem, which when one looks at the facts, will realize that he was well aware of his obligation to pay them and had to sign statements saying as much.

Worse than that, he is now blatantly misleading the public on everything from the proposed budget to deductions. Take the following example. Even many Democrats are critical of Obama's plan to limit charitable and mortgage interest deductions to 28%, despite the highest tax rate going to 39.6%. What this means is that the effective marginal rate will be well over 60% for families in that tax bracket. Here's Geithner's position:

Geithner said the change would merely restore the same deduction limits that were in place when President Ronald Reagan left office.

One thing he purposely left out - the highest tax bracket was only 28% when Reagan left office! It's no wonder the market tanks whenever Tim talks.

He also was disparaging oil and gas companies for contributing to "global warming." Geithner is not only dishonest, but is just a liberal political hack.