Geithner's tax issue is more serious. For at least four years between 2001 and 2004, he apparently did not pay FICA and Medicare taxes on his earnings while employed at the International Monetary Fund. A subsequent IRS audit of Geithner's 2003 and 2004 tax returns exposed the tax liability, which he then paid, with interest. But he chose not to pay two additional years' taxes and interest for 2001 and 2002. Only when the Obama vetting team discovered the additional missing taxes did Geithner pay up. In all, Geithner paid more than $43,000 in back taxes and interest on his overdue employment taxes -- a sum greater than the yearly wages of the average American.
Geithner will have a chance to explain his actions when he faces the Senate Finance Committee next week for his confirmation hearings. I think it's worth reserving judgment until we know all the details. It will be interesting to see, in the meantime, how aggressively the media pursue the story. Reporters should do their job to unearth the facts -- they certainly didn't hold back against previous administrations' nominees. But that doesn't mean they should run to the presses with every wild allegation and uncorroborated accusation they uncover, especially when the nominee is muzzled by the informal rules that dictate he can't speak for himself prior to the hearings.
So far, most Republican senators are exercising admirable restraint not to go on the attack. But their desire to forego gotcha politics shouldn't be an excuse not to ask legitimate questions when the nominee is before them. Let Geithner speak for himself. His answers will determine whether he's fit to serve. And we'll all be a lot better off if we allow the confirmation process to work as it's supposed to rather than derailing it in a search and destroy mission.