The Tim Geithner Defense.

Next time you find yourself talking to the IRS try the "Tim Geithner Defense"

It goes like this. "I forgot" or "It was an honest mistake" or "I didn't know I had to pay" or "I'm embarassed" or "It was an oversight". If those don't work try - "I'm Chairman of the Federal Reserve Bank of New York" That always works. Apparently.

For not paying Federal Social Security and Medicare taxes from 2001 to 2004 Mr Geithner spent no time in prison, and had his penalties waived. Nice. Penalties for a four year period assessed two years later can be huge, representing a large percentage of the total owed.

Mr Geithner also had an undocumented immigrant as his nanny, and had many spurious deductions overruled (one claiming thousands in deductions for his kids away at sleepover camps as child care!).

Kimba Wood and Zoe Baird were back to back appointments for Attorney General by Bill Clinton who resigned from consideration when it was learned they had undocumented nannies. Keeping Geithner would smack as sexism for me. I'm not kidding.

So all you landscapers, plumbers, house painters and other self-employed entrepreneurs who have to pay self employment taxes forget it. Simply use the Tim Geithner defense.

Or work your way up to Chairman of the Federal Reserve Bank of New York.

UPDATE: Uh oh, turns out that Geithner not only didn't pay his share of the taxes but the IMF actually paid him extra to cover the amount. I think the HopeNChange bus might be leaving the station without Timmy.