Yes, It’s Real!  Zero Penalty Rate for Offshore Voluntary Disclosure Program ala Timmie Geithner’s IRS penalty.

When I first read this bill, I laughed so hard I cried, and my son was concerned that I had just completely gone around the bend. Then, I thought, they are spending our money to put forth legislation like H.R. 4172. I cannot decide whether this is a good investment or a bad one considering it will never get out of committee, but I am all for not giving the IRS any more money or power, anything that shows TurboTax Timmie to be the imbecilic fraud that he is, and a bill that would bring back trillions of dollars into our economy.  I can just see Romulan Geithner stomping around and ranting over martinis about how he is going to be portrayed by history.

God Bless these Texas Gentlemen!

H.R. 4172.

Dec 2, 2009 – Introduced in House. This is the original text of the bill as it was written by its sponsor and submitted to the House for consideration. This is the latest version of the bill currently available on GovTrack.

111th CONGRESS

1st Session

H. R. 4172

To provide the same penalty rate for taxpayers who voluntarily disclose unreported income from offshore accounts as was afforded Timothy Geithner with respect to his failure to pay self-employment taxes with respect to his compensation from the International Monetary Fund

IN THE HOUSE OF REPRESENTATIVES

December 2, 2009

Mr. CARTER (for himself, Mr. WESTMORELAND, and Mr. BURGESS) introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To provide the same penalty rate for taxpayers who voluntarily disclose unreported income from offshore accounts as was afforded Timothy Geithner with respect to his failure to pay self-employment taxes with respect to his compensation from the International Monetary Fund.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. ZERO PENALTY RATE FOR OFFSHORE VOLUNTARY DISCLOSURE PROGRAM.

The penalty assessed under the Internal Revenue Service special voluntary disclosure program for unreported income from hidden offshore accounts shall not exceed the penalty imposed with respect to Timothy Geithner’s failure to pay the tax imposed under section 1401 of the Internal Revenue Code of 1986 on his gross income derived from employment with the International Monetary Fund.