You just have to love Rep. John Carter (R-TX). The former Texas judge has Dems squirming tonight and tax payers chuckling. He is introducing the Geithner Penalty Waiver Act to grant all taxpayers currently seeking penalty relief on foreign deposit back taxes the same percent penalty rate as Geithner was assessed for failure to report or pay taxes on IMF income. And that my friends, is ZERO.

Carter and his co-sponsor, Rep. Lynn Westmoreland (R-GA) say the Equal Protection Clause of the 14th Amendment to the U.S. Constitution mandates equal penalties for similar offenses. They state that the failure of the IRS to assess any penalties against Geithner demands similar penalties for all taxpayers with substantially equivalent cases. Seems fair to me and Constitutionally correct.

Watch the video and see what these two Republicans had to say on the House floor today.

"The Geithner case has established a legal precedent for the determination of penalties by the IRS, and that precedent can be cited in all federal tax courts," said Carter.

No doubt this action has administration and congressional democrats pounding their shoes on their desks wondering how to respond. They can't deny Geithner's zero penalty. Wish I was a mouse in the White House tonight.

Visit Carter's web site for his press release.