Raspy Charlie “five-angels” Rangel. Olive oil business — leave him alone!
Posted on 09/05/2008 11:31:55 PM PDT by kellynla
Representative Charles B. Rangel paid no interest for more than a decade on a mortgage extended to him to buy a villa at a beachfront resort in the Dominican Republic, according to Mr. Rangel’s lawyer and records from the resort.
The loan was given to him by the resort development company, in which Theodore Kheel, a prominent New York labor lawyer, was a principal investor. Mr. Kheel, who has given tens of thousands of dollars to Mr. Rangel’s campaigns over the past decade, had encouraged the congressman to be one of the initial investors in the project.
The loan, which was extended to Mr. Rangel in 1988, was originally to be paid back over seven years at a rate of 10.5 percent. But within two years, interest on the loan was waived for Mr. Rangel and six other early investors because the resort was generating less income than projected, according to a statement released on Friday by Jose Oliva, director of the resort.
The loan remained interest-free and Mr. Rangel eventually paid it off in 2003.
As details about the financing of the villa emerged on Friday, House Speaker Nancy Pelosi, through her spokesman, expressed support for an ethics investigation into Mr. Rangel’s failure to report rental income from the vacation home on his federal and state income taxes and financial disclosure forms. On Friday, The New York Times reported that Mr. Rangel, chairman of the House Ways and Means Committee, had earned more than $75,000 in rent on the vacation home since 1988, and according to his lawyers probably owed back taxes to New York State and New York City.
(Excerpt) Read more at nytimes.com ...
This clown has been in congress for 38 friggin' years?
sheesh...
Another day, another reason for TERM LIMITS.
Mr. Rangel, tear down that villa!
Bingo. Term limits are the only way to go and I cannot believe this clown has been there this long.
Uh oh.
Good post- unfortunately, I believe there will be more in the near future. Looks like the dynamic duo of The Maverick and The Barracuda is beginning to flush out some of the rats from the nasty swamp that is the present congress. I think they are going to cash in early/give up early while they still have the cover of their Demonrat buddies like the “Sneaker” of the House- Pelosi
Is the waved interest on a loan taxable?
I remember Chuckie once saying that 40 million taxpayer dollars was “chump change.” Well Chuckie boy, it’s “chump change” unless it’s coming out of YOUR bank account. Right Chump?
Maybe it is considered a gift.
Yes it is. This is income tax evasion. No doubt at least 100 grand. Must say this is sweet. Rangel is a bum.
Federal income tax evasion????? Goodbye Charlie.
Raspy Charlie “five-angels” Rangel. Olive oil business — leave him alone!
Hey that’s a good deal if you can get it!
Is the waved interest on a loan taxable?
Maybe it is considered a gift.
__________________________
I believe it would be much worse for him if it were a gift.
Hey, it’s an incredibly major insult to Frankie Pantangeli to compare him to Charlie Rangel!!!
End of story!
/s
You.. can be a millionaire.. and never pay taxes! You can be a millionaire.. and never pay taxes! You say.. “Steve.. how can I be a millionaire.. and never pay taxes?” First..get a million dollars. Now.. you say, “Steve.. what do I say to the tax man when he comes to my door and says, ‘You.. have never paid taxes’?” Two simple words. Two simple words in the English language: “I forgot!” How many times do we let ourselves get into terrible situations because we don’t say “I forgot”? Let’s say you’re on trial for armed robbery. You say to the judge, “I forgot armed robbery was illegal.” Let’s suppose he says back to you, “You have committed a foul crime. you have stolen hundreds and thousands of dollars from people at random, and you say, ‘I forgot’?” Two simple words: Excuuuuuse me!!-—Steve Martin
Stuff like his is how politicians get rich in office. I’m sure this stuff goes on all the time. They get sweetheart deals on everything, real estate tips, stock IPOs, other investments, campaign finance loopholes, etc.
I bet if you did serious follow-the-money audits on all of them, most of Congress would go to jail.
Ya gotta love Frank Pentangeli. Great role — moment of silence for Michael V. Gazzo.
Rules dont apply to Democrats.
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