Tax chairman Rangel failed to report income

Reuters on Yahoo ^ | 9/5/08 | Daniel Trotta

[NormsRevenge]

NEW YORK (Reuters) – House Rep. Charles Rangel, chairman of the tax-writing Ways and Means Committee, failed to report $75,000 of income from a villa he owns in the Dominican Republic, his attorney said on Friday.

The Democratic congressman, who has represented New York City's Harlem district for 38 years, plans to file an amendment to his previous tax returns and likely has no federal tax liability on the investment, lawyer Lanny Davis said.

Rangel probably owes nothing to the federal government because of depreciation and foreign tax credit, but he may owe a few thousand dollars to the state of New York, Davis said, calling Rangel's omission an "honest error" that he only realized due to recent media reports.

Details about the three-bedroom, three-bathroom beachfront home were first reported in the New York Post on Sunday and again in The New York Times on Friday.

Davis declined to comment on whether the matter embarrassed the head of the committee that drafts federal tax laws.

Rangel said in a statement his accountant would review the matter and that he would follow any recommendations.

Rangel has owned the villa at the Punta Cana Resort and Club since 1988 and rents it for as much as $500 per night, the Times said, but he never reported the income on his federal or state tax returns. Davis stressed that all investors in the time-share resort pay expenses and draw income on the resort collectively.

[wideawake]

He supported Senator Clinton in the primary.

This is Obama's Night of the Long Knives.

[NormsRevenge]

Rangel’s finances have been under scrutiny since July, when the Times reported that the lawmaker lived in multiple reduced-rent apartments provided under a plan to preserve affordable housing in New York City.

Rangel defended his right to maintain those below-market rentals, but agreed to give up an office that he used for campaign activities.

[NormsRevenge]

Davis declined to comment on whether the matter embarrassed the head of the committee that drafts federal tax laws.

—

A Dem embarassed? lol

Now that would be a sight to behold,, we all know they’re nothing but a bunch of shameless self-serving schmucks... especially the leadership of the DNC.

[A_Former_Democrat]

Hey Charlie, I’ve got an idea.

Raise my taxes to make up for the revenue shortfall.

[NormsRevenge]

Chairman of the Ways and Means Committee..

Congressman Charles B. Rangel is serving his 19th term as the Representative from the 15th Congressional District, comprising East and Central Harlem, the Upper West Side, and Washington Heights/Inwood. He is is the Chairman of the Committee on Ways and Means, Chairman of the Board of the Democratic Congressional Campaign Committee and Dean of the New York State Congressional Delegation

lolol

http://rangel.house.gov/bio.html

[US_MilitaryRules]

Link to laugh your a$$ off at the pic!!! ROTFLMAO!!!!!!!!!

http://gothamist.com/2008/09/05/rangels_75000.php

[US_MilitaryRules]

Someone post the pic please!!!

[Diana in Wisconsin]

(Not sure how long it will last...)

[thulldud]

Rangel’s finances have been under scrutiny since July,

But notice how they introduce him in the article as "House Rep. Charles Rangel".

It's monotonous, I know, but to avoid being infected by loaded language, you have to call it out every time it appears.

[VeniVidiVici]

I love this comment from one of the Liberal Democrat readers of this article:

"Oh excellent, let's rip apart a powerful New York congressman before he has any chance to return some money to the region."

"If he has the power to get federal money for the Second Avenue Subway, or the Trans Hudson Tunnel, or city parks or city government, so what if he has taken advantage of the system?"

Graft, corruption and criminal activity are OK if it brings money back.

[wastedyears]

What a bona-fide POS.

I dread the move to NYC.

[ronnie raygun]

Another community organizer gone senate. Criminal enterprises on the tax payers dole.
Liberal mantra: No accountability and no responsibilty

[nickcarraway]

It was “opposite year.” He didn’t have to report. Seriously.

[upchuck]

Congressman Charles B. Rangel is serving his 19th term as the Representative from the 15th Congressional District

That right there is a big problem for our country.

These entrenched bozos (Republicans and Democrats) have got to go.

[Ben Hecks]

Rangel has owned the villa at the Punta Cana Resort and Club since 1988 and rents it for as much as $500 per night...

Another article indicates this is the off-season rate - it normally rents for $1100/night.