oops
Cong Rangel, Democratic chair of the powerful House Ways and Means Committee took a "homestead" tax deduction meant for year-round DC residents - though he legally resides in New York.
Rangel paid no taxes on his luxe property in the Caribbean;
Has four rent-stabilized apartments (one is a campaign office);
Improperly stored his car in a House parking garage;
The NY Times reported oil-drilling businessman Eugene Isenberg made a $1 million pledge toward building The Rangel School for Public Service at City College of New York…. Rangel later preserved a controversial offshore tax loophole that saved millions for Isenberg's company. The Isenberg-Nabors deal is, potentially, far more serious: It reeks of a quid pro quo between Rangel's official duties and fund-raising for his personal project. The Times reported that Rangel held meetings the same day, at the same hotel, with Isenberg to discuss the CCNY project and then with Nabors' chief lobbyist on the tax loophole.
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His multiple ties with tax-exempt foundations smell to high heaven. Rangel’s pricey real estate deals are entwined with his financial connections to several tax-exempt entities.
The IRS says the biggest potential for IRS fraud are tax-exempt non-profits doing deals with other tax-exempt non-profits----all posing as do-gooder "foundations" and “charities.” The NY Post reports at least three tax-exempt entities connected to Rangel‘s finances:
(1) The Charles B. Rangel Center for Public Service (Rangel co-opted $2 million via Capitol Hill allocations, plus another $700,000 from Dept of HUD),
(2) The NY Carib News Foundation (organized financing for Rangel’s island-hopping luxe Caribbean trips),
(3) (3) The Ann S. Kheel Charitable Trust---supposedly aids "disadvantaged neighborhoods" gave $440,000 to The Charles B. Rangel Center (the largest single donation in the charity's 4-year history). Theodore Kheel, Esq, VP of Grupo Punta Cana Operating Company, (mortgage holder on Rangel’s luxury villa), donated $17,000 to Rangel's congressional campaigns and $52,000 to a Rangel-run political action committee since 1990, federal filings show. (Ann Kheel is his late wife).
The "tax-exempt Carib News Foundation" subsidized Rangel’s trips to luxury island resorts---perfect places to hide money from the taxman.
The published list of known money-laundering havens includes Panama, the Bahamas, the Cayman Islands, the Cook Islands, Dominica, the Marshall Islands, Nauru, Niue, Panama, the Philippines, St. Kitts, Israel, and the Grenadines. Suspected tax havens include Cyprus, Gibraltar, Monaco, and Antigua.
Suspected tax fraud and tax law violations can be reported to IRS TOLL-FREE 1-800-829-0433 (You may remain anonymous).