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  • Tax chairman Rangel failed to report income

    09/05/2008 11:43:05 AM PDT · by NormsRevenge · 15 replies · 183+ views
    Reuters on Yahoo ^ | 9/5/08 | Daniel Trotta
    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...