Thursday, August 27, 2009

The Sun Rises in the East: Rangel Takes Six Years to Come Clean

House Ways and Means Chairman Charles Rangel effectively acknowledged underreporting taxes on two New Jersey properties by filing six years of revised financial disclosure forms. The revised disclosures apparently doubled previously reported personal wealth and indicated concealed income of about $40,000-$110,000 in 2007. The unpaid taxes on the New Jersey properties was less than $200 so far this year but appears to have several unpaid years.

In an earlier post I asserted that Rangel should resign as House Ways and Means Chairman; this does nothing to change that belief. I cannot imagine that the House Ethics Committee will sanction Rangel since he revised disclosure forms before the Committee took action; one can hope that appropriate tax agencies will pursue back taxes and hope (but not expect) pursuit of penalties as well.


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