Another Rangel Property Scandal?

Whether or not Mr. Rangel owes taxes on "unreported income" from his villa in the Dominican Republic depends on how that investment was structured, and the full details are not yet clear. For example, did he and his wife list themselves on their returns as actively or passively involved in the management of their property, or was it managed for them? it sounds as though it was a passive real estate investment. Did they receive income from a rental pool at the resort or only from renting out their own villa? Big difference there. What do the news reports say? As for depreciation, are they using a 40-year straight line depreciation? We don't know what depreciation method they've used, and so it's too soon to say that the 20 year old property was fully depreciated for tax purposes.

None of this is to defend Mr. Rangel. He has an accountant, who should have been on top of things, and we may yet find out that this is a simple case of poor oversight rather than misfeasance. It does show, however, that the IRC is very complicated, apparently too complicated even for the chairman of the Congressional tax writing committee, and the lesson to be learned, Mr. Rangel (and I'm talking directly to you), is that the tax laws of this country need to be simplified. Can we now count on your help?

G. Plant of HI 7:17PM September 07, 2008

I have to admit to giggling a bit when I read the comment posted above by Alan in PA. Hard to contain my laughter when he writes::

"Charlie Rangel should know the tax code like the back of his hand, and if he doesn't, then he should not be Chairman of the House Ways & Means Committee. This guy helps formulate tax code for the I.R.S. and doesn't know income when he sees it."

HA, HA, HA!!!

Do you NOT see the irony in?

Our Tax Code is a nightmare specifically because of politcos like Mr. Rangel.

If government were to be run in the way that government was originally meant to be run you wouldn't even know the name Charles Rangel!

To that extent we'd all be better off!

Ray Rodz of NJ 4:29PM September 06, 2008

All this ragging on Rangel is nothing more than partisan BS. Everyone who earns an income above a million a year evades taxes as much as possible. They run very little risk in getting caught, too. So what? Send him to jail and go get the next tax evader. Dem or Rep, it makes no difference.

I will, however, point out that Democrats don't set themselves up as the icons of morality in the country, which makes the legal failings of a Democrat somewhat less hypocritical to take than those of Republicans. My question: Why is Larry Craig still in office? After all, as a LAWMAKER, he should know that pleading guilty means you're guilty of the crime and there are no do-overs. He plead guilty. But this is what was said:

"On September 10, 2007, Craig's attorneys filed a motion to withdraw his guilty plea arguing that it "was not knowing and intelligent and therefore was in violation of his constitutional rights." "

Gosh, it looks like a REPUBLICAN who makes the laws doesn't know about how they work and isn't intelligent in their use. Ya think maybe they're both idiots and both should be out of jobs?

Everyone trashing Rangel should look around for glass walls because people who know better are getting busted all the time on both sides of the political spectrum.

Fatesrider of CA 10:14PM September 05, 2008

Representation from Harlem always has seemed like of and for the representative, as Adam Clayton Powell reminded us when he convinced his constituents to send him back to an ousted House. Seems like Rangel found himself caught with his hand in the cookie jar. Now here comes the shuck and jive.

M_Champ@hotmail.com of 8:18PM September 05, 2008