Rangel Forgets How Much Money He Has, Staying In Charge of Tax Law

Rep. Charlie Rangel recently discovered he made a lot more money than he knew about. And, he didn’t pay any taxes on it.

WASHINGTON — Rep. Charles Rangel failed to report as much as $1.3 million in outside income — including up to $1 million for a Harlem building sale — on financial-disclosure forms he filed between 2002 and 2006, according to newly amended records.

Via Power Line:

Charlie Rangel’s ethics problems have continued to multiply, as it’s been revealed that for years, he has failed to disclose substantial assets (something like half his net worth) on his financial disclosure forms. The House ethics committee is investigating, but has done nothing so far. This is on top of Rangel’s tax troubles; he failed to report income on a Caribbean villa and paid back taxes (but no penalties or interest) when caught by the IRS.

NBC Reports on the issue:

Did I mention he’s “ head of the tax-writing House Ways and Means Committee?”   Now get this. Rangel and Co. are getting ready to change the law so that tax evaders get the hammer dropped on them:

The Post’s Charles Hurt reported yesterday that Rangel’s committee seeks to reduce legal defenses and increase fines and penalties on taxpayers undergoing IRS scrutiny for what they assert are innocent errors.

Among other things, Rangel’s bill would even prohibit the IRS from forgiving taxpayers who erred in good faith — though that would be a very generous interpretation of his own tax troubles.

In just the last year, Rangel has been forced to file late-disclosure reports involving millions in income from land transfers and unreported business deals.

Such transgressions should preclude Rangel from even voting on tax legislation, let alone writing any.

Speaker of the House Nancy Pelosi, in keeping with her pledge to drain the swamp of corruption and let sunlight disinfect the Congress, has removed Rangel from his post.

Just kidding, she’s letting him stay:

Growing ethics turmoil surrounding Rangel has prompted calls for Pelosi to yank Rangel’s gavel.

But Democratic aides say that Pelosi will not pressure Rangel to resign his post or censure him publicly unless the House ethics committee finds him guilty of misconduct or a prosecutor brings forth charges.

Aides cited various reasons for Pelosi holding her fire.

Firstly, she does not want to be seen as interfering with the ethics committee probe by stepping in before it reaches a conclusion.

This isn’t any surprise to those who pay attention to Washington. Pelosi also let William Jefferson keep the same position even though the FBI found $90,000 of bribe money in his freezer. She allowed it so the Congressional Black Caucus wouldn’t campaign against her:

House Minority Leader Nancy Pelosi has dropped her demand that Rep. William Jefferson, D-La., resign from the powerful House Way & Means Committee – in exchange for a promise from the Congressional Black Caucus that they won’t campaign against her in advance of this fall’s critical mid-term elections.

This is how the Democrats define ethics.