Rangel admits tax error,
vows to pay taxes, keep chairmanship

September 10, 2008

Rangel_head_shot_2
Rep.Charles Rangel, head of the House tax-writing committee, admitted today that he owes about $5,000 in federal taxes.

The unpaid amount came from the New York Democrat’s failure to report income from a beach property on his tax returns, blogged about here.

When state taxes also are factored in, Rangel’s tax bill will be around $10,000, according to one of the Congressman’s attorneys.

Rangel also asked the House Ethics Committee to look into his tax oversight, but said he sees no reason to give up his seat as chairman of the powerful Ways and Means Committee.

"I
sincerely regret and take personal responsibility for these errors,"
Rangel said Wednesday at a press conference. He also referred to the failure to reprot the income on the Dominican Republica beach villa as "irresponsible."

Republicans have called for Rangel to step down from his Ways and Means position, but Rangel said that wasn’t going to happen. "I really don’t believe that making
mistakes means that you have to give up your career," he said.

You can read more on Rangel’s confessional session before reporters in:

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TAX-SAVVY WAYS
TO WRAP UP 2026

It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill.

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings.

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year.

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

Credits/Deductions

Disasters

Family

Filing and Paying Taxes

Politics/Laws

Refunds

State Taxes

Tax Brackets/Inflation

Tax Tips

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