The Post finds Congressman and Ways and Mean Commitee Chairman Charlie Rangel making some changes to his reported taxable income. In 2004 he listed $4,000-$10,000 in outside income, but his amended tax filings now put it at between $118,000 and $1.04 million. All told they see up to $1.3 million in newly-remembered income in his amended disclosure form from 2002 and 2006. This includes $1 million from the sale of a building on West 123rd Street.
The Times finds half a million in assets added to Rangel’s amended 2007 returns, including earnings from PepsiCo stock and “three vacant lots in Glassboro, N.J.” The new statement about doubles his reported net worth…
Today the Post, the Daily News, the Wall Street Journal and others pile on Rangel for these late admissions of taxable wealth. which they believe comport badly with his status as one of the architects of national tax policy. Of course, seen another way, his tax filings might be considered research, or a positive example for filers who wish to avail the system’s many loopholes. If the Congressional investigation of his behavior takes a bad turn, we hope he tries that explanation.