The difference? Nancy Pelosi is covering HIS ass!

Seems like I read that over 90% of all of our Senators are multi-millionaires. I've always wondered how most of our career senators could do that.

True enough, some were rich enough to have bought their way into the Senate, but for the rest of them, the "self-made men", how do they pretty consistently do that on a paltry $200,000 a year?

"Speaker Pelosi says this is the most ethical Congress in history."

Hahahahaha. As usual, Nancy smiled when she said it.

I'm saving up these issues should I get audited. I'm going to either claim a "Rangel Exception" or a "Gietner Exception" depending on the circumstances.

Would it be a good time to bring up "Dollar Bill" Jefferson?

Oooh ooooh, Mista Kotta, Mista Kottairrrrr

The difference is that I have a conscience!

IIRC, Rangel paid exactly what any normal person would've paid had they gone back & amended prior returns to report more income. I don't think he got any special treatment.

Hahahahaha. As usual, Nancy smiled when she said it.

Sure she did. But, I understand, the next time she visits her plastic surgeon, he's going to give her a "heart felt, disappointed, troubled" look.

"I don't think he got any special treatment."

Tell ya what JPE, you 'mis-report' your income. When the IRS catches up to you, you WILL PAY A PENALTY. Unless of course you invoke "The Rangel Exception".

And what say you, JPE, about the new incident of 'mis-reporting' income to the tune of somewhere between $500K and 1 MILLION. Can you explain how one goes about OVERLOOKING that much in their finances?

No wonder the Dems never have a problem raising taxes, they never bother to pay them. Just ask the Sec Treasury, Turbo-tax Timmy.

Oh, don't forget he's also making "political donations" to the guys on the Ethics Committee that is investigating him.

Well CDR M, it's only 3 out of the 5 Democrats on the committee, so I'm sure he's not trying to "fix" anything.

Right SAUD? VIC? Bruce? JPE?

2002 - 2006

That means they can only make him pay for the 2006 tax year due to the 3 year statute of limitations, unless the IRS filed last year or in 2007 against him.

For some reason I doubt it, but I am saying that with bias and without researching. Our progressive posters can feel free to correct me.

Still, it seems to me that if they need to find a source of money for their programs they should seize all the interest these tax-dodgers gained by not paying.

This also an argument for the "Fair Tax".

If they were taxed at 30% on everything they bought, then all the money in the bank and not in the economy would actually make our money worth more.

Rangel is going to be a great poster child for the Republicans in 2010.

Yeah, maybe he can explain how he qualifies for FOUR rent controlled apartments in NY. Two of which were converted into one (guess he lives large). Another was converted into an office. Funny, I thought it was an APARTMENT.

Meanwhile Al "hoagie" $harpton finds a Rolls Royce to bring his lardass to jackos funeral.

Crime pays in the demo party.

You're just picking on him!

RACISTS! RACISTS!

Former Mets pitcher Jerry Koosman just got six months in the slammer for tax evasion. Maybe Charlie Rangel can join him.

Maggie (#1) :

His ass is way too big for Nancy to cover alone.

#7

Right On!

bobdog ~ Nearly all Senators were millionaires well before they were elected. The Senate is the world's most exclusive club for people with below-average abilities, and it costs to get in.

Better to watch the House more closely. It's populated by many who came in with modest means and quickly became multi-millionaires.

~~~~~~~~~~~

Y'all misunderstood Speaker Nancy "Stretch" Pelosi as claiming the most "ethical" House in history. What she actually said was it is the most "assical" House in history. Check the doggone tape!

The difference?

Most people are quite old before they forget how many millions and houses they own.

Rangel was different. He can remember now but couldn't when he was younger.

The IRS waived interest charges for Rangel. I've worked for over a decade as a tax lawyer and never seen a situation in which the IRS did not charge interest for unpaid taxes. Apparently, a different set of rules apply when you are Way and Means Committee Chairman.

Re: how do so many of these people become multi-millionaires?

That isn't too difficult for even the nearly honest ones who would not take a bribe. The secret is low expenses.

The established politician has very low expenses. Travel expenses are paid, medical is paid, others pay your dining expenses. Your clothes can be purchased from campaign funds.

In the unlikely that you get caught tapping the campaign chest you say your campaign manager or other associates made mistakes. A fine is paid. No one goes to jail.

Somehow your children get scholarships to the best universities. When you actually pay from your own pocket the cost can be surprisingly low; you find great bargains on houses and land (ask Obama), or for home renovation (ask Ted Stevens).

Long story short. You can't live free but perhaps eighty percent of your normal expenses get paid by others. That makes your miserable salary of $150K go a long way.

"I've worked for over a decade as a tax lawyer and never seen a situation in which the IRS did not charge interest for unpaid taxes."

Exactly. They will often waive the penalties, but they NEVER waive the interest.

It's my understanding that Rangel's entourage is also a prime example of the old saw, "The fish stinks from the head down." Apparently there's been a flurry of activity among his staffers in amending old tax returns.

Rangel might be made to step down from his position as House Ways and Means Chairman, but will probably be given some other important chairmanship.

Not much will happen to him other than that, partly because he's black, but mainly because he's a Democrat.

Don't think there _is_ a Statute of limitations on tax evasion.

"... is there one set of rules for the elites in Washington and another set for the rest of us?"

Pretty much defines a rhetorical question.

"Speaker Pelosi says this is the most ethical Congress in history."

And what has happened so far to make you doubt this? Unless the list of corrupt representatives and senators grows past 100%, it may well be the most ethical.

tehag

Oh NANCY PELOSI listen to her stupid mindless clucking its giving old FLU-BIRD a real headache

Good grief. If this guy had a "R" in his title he'd be toast. The MSM is a shill one must think in light of this info. Whatever happened to the fourth rail of government. Is it any wonder that foreign governments are bailing on US debt when the whole of DC is corrupt and out for the lining over their own pockets via the apparent enslavement of the US worker? People get out of debt asap and into some wealth securing assets before the whole thing collapses.

I found the section of the tax code and we were both right. Normally 3 years, up to 10 years (more with consent of the taxpayer) but no limit on fraud and tax evasion.

Under section 6501(a) of the Internal Revenue Code (Tax Code) and section 301.6501(a)-1(a) of the Income Tax Regulations (Tax Regulations), the IRS is required to assess tax within 3 years after the tax return was filed with the IRS. Similarly, under 301.6501(a)-1(b) of the Tax Regulations no proceeding in court by the IRS without assessment for the collection of any tax can begin after the expiration of 3 years.

Under section 6501(e) of the Tax Code and section 301.6501(e)-1 of the Tax Regulations the statute of limitations is 6 years if the taxpayer omits additional gross income in excess of 25% of the amount of gross income stated in the tax return filed with the IRS.

The statute of limitations does not apply in the case of a false tax return or fraudulent tax return filed with the IRS with intent to evade any tax. See section 6501(c)(1) of the Tax Code and section 301.6501(c)-1 of the Tax Regulations.

Why do we needs two and a half million pages of frickin tax code? Screw it, lets just move to the "Fair Tax" and make everyone pay a sales tax rather than keeping track of income.