Rangel Admits Unreported Ways and Means

By Kate Barrett

Sep 5, 2008 7:35am

Rep. Charlie Rangel, D-N.Y., the powerful chairman of the House Ways and Means Committee, now admits some ways and means he hadn’t told the IRS about.

The New York Times reports that Rangel never reported to the state or federal government the more than $75,000 in income he gleaned from renting out a $500-a-night beachfront villa he has owned since 1988 at the Punta Cana Yacht Club in the Dominican Republic.

Rangel issued a statement saying: "I have asked my accountant to review all the data recently made available to me by the Punta Cana Hotel in the Dominican Republic concerning my investment 20 or so years ago in purchasing a unit in that hotel for occasional use over the years. Once my accountant obtains and verifies the facts, I will follow his recommendations."

Rangel’s attorney, Lanny Davis, says Rangel will likely file amendments to his tax returns.

"Davis said the congressman did not realize he had to declare the money as income, and was unaware of the semiannual payments from the resort because his wife, Alma, handled the family finances and conferred with their accountant, John Viardi, on tax matters," the Times reports.

- jpt

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