This was posted on Politico yesterday by Glenn Thrush. It is unbelievable. This man is the Chairman of the House and Means Committee. They write tax laws. He is a tax cheat himself and if the House Democrats had any morals they would actually ask for his resignation. Yet he is sponsoring a Bill of this nature. These are the same Democrats who approved another tax cheat Timothy Geithner as our Treasury Secretary.
Rangel introduces offshore tax-cheat bill
Every tax bill introduced by House Ways and Means Chairman Charles Rangel (D-NY) is getting the once-over from the GOP, so it's no surprise they took note of a bill, introduced by Rangel and Senate Finance Committee Chairman Max Baucus (D-Mont.) cracking down on offshore tax cheats.
The “Foreign Account Tax Compliance Act of 2009” -- introduced by Baucus and Rangel in conjunction with the Obama administration -- would mandate Individuals with offshore accounts provide details and list them on tax returns. Rules governing trusts would be "significantly strengthened" to prevent the true beneficiaries from hiding front entities.
“This bill offers foreign banks a simple choice – if you wish to access our capital markets, you have to report on U.S. account holders,” said Rangel, in a statement posted on the committee's homepage. “I am confident that most banks will do the right thing and help to make bank secrecy practices a thing of the past.”
Rangel has never been accused of committing any of the tax shelter shenanigans the bill targets, but he has admitted to underreporting assets on his House financial disclosure forms and reportedly failed to document income from a condo he owns in the Dominican Republic.
And that prompted this response from a National Republican Congressional Committee spokesman Tory Mazzola: “Is tax-cheat Charlie Rangel really the best watchdog?... Maybe it’s because he knows where the loopholes are. He’s taken ‘do as I say not as I do’ to an embarrassing new low.”
Here is from an article on March 3rd, 2009...
The pot has issued the kettle an ultimatum: tax dodgers beware.
Treasury Secretary Timothy Geithner, who was forced to fork up $34,000 in unpaid back taxes, told the House Ways and Means Committee Tuesday that the Obama administration will be going after people who avoid and evade taxes.
How about starting with his own administration first.