Rangel's tax problems are probably less 'bad' than Geithner's. He owned a condo in the D.R. for 20 years, and over that time earned a total of $75k by renting it out. Less than $4k per year...
His excuse for not claiming the income is plausible too since the payments went straight against the mortgage through the resort it was attached to, so the money never hit his savings account. If you owned a home, rented a room on AirBnB, and then AirBnB paid off a small part of your mortgage, would most people know to claim that money as income?
That being said, the Nabors tax shelter mess, the unreported checking accounts, the multiple rent-controlled apartments, etc. all add up to show Rangel as a typical corrupt politician.
But really, all of the examples just underscore how insane the tax code has become.
I couldn't agree more. It's a problem when something like 50% of tax returns are wrong upon close examination.
His excuse for not claiming the income is plausible too since the payments went straight against the mortgage through the resort it was attached to, so the money never hit his savings account. If you owned a home, rented a room on AirBnB, and then AirBnB paid off a small part of your mortgage, would most people know to claim that money as income?
That being said, the Nabors tax shelter mess, the unreported checking accounts, the multiple rent-controlled apartments, etc. all add up to show Rangel as a typical corrupt politician.
I couldn't agree more. It's a problem when something like 50% of tax returns are wrong upon close examination.