Name that party--Charlie Rangel

NY Times:

Representative Charles B. Rangel has earned more than $75,000 in rental income from a villa he has owned in the Dominican Republic since 1988, but never reported it on his federal or state tax returns, according to a lawyer for the congressman and documents from the resort.

Mr. Rangel, chairman of the House Ways and Means Committee, which writes the federal tax code, bought the beachfront villa at the Punta Cana Yacht Club and has received twice-yearly payments from the resort, which rents the property for $500 or more per night.

Records from the development, now called the Punta Cana Resort and Club, indicated that Mr. Rangel’s rental profits varied from year to year, from $2,700 in 2004 to $7,600 in 1994.

A lawyer for Mr. Rangel, Lanny Davis, said on Thursday that the congressman would most likely file amendments to his tax returns for the years in question.

Mr. Davis said Mr. Rangel’s accountant believed he would most likely owe back taxes to the state and New York City.

But Mr. Rangel will probably have no federal tax liability, Mr. Davis said, because he considered the villa an investment rather than a vacation home, and was therefore entitled to deduct depreciation on the property, as well as taxes the resort management paid to the Dominican Republic.

Mr. Davis declined to release copies of the congressman’s tax returns and said he was gathering documents showing how often Mr. Rangel stayed at the home during the past two decades, a critical question because the Internal Revenue Service does not allow a property owner to deduct as much depreciation on a second home that the owner uses more than 14 days per year.

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Charlie Rangel is a Democrat. Most of us know him so well it does not need to be stated, but the failure to do so gives a pass to Democrats that is not usually given to Republicans. Rangel is a likable guy, but this is the second story this year suggesting some ethical breach. In the first he asked the ethics committee to investigate himself. Other embarrassing disclosures included his four rent subsidized apartmetns in Harlem. I saw no reference to his party in the story.