Rangel problems

Most Americans remember whether they have half a million dollars stashed in the bank or own a few thousand dollars worth of land. Not Rep. Charles Rangel, D-N.Y. The nation's leading tax writer has had trouble remembering what he owns.

Mr. Rangel, who is already in trouble over previous financial omissions, failed to disclose in required House reports that he had a checking account holding between $250,000 and $500,000 at the Congressional Federal Credit Union.

He didn't mention that he had three parcels of land in New Jersey worth up to $15,000. Nor has he paid taxes on those properties, the New York Post reported.

He also had an investment at ING Principal Protection Fund valued at up to $100,000. And then there was the PepsiCo and Yum! brands stock worth as much as $65,000 that he overlooked in his financial disclosure forms for 2007.

It is difficult to put a specific dollar amount on the omissions since the forms protect members of Congress by listing a range in dollar value. However, given available data, the assets disclosed in an amended filing are worth between $647,000 and $1.38 million. They put Mr. Rangel's worth at between $1.03 million and $2.5 million.

Rep. Rangel, chairman of the Ways and Means Committee which writes tax legislation, is under investigation by two House ethics committees for failing to report income from rental property in the Dominican Republic. He later paid $10,000 in back income taxes.

He may have violated ethics rules with his use of four rent-controlled Harlem apartments at below-market prices. He also used congressional stationary to solicit support for a college center to be named after him.

Mr. Rangel is prepared to draft broad-based taxes on Americans, but he cannot honestly file his own income taxes or declare his own assets.

The failures and insufficient explanations call into question Mr. Rangel's credibility, a spokeswoman for a congressional watchdog group said.

"Sloppy bookkeeping is not a valid excuse for a sophisticated member of Congress who is chairman of the committee that handles complex financial issues like the tax code," said Melanie Sloan, executive director of Citizens for Responsibility and Ethics in Washington.

The House Ethics Committee needs to complete its investigation, and in the meantime, Mr. Rangel should step down from his chairmanship.

A lawmaker who apparently does not believe in paying his own taxes should not be writing tax policy for others.