Charles Rangle's back taxes

Apparently a simple language barrier caused all his tax problems.

Condor

For those of you who are sophisticated enough to read the Noo Yawk Time, there is an article at:

Is not Spanish spoken by a very large percentage of his constiturnts?

My vote is for his wife doing his bookkeeping and the resort manager waiving the interest on his mortgage after two years, possibly without telling him in English when a small percentage of his constituents spoke Spanish.

Dick

My vote is that I don't care whether the dog, his accountant, his interpreter or his wife ate his homework. He should resign in disgrace. I have no patience for politicians who feel free to put their hands in my pocket but don't act responsibly regarding their own obligations. It's especially egregious for the Chairman of Ways & Means.

He may have enough excuses to avoid the slammer, but I'd still like to see the US Attorney give it a whirl so he could explain under oath, rather than through carefully crafted press releases, how irresponsible he was.

Hear, hear. We bust our butts trying to assist TPs in filling out tax forms, while those who pass the laws ignore them.

And what about those 4 rent-controlled properties (or something designed for low-income households) he has in NYC, where the limit is supposed to be one? Seems he's a serial offender.

Bill

snipped-for-privacy@panix.com (Dick Adams) wrote in news:gafkid$67t$ snipped-for-privacy@reader1.panix.com:

$75000 in rental income and only $5000 taxes owed?

When they say rental income do they mean rental revenue, or rental revenue minus expenses?

If it is truly income, and client is in the 33% bracket, then that's $24,750. Plus, the increase in AGI would decrease various itemized deductions such as medical. And there are penalties of up to 25% on the amount owed, and interest on the amount owed. I'm not sure if there are interest on the penalties. And there's state and local taxes too.

Apparently, gross rental income, which is why the tax is low. (Since the money was used to pay down his mortgage, if it were net, the mortgage would have been paid off some time ago and he'd have received money.)

Seth