Results tagged “taxshelter”

City College of New York told the NY Times the opening reception for the Charles B. Rangel Center for Public Service would be delayed. The decision was made “by mutual agreement between the congressman’s office and the college." Earlier this week, the House ethics committee announced it would expand the probe into Rep. Rangel's dealings. Previously, the committee was investigating his (1) use of Congressional letterhead to solicit donations for the CCNY graduate school, (2) four rent-stabilized apartments, and (3) non-payment of taxes on rental income from a vacation villa; now the committee will look at, per Rangel's request, charges that he helped preserve a tax loophole for an oil company whose chief executive donated $1 million to the Rangel Center.

Right before the Thanksgiving holiday, House Speaker Nancy Pelosi issued a statement saying she expected the ethics committee investigation into Rep. Charles Rangel by January 3, 2009: "I look forward to reviewing the report at that time." The ethics panel is looking into three things: Rangel's use of Congressional letterhead to solicit donations to City College's school of public service (which is being named after him); his four rent-stabilized apartments; and unreported income from his vacation villa in the Dominican Republic. As allegations and questions have accumulated over recent months (most recently, about a $1 million donation to the school from an oil executive), Rangel has denied any wrongdoing and has been allowed to keep his chairmanship of the powerful House Ways and Means Committee in the meantime.

Today in the ongoing examination into Rep. Charles Rangel's dealings, the NY Times wonders--on the front page-- about a pledged $1 million donation to a City College school of public service (being named after Rangel) from a oil executive. Eugene Isenberg, who has paid $200,000 of the donation so far, heads an oil drilling company Nabors Industries which dodged "tens of millions" in retroactive tax payments, thanks to Rangel. Nabors' practice of operating a Caribbean office to "reduce their federal tax payments" was targeted, but Rangel worked to keep the tax shelter--"Mr. Rangel said he stood with Nabors because, as much as he was offended by the company’s attempts to get around some of its United States taxes, he thought it wrong to impose a retroactive tax increase." Naturally, Rangel and Isenberg deny any wrongdoing , but read the article for other details--it's fascinating (and long).