Politics: Rangel

Rangel had no-interest mortgage more than 10 years:

"Davis said it is unlikely the congressman owes any back taxes under the federal tax code, although he may owe a small amount to New York State, on unreported rental income of about $75,000."

yeah it was only $75,000 .... c'mon ... just because that is more than most families in America make, why should he have to pay taxes on it? Just because families that make that much are having troubles making their own house payments because their mortgages ballooned up -- why would he expect to pay interest?

but wait that's not all ... the story went on:

" "It is my understanding that over the 20-year time period there is not likely to be federal tax liability by Mr. Rangel because of offsetting depreciation expenses and tax credits. Therefore, whatever amendments might be necessary do not involve the federal tax code," said Davis. "

In other words, while property values have gone up on everyone else's tax statements, somehow his has been able to go downward just enough to keep him from having to pay taxes yet not loose enough value to where he would have to actually take a loss on the property should he sell it.

Now do you think if an average citizen had done this they would get away with skirting the federal tax code?

with Dodd & Conrad (also democrats, hmm) also being in trouble over getting sweet mortgage deals that weren't available to the average public.

hmmm, good thing they are for the middle-class family, huh?