Professor Elam

Wed March 3 2010

Charlie Rangell D NY heads the tax writing committee on Ways and Means. He has refused to relinquish that position in the face of numerous charges of failure to report and pay taxes, and lately taking trips sponsored by the corporations he regulates. Now a Texas Congressman wants a vote on Rep Rangell. 

Carter has proposed the Rangell Rule. If a taxpayer forgets to pay his taxes, he simply writes Rangell Rule on the tax form and all penalty and interest are forgiven. This is the deal that Rangell and Geithner got. We study ethics in accounting but apparently that is not the case in Washington DC. We report, you decide.

Forgive my hyperbole but as a CPA I represented many taxpayers over the years in my own practice. Such forgiveness simply does not happen for the rest of us.