Republicans Seek Inquiry on Rangel and Tax Break
By DAVID KOCIENIEWSKI
NYT
Republican lawmakers called on the House ethics committee on Tuesday to investigate Representative Charles B. Rangel’s efforts to preserve a tax loophole for an oil-drilling company at the same time that its chief executive pledged $1 million to a City College of New York school that will bear the congressman’s name.
And Senator Charles E. Grassley of Iowa, the ranking Republican on the Senate Finance Committee, said that he would renew his effort to close the loophole, which has allowed Nabors Industries to save an estimated tens of millions of dollars a year in federal taxes since 2002 by opening a small office in Bermuda and declaring itself a foreign corporation.
Democratic House leaders, who last week re-elected Mr. Rangel as chairman of the powerful Ways and Means Committee, said they would not discuss the matter until the ethics committee completed its other inquiries involving Mr. Rangel.
The chairman of the House Committee on Standards of Official Conduct, Gene Green, a Democrat from Texas, would also not discuss whether the committee’s current inquiry into Mr. Rangel’s fund-raising for City College would be expanded to investigate his role in saving the tax shelter.
(More here.)
NYT
Republican lawmakers called on the House ethics committee on Tuesday to investigate Representative Charles B. Rangel’s efforts to preserve a tax loophole for an oil-drilling company at the same time that its chief executive pledged $1 million to a City College of New York school that will bear the congressman’s name.
And Senator Charles E. Grassley of Iowa, the ranking Republican on the Senate Finance Committee, said that he would renew his effort to close the loophole, which has allowed Nabors Industries to save an estimated tens of millions of dollars a year in federal taxes since 2002 by opening a small office in Bermuda and declaring itself a foreign corporation.
Democratic House leaders, who last week re-elected Mr. Rangel as chairman of the powerful Ways and Means Committee, said they would not discuss the matter until the ethics committee completed its other inquiries involving Mr. Rangel.
The chairman of the House Committee on Standards of Official Conduct, Gene Green, a Democrat from Texas, would also not discuss whether the committee’s current inquiry into Mr. Rangel’s fund-raising for City College would be expanded to investigate his role in saving the tax shelter.
(More here.)
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