From the New York Times (Rangel Pushed for a Donation; Insurer Pushed for a Tax Cut): Embattled House Ways & Means Chair Charles Rangel sought a $10 million donation from AIG for a school of public service that City College of New York was building in his honor and later changed his position and approved the subpart F active financing exception (worth millions annually to AIG) that was later enacted as part of the $700 billion bailout bill. For more, see American Spectator, Gothamist, and UPI. For prior TaxProf Blog coverage of Chairman Rangel's tax troubles, see:
- Rangel Disputes NY Times' Charge That He Provided Retroactive Tax Break to Corporation Whose CEO Donated $1m to His Charity (12/4/08)
- Rangel Hires Accountant to Scrub Tax Returns (11/15/08)
- More Rangel Tax Troubles: Untaxed Free Parking (9/18/08)
- Rangel Refuses to Step Down as Ways & Means Committee Chair (9/16/08)
- NY Times: Rangel Should Resign as Ways & Means Chair (9/15/08)
- Rangel Episode Shows Need to Audit Tax Returns of Ways & Means Committee (9/10/08)
- Rangel Failed to Report $75k Rental Income From Second Home (9/5/08)
