WASHINGTON (AP) -- Rep. Charles Rangel, a powerful lawmaker besieged by questions about his personal finances, has admitted he owes $5,000 to the IRS for mistakes on his taxes but says that shouldn't mean he has to give up his career.
Rangel held a news conference Wednesday to admit that he owes about $5,000 to the United States and a smaller amount in New York State and city taxes for unreported rental income on a beach vacation property he owns in the Dominican Republican.
The New York lawmaker, who chairs the powerful tax-writing Ways & Means Committee, says he simply didn't know the details of his mortgage on the property, how much rent he received from it, or that the rent should have been reported.
Rangel says fellow lawmakers stayed as guests at the beach house.
(Copyright 2008 by The Associated Press. All Rights Reserved.)