The Democratic chairman of the powerful House Ways and Means Committee has been at the center of a seemingly endless swirl of questions about his activities. He came under fire this week after The New York Times reported that Rangel worked to protect a tax shelter for Nabors Industries, an oil company whose chief executive was pledging $1 million to a school bearing the congressman’s name.

The executive, Eugene M. Isenberg, also personally pledged $200,000 to the City College of New York, where the public policy school is named for Rangel. Last year, the company won congressional approval to preserve its tax shelter in the Caribbean, saving Nabors tens of millions of dollars annually and depriving the federal treasury of $1.1 billion in revenues over a decade, according to a Congressional analysis by the nonpartisan Joint Committee on Taxation.

The recent disclosures have hurt Rangel’s standing in the House, political watchers say.

SOURCE: Washington post

With democrats in congress still wasting money at this rate and wanting more of our tax money to give out to these large companies we shall never get out of the hole that they put us in from the start of the democratic control congress.