Trouble For Charles Rangel (D-NY)

Charlie Rangel, Chair of the House Ways and Means Committee (the tax writing committee in the U.S. House) is in the news for failing to report income on a summer home he's owned in the Dominican Republic for more than 20 years. If the story is accurate, than this is mainly a story about accounting missteps, not an intent to hide a profitable investment. Embarrassing, nonetheless

Analysis
This is a great example of the problems with a too-complex tax code. When the Chair of Ways and Means (or his accountant) does not know how to properly account for an investment (i.e. was it an investment for retirement or for current income) than how difficult must it be for ordinary Americans.

I wholeheartedly disagree with the merits of a flat tax, but I do concur that simplification of the current system is a necessity. I wouldn't make it Obama or McCain's first order of business, but if he addressed this issue in his first term, it would be worth hundreds of thousands of votes.