Rep.Charles Rangel, head of the House tax-writing committee, admitted today that he owes about $5,000 in federal taxes.
The unpaid amount came from the New York Democrat's failure to report income from a beach property on his tax returns, blogged about here.
When state taxes also are factored in, Rangel's tax bill will be around $10,000, according to one of the Congressman's attorneys.
Rangel also asked the House Ethics Committee to look into his tax oversight, but said he sees no reason to give up his seat as chairman of the powerful Ways and Means Committee.
"I sincerely regret and take personal responsibility for these errors," Rangel said Wednesday at a press conference. He also referred to the failure to reprot the income on the Dominican Republica beach villa as "irresponsible."
Republicans have called for Rangel to step down from his Ways and Means position, but Rangel said that wasn't going to happen. "I really don't believe that making mistakes means that you have to give up your career," he said.
You can read more on Rangel's confessional session before reporters in: