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The bill unveiled by House Democratic leaders Tuesday would create three new tax brackets for high earners, with a top rate of 45 percent for families making more than $1 million. That would be the highest income tax rate since 1986, when the top rate was 50 percent.
The plan would honor Obama's campaign promise not to raise taxes on families making less than $250,000. But it would break an Obama pledge that no one — including the wealthy — would pay higher taxes than they did in the 1990s.

Rep. Charles Rangel, chairman of tax-writing House Ways and Means Committee, called the plan "the moral thing to do."

http://www.msnbc.msn.com/id/31927196/ns/politics-capitol_hill/

On September 24, 2008, the House Ethics Committee announced an investigation into Rangel's alleged failure to report thousands of dollars in rental income or pay taxes on his beachfront villa in the posh resort in Punta Cana, Dominican Republic, allegedly living in multiple rent-subsidized apartments in New York City while claiming his Washington, D.C. home as his primary residence for tax purposes, alleged use of congressional stationery to solicit donors for a public policy institute in his name at City College, and other alleged questionable activities.