Rep. Rangel to Step Down from Ways & Means

Congressman Charles Rangel (NY-15) announced today that he is "taking a leave of absence" from his chairmanship of the powerful House Ways and Means Committee which oversees tax policy. His successor is very unclear, though California Rep. Pete Stark is next on the seniority list. This brings further into question tax-related issues such as LIFO repeal and the fate of the 2001 and 2003 Bush tax cuts as budget and tax legislation is completed this summer.