BYRON YORK: The clock is ticking on tax cheat Charlie Rangel.

It hasn’t gotten much attention amid news of Ted Kennedy, Obamacare and the worsening outlook in Afghanistan, but an extraordinary situation is developing in the House of Representatives. With each passing day, it’s becoming more clear that the powerful committee chairman in charge of writing America’s tax laws is a financial wheeler-dealer, a serial asset-hider, and a tax offender. . . . Last week, we learned that Rangel filed a grossly misleading financial disclosure report for 2007 — failing to report at least half a million dollars in assets.

It turns out Rangel had a credit union account worth at least $250,000 and maybe as much as $500,000 — and didn’t report it. He had investment accounts worth about the same, which he also didn’t report. Ditto for three pieces of property in New Jersey.

Beyond that, we’ve learned that Rangel has failed to report assets totaling more than $1 million on legally required financial disclosure forms going back to at least 2001.

The news comes on top of revelations last year that Rangel didn’t report — and didn’t pay taxes on — income from a villa in the Caribbean. In that matter, the Internal Revenue Service gave him sweetheart treatment; Rangel paid about $10,000 in back taxes but was not required to pay any penalty or interest.

I wonder if the IRS would be so understanding with an ordinary citizen? Well, okay, I don’t wonder all that much. The IRS spent decades trying to build up a reputation as tough but fair. I’m not sure that’s going so well these days. . . .