Washington ? The head of the House tax-writing committee acknowledged Wednesday that he owes about $5,000 to the Internal Revenue Service for failing to report income on his returns.

But Rep. Charles Rangel, who is chairman of the powerful Ways and Means Committee, said at a news conference that this should not mean he must cede his high position in Congress.

As lead tax man in the House, Rangel has a powerful say over changes to the nation’s tax code. And by his own admission, he has no excuse for not reporting years worth of rental income on a beach vacation property he owns in the Dominican Republic.

“I sincerely regret and take personal responsibility for these errors,” Rangel said Wednesday in asking the House ethics committee to look into the matter. At another point, he called the omission “irresponsible” on his part and said that it would be corrected in amended filings.