Friday, March 20, 2009
The IRS recently announced that victims of the Madoff scandal can claim up to 95 percent of their losses on their taxes. Tess Vigeland and Chris Farrell discuss what implications this decision has on the tax code and on victims of future Ponzi schemes.
Economics editor Chris Farrell (American Public Media)
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From santa clara, CA, 03/25/2009
All Americans are victims of Maddoff and his friends that are part of the Florida Club where Mr. Shappiro and the elders helped Maddof make his name.
Right now Maddoff and co. on Wall St robbed us all: My retirement funds lost 70% why doesn't the IRS allow me to subtract that from my taxes?
Question for Chris F. : Why does everyone think that there's away to make Credit flow by printing money? Isn't everyone of us maximised on debt so we don't qualify even if banks have the money? Why is it that everyone needs credit to business? Nobody saved a buck? Thanks
From Tampa, FL, 03/23/2009
How about a tax break for the middle class retirees who lost 1/2 of their retirement funds in the stock market slide in 2007?
From Portland, 03/22/2009
The so-called "Bernie victims", including the reprehensible Wiesel (Israel apologist par excellence), are victims of their OWN GREED, pure and simple! UGH to ALL of 'em!
03/22/2009
So, the government wants to, ex post facto, tax a small minority of people excessively. Then it wants a tax break for one set of victims.
What happened to all men are equal, under God? Didn't Nixon also use the IRS to his benefit?
From lansing, MI, 03/22/2009
Doesn't (or didn't) the IRS code already provide for deductions for losses? For that matter, could this qualify as a theft, hence casualty loss, under "scheduled deductions?"
From Washington, DC, 03/21/2009
Chris Farrell's analysis was outstanding, as usual. In addition, many of Madoff's victims are very well-off, prominent Democrats who supported the President's 2008 campaign most generously. It is understandable that the IRS changed its rules to convey the regime's appreciation.
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