Article

2009-03-18 Home Front Economy

IRS to allow Ponzi victims to claim theft losses

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Posted by Fred 2009-03-18 00:00|| || Front Page|| [4 views ] Top

#1 This is the tip of a very large iceberg. Tax revenues are plunging.

Posted by phil_b 2009-03-18 02:29|| 2009-03-18 02:29|| Front Page Top

#2 Does this mean the millions of Americans who have lost most of their retirement due to federal government sponsorship of the mortgage Ponzi scheme can also deduct their losses? Or are only the politically connected, fatcat, social climbing dumbasses allowed to do so?

What of those who have seen their portfolios evaporate? Will they be allowed to do the same or only deduct $3000/year for the next several hundred years? Which congressmen do ordinary people have to bride to obtain extraordinary benefits?

Posted by ed 2009-03-18 08:22|| 2009-03-18 08:22|| Front Page Top

#3 So let me get this straight. All US taxpayers will now be indirectly funding the gross stupdity and simple greed of the folks who went "all in" with Madeoff?

Please pass the Manischewitz. I'll drink, you can dance.

Posted by Besoeker 2009-03-18 09:37|| 2009-03-18 09:37|| Front Page Top

#4 Manischewitz? You'll get sick if you drink that stuff, Besoeker. How about a nice white from hills overlooking Syria, instead? If I recall correctly, the Rothschilds grow some vines there...

Separately, I thought that when one sells losing investments, one can write off the losses against any gains for tax purposes -- carrying the losses forward until they're zeroed out. Of course, that means actually selling the duds, and not just crying about the numbers. I'm not good at tax stuff, so I could very well be wrong.

Posted by trailing wife">trailing wife 2009-03-18 15:16|| 2009-03-18 15:16|| Front Page Top

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