IRS let Wall Street off easy
Nick Schwellenbach
Not only did government regulators fail to reign in the excesses of Wall Street before the financial crisis toppled their house of cards, but the IRS hasn't been aggressive in ensuring they pull their weight. It's all the more outrageous because now taxpayers are bailing them out, big time. For more, check out my exclusive story at the Center for Public Integrity's Web site, where I reveal some IRS audit data for the first time publicly.
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Madoff Investors
How about the IRS changing the regulations to give the rich fat cats who lost money with the Madoff club a windfall! No one ever made this change for all the other people who have lost money with scam artists since taxing began.
Madoff investors/club members, can take a Theft and Casualty loss deduction on their taxes. A theft loss is like someone stole your television...must be property. Prior to the change, a capital loss could only off set a capital gain. It will cost the American tax payers 17 Billion Dollars.
Don't be fooled. It is not about the change which allows Madoff investors to adjust previous years income on earnings declared but never received. This makes sense. But the Theft and Casualty change is a freebie.
The rich and famous get a big tax break and no one even notices!
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