Mar 19 2009
Where is my tax break?
While I was reading some of the news online today I just happened to come across this article:
I.R.S. Plans a Deduction for Madoff Victims
Why is it that those rich people who got screwed over by a scam artist get a tax deduction and I don’t? Those people took a risk gambling in the stock market and were guaranteed high interest returns on hundreds of thousands of dollars, and in some cases, millions of dollars. They gambled their money for crying out loud.
My husband and I have lost almost 50% of our 401k because of the crooks on Wallstreet and in the government. We didn’t gamble or risk our money. We put our money in his employer sponsored savings plan. We don’t or didn’t have 100’s of thousands of dollars in there..but we were certainly trying to work towards that. So, why is it they get a tax break for being stupid and not doing their due diligence - but - we the normal every day Americans who lost money due to no fault of our own don’t get the same tax break?
I really think that President Obama should rethink this position - assuming he even knows about it. Isn’t Tim Geithner in control of the I.R.S.? Is it possible many of these people are his friends and he’s trying to smooth them over like he did with those guys at AIG?
I guess another question I have is why didn’t I hear about this on the evening news last night? Why is it that I have to just happen across it to learn about this?
I urge everyone to call their senators and congresspeople and urge them to not allow this tax break to the rich unless they plan on giving it to us as well for the losses we incurred in our retirement accounts.
Isn’t that the truth!
Sarah,
Geithner isn’t in control of anything. He will be gone soon. Hey, the game is fixed sister, the entire system is taylored to meet the needs of the wealthy, I’m afraid phuckpolitics hit it on the head, they dont care about us. But I will give your Mr. Obama props for one thing in his stimulus package, I was able to extend my insurance through COBRA after being laid off a few months back and because of the stimulus package the cost is %35 of what it would have been, so I can actually do it, so I can honestly say he has done one thing that has helped me. Doesn’t make me feel any better about him ignoring war crimes of Bush and Cheney, or making more war, but hey he gets one brownie point from me.
Harrison - what about my investments in my 401k? My understanding is that there had to be a minimum investment with this guy of $100,000. That’s a heck of a lot more than I had. But - it still doesn’t matter. I believe what Congress and Wall Street did amounts to theft of the American people. We should get some type of break also.
dsent - I am glad to hear that you were able to benefit from the stimulus package. As time goes on, I am sure America as a whole will benefit.
With all due respect, I lost money too, just not that much. I took my money out of 401k, and the stock market 1 year ago. I also moved my family’s investment account into safe low yield accounts. Why didn’t you do the same? It is your money and no investment advisor cares enough about your money to stop you from losing it. My advisor told me to leave the money where it was- is he crazy? It had already lost 20%. I am so glad I did move it. Remember, it is best to roll the money over into some type of account with no penalty- or just take it out altogether-pay the taxes, and then reinvest or hold on to it in a low yieeld no risk type account. For all those who say no- it is better than losing it altogether.
Bobo, you are a real clown. I think this is so funny. I am definitely adding you to my blog now. I don’t mind your funny conservative values.