Schumer proposes tax breaks for Madoff victims

Sen. Chuck Schumer (D-NY) proposed a bill Monday to give tax breaks to smaller investors who were victims of Bernie Madoff's Ponzi scheme.Schumer says the

NEW YORK - Sen. Chuck Schumer (D-NY) proposed a bill Monday to give tax breaks to smaller investors who were victims of Bernie Madoff's Ponzi scheme.

Schumer says the bill would provide some relief to middle class residents who lost money investing with Madoff. Larger investment firms who suffered losses qualified under existing laws for relief.

The bill would not only give small investors tax breaks, but they would be able to claim losses for the past six years, as well as the next 20 years. The bill would also allow a waiver of the 10 percent penalty for early withdrawal from retirement accounts.

advertisement | advertise on News 12

Trending Video

Videos from inside the halls and classrooms of 1 Videos capture violent fights inside M.S. 232
News 12 The Bronx hit the streets to 2 Word on the Street: Old TV shows
The Drug Enforcement Administration says drug cartels are 3 Heroin Homeland: Drug cartels in the Bronx
The video shows three boys precariously hanging off 4 Video shows teens 'surfing' on No. 4 train
The family of a 10-year-old injured in a 5 Critics: Corner of Hunts Point and Lafeyette too dangerous

advertisement | advertise on News 12

Features

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE