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

Ty Allen Jackson says he began writing when 1 Book tour brings BX author to Helen Keller School
The robbery happened at the T-Mobile store located 2 Police: Suspects steal $23K in product from T-Mobile store
VIDEO: FDNY hangs bunting at slain EMT's station 3 VIDEO: FDNY hangs bunting at slain EMT's station
The wake service for an FDNY EMT killed 4 Wake held for EMT killed while on the job in Soundview
VIDEO: News conference on EMTs struck by stolen 5 VIDEO: News conference on EMTs struck by stolen ambulance

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