Sunday, July 5, 2009

U.S. Rep. Kendrick B. Meek Regarding Bernie Madoff Sentenced to 150 Years in Prison

“Bernie Madoff preyed upon elderly Floridians who spent a lifetime working, saving and investing for their retirement. The future these seniors had planned on was wiped away because of one man’s greed, and instead of enjoying their retirement years, these Floridians are returning to work to eek out a living once more. Retirement communities throughout South Florida are experiencing a bittersweet moment today – but the news does not erase the pain these families will experience for a lifetime and for generations to come.

“In Congress, I have introduced legislation to provide some tax relief to investors taken advantage of by Ponzi Schemes. The legislation will enable these defrauded investors to receive some degree of relief on taxes paid on perceived income, which was indeed non-existent income. While their initial investment cannot be saved, the taxes paid on that income can. "

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