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 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.

sorry to interrupt
your first 20 are free
Access to News 12 is free for Optimum, Comcast®, Time Warner® and Service ElectricSM customers.
Please enjoy 20 complimentary views of articles, photos, and videos during the next 30 days.
you have reached your 5 view limit
Access to News 12 is free for Optimum, Comcast®, Time Warner® and Service ElectricSM customers.
Please login, create an account or subscribe to continue enjoying News12.
Our sign-up page is undergoing maintenance and is not currently available. However, you will be given direct access to news12.com while we complete our upgrade.
When we are back up and running you will be prompted at that time to complete your sign in. Until then, enjoy the local news, weather, traffic and more that's "as local as local news gets."