Mind Your Manors
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- March
- 18
Yeah..So The AIG types really warranted not only another cartoon, but also a really lousy pun.
This entry was posted
on Wednesday, March 18th, 2009 at 7:56 am by Matt Davies.
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i say hit everyone of them with AMT.
i find it hilarious the only people that lose under AMT are the middle class and how Govt has yet to re-evaluate AMT. it no longer harms the rich but ravages the middle class.
even those govt officials who didnt pay their taxes got a buy from IRS just pay what you owe and dont worry about penalties and fees.meanwhile my brother and others I know get piled on by the IRS and squeezed dry. And not even deservedly, my brother paid. then paid again. but the IRS get tagging on more money. the more mybrother paid the more they took. and when he couldnt pay they took it all.
So i have no love for these eces and i think they should get the squeeze.
AMT is a travesty. It’s a shame that it still exists. Congress needs to get their act together and squash it.
The IRS does seem to be “effective” at getting the money they want from people. While it is not necessarily a good thing in cases like the one SC mentioned, it does make you think those execs will see some sort of justice.
Here’s my question…If the IRS is going to allow Madoff’s investor/victims to recover the amounts they paid in tax on the illusory gains, do I get to recover the amount of taxes that I paid on my investments that showed gains but now have lost value???
Topgunner – That’s a good question. I know you can deduct realized stock losses from taxes when you sell them, so perhaps that is what the IRS means by allowing Madoff victims to deduct theirs. But if it is a special write-off created for Madoff victims, that would mean passing their losses along to the taxpayers and well, that just opens up a whole nasty can o’ worms now doesn’t it?!
I suspect that if I were a big enough loser (and contributor)Congress would find some way to bail me out. Ironically, by not being a total loser, I’m missing out on some really good bailout money…
exactly. my brother got hammered. and the IRS still wants more.
Its all about being from a particular class. and as soon as they see a middle class person come near a goal IRS decides you know what i dont know your name you must be a nobody. and when you cant afford a good tax attorney they know tey hooked a good one.
No one has more power than teh IRS except for the CPS.
Both misuse their power horribly.
with Madoff .. the stocks were non existant. so therefore people paid taxes on nothing. and therefore should get that money back from the IRS. which should piss em off enough to hit madoff with more tax dollars lost because of his little scheme.
taxes and stocks and options are a nightmare. if you dont have an accountant and you dont know the rules, dont play the game.
The New York Times reported this on 2/10/06. (Yes, 2006!)
Investors “assume that the corporation is telling the truth and operating within the law before taking a leap of faith by purchasing its shares. A.I.G. employees betrayed that trust in numerous ways, misleading investors and policyholders alike.
According to the Securities and Exchange Commission and the New York attorney general’s office, A.I.G. engaged in bid-rigging, fraud and improper accounting. Like many companies in this era of corporate scandals, the fraud was meant to make the company look better than it really was. ...
In Houston, a jury is hearing testimony about a much bigger sham in the trial of the former bosses of Enron, Kenneth Lay and Jeffrey Skilling. ...
The difference between Enron and A.I.G. is that Enron was a house of cards, but A.I.G. was and still is, as New York’s attorney general, Eliot Spitzer, put it, ‘a solid company that didn’t need to cheat’.... ”
THIS IS DebS TALKING NOW; I honestly don’t get this. How come nobody noticed that Enron (the epitome of stock-trading law-breakers) & A.I.G. were mentioned in the same sentences 3 years ago? IF there’s a connection between corporate fraud, executive greed and investor guillibility, why didn’t we notice this before now?