It’s easy enough to hate Bernie Madoffs victims. On the whole, they are rich, often idle and frequently more than a bit whiny. That said, Bernie did rip them off.
On the point of potential tax breaks to the Madoff victims, Burt Lee, the former mayor of Ft. Lee, N.J. and himself defrauded by the king of all Ponzis, defended his ilk on The Daily Beast.
He took issue with former Clinton administration hand, Matt Miller, who wants to means test any tax breaks given to the victims.
“In my particular instance, based on the $5 million I invested directly and indirectly with Madoff, I stand to get tax refunds of roughly $500,000, more than half of which is a return of money I paid in taxes on phantom income. In other words, the government, after returning my money, will be giving me a tax break of approximately 5 cents on the dollar—not exactly a huge windfall considering the SEC’s lack of oversight allowed the scam to continue.”