Saturday, December 20, 2008

Uncle Sam Screwed to the Tune of $17 billion in Ponzi Scheme

Even Uncle Sam may get burned by Bernard Madoff. Investors who lost their fortunes in Madoff's alleged Ponzi scheme will end up paying far less in taxes and may even be eligible for refunds, according to accounting experts. By some estimates, the Internal Revenue Service could be out as much as $17 billion in lost tax revenue.

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