Deductive Reasoning

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A March 17, 2009 MarketWatch report out of San Francisco announced that the IRS will grant a break to victims of Bernard Madoff’s $64 billion Ponzi scheme, allowing Madoff investors to take a “theft loss” deduction on their 2008 tax returns.

Does this also allow us to deduct from our federal income tax the 12% or so we pay into Social Security, the greatest Ponzi scheme of all?

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