Tax Reform in This Election Year: It's Not Likely
Which Credit Card Rewards Does the IRS Care About?
As people work on their taxes, they always look for creative ways to cut their tax bills. Some of our readers think they've got a perfect new write-off -- claiming American International Group, Inc. (NYSE:AIG) as a dependent.One reader, Rick, wrote, "I hope to keep my job, I still have to provide for my family and AIG. I wonder if I can claim them on this years tax return?"
I wonder why he's only thinking of claiming AIG, aren't we also helping Bank of America (NYSE: BAC), Citigroup, Inc. (NYSE: C), General Motors Corporation (NYSE: GM), Chrysler, and dozens of other banks. Wonder if anyone would have to pay any taxes this year if we could write off all the companies that we're helping to support? Probably not!
Irony aside, the sad truth is that we can only hope the government may actually recoup at least some of these corporate gifts so they'll be enough money left over for our retirements.
Now that we're funding billions of bonuses to AIG and other investment banking executives, there's not much left for our own retirements unless the money is actually paid back to the U.S. government. Don't you just hate having your retirement left in the trust of these greedy investment bankers?
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