Max L. Miller

Not analysed yet

A requested analysis is usually ready within half an hour; come back to this page or reload it.

Mr. Speaker, I rise in support of H.R. 9500, the Tax Relief for Fraud Victims Act. Right now, if a scammer steals your life savings through a romance scam, a fake investment scheme, or a business email fraud, the Federal tax code adds insult to injury. It is quite ridiculous. Current law largely bars victims from deducting those losses unless they are tied to a Federal- or State-declared disaster. That means every American who loses their retirement accounts to Ponzi schemes or cryptocurrency fraud gets absolutely no relief, while government still treats their stolen money as if it were untouched income. Per the FBI's 2025 Internet Crime Report, cyber-enabled crimes defrauded Americans of nearly $21 billion in just 2025 alone, a 26- percent jump in losses from 2024, with seniors hit hardest, at $7.7 billion. Our constituents are being victimized twice: once by the criminal and again by the tax code. H.R. 9500 fixes this. It restores the deduction for theft losses involving fraud and deceit. It extends the deadline for victims to claim refunds once fraud is discovered. It removes harsh penalties on retirement funds stolen by scammers. I am proud to have introduced this commonsense legislation alongside my colleague Representative Suozzi. Mr. Speaker, I urge my colleagues to support H.R. 9500.