Glenn Grothman

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Mr. Speaker, that was a good speech by Mr. Suozzi. Mr. Speaker, I rise in support of H.R. 9500, the Tax Relief for Fraud Victims Act. For many Americans, financial security means decades of hard work, setting aside money paycheck after paycheck, saving for retirement and making sacrifices so their family will always have something to fall back on. A criminal can take away that security in a matter of days. Financial scammers can involve someone posing as a trusted adviser, a fraudulent investment, or online relationship built around deception. By the time a victim discovers what happened, the money is gone and the person responsible may be difficult to find. These people are experts at gaining people's trust. For an older American living on a fixed income, there may be little opportunity to replace those savings. The consequences can affect everything from paying the mortgage to affording everyday expenses. Our tax laws should provide a fair opportunity for these victims to claim relief and begin rebuilding. Unfortunately, restrictions on personal theft loss deductions can prevent victims from deducting qualifying losses. Refund deadlines can create another obstacle when someone discovers the fraud years after it occurred. The Tax Relief for Fraud Victims Act would address these problems by expanding access to personal casualty and theft loss deductions and giving qualifying victims additional flexibility and time to seek refunds. The bill recognizes the damage these crimes can do to retirement savings. It would provide relief from the early withdrawal penalty for qualifying retirement distributions connected to theft losses and allow eligible amounts to be repaid into retirement accounts. In addition to losing money, you can be penalized right now with early withdrawal penalties. These provisions would help people who are trying to put their finances back together after being deceived. I have dealt with some of these people. They are so crafty. Even surprisingly intelligent people can be taken advantage of. A tax deduction cannot restore everything, but Congress can make sure that unnecessary tax burdens do not make an already difficult recovery even harder. We should continue pursuing the criminals responsible while ensuring that their victims receive fair treatment under the tax code. Mr. Speaker, one more time, I thank Chairman Smith and Congressman Miller for their work on this legislation, and I urge my colleagues to vote ``yes.''