Thread: After Foreclosure, a Big Tax Bill From the I.R.S.

This makes me sick. This is just the beginning. If anyone thinks that all of this sub-prime garbage was not planned as a way for the corporate elites and bankers to continue the rape and destruction of the American worker had better wake up fast! Things are going to get much worse!




http://www.federalobserver.com/archive.php?aid=11874


After Foreclosure, a Big Tax Bill From the I.R.S.
By Geraldine Fabrikant

Yuh want me to stick it where?

Two years ago, William Stout lost his home in Allentown, Pa., to foreclosure when he could no longer make the payments on his $106,000 mortgage. Wells Fargo offered the two-bedroom house for sale on the courthouse steps. No bidders came forward. So Wells Fargo bought it for $1, county records show.

Despite the setback, Mr. Stout was relieved that his debt was wiped clean and he could make a new start. He married and moved in with his wife, Denise.

But on July 9, they received a bill from the Internal Revenue Service for $34,603 in back taxes. The letter explained that the debt canceled by Wells Fargo upon foreclosure was subject to income taxes, as well as penalties and late fees. The couple had a month to challenge the charges.

For those who struggle to pay their bills, who watch their housing payments rise out of reach with their adjustable-rate mortgages, who lose a job or who fall victim to illness, losing one’s home can feel like hitting bottom. But one more financial indignity may await as the fallout from the great housing boom ripples across the United States.

“Getting that tax bill,â€

The construction boom was a smoke screen not only justify the presence of illegal aliens as hard working people who contribute to the economy but adding insult to injury we the taxpayers are going to have to pick up the bill for the bail out of all of the S&L institutions who perpetrated this fraud.

The housing bubble, the resultant hit to our economy, and the entrapment of citizens who lost jobs or otherwise became down on their luck is a train wreck that we all will be paying for, for at least a decade IMO. The illegals definitely played a role, sometimes willing, sometimes as an exploited patsy.

REPEAL THE FEDERAL RESERVE ACT. That's where the real problem lies. The Federal Reserve Bank created the great depression...and who do you think profited from this? Well of course the Federal Reserve Bank...an independently owned bank...not owned by the federal government as the name would suggest but by private investors who are getting rich off of these farces including the Iraq war! No wonder bush boy doesn't want to bring the troops home...that would lesson the "Feds" profits! We need every citizen to become outraged at these traitorous actions perpetrated by the greedy elite. The same people that funded both sides of both world wars, korea, and vietnam. Not to mention the Gulf War and the Iraq War. This is an outrage that more deceit is going to rob the American citizens!!! We must get control of our government and repeal all the laws that are undermining our liberties!!!!