WASHINGTON, Sept. 25 -- Sen. Tammy Baldwin issued the following press release:
WASHINGTON, D.C. - U.S. Senator Tammy Baldwin (D-WI) announced that the U.S. House of Representatives passed key provisions of her bipartisan Tax Relief for Victims of Crimes, Scams, and Disasters Act to provide tax relief to Americans who fall victim to financial scams or natural disasters.
The proposal eliminates the "scam tax," which taxes Americans on income or assets stolen from them, even if they no longer possess those funds, by reinstating the Nonbusiness Casualty and Theft Loss Deduction for 2026. The proposal also includes retroactive relief for victims scammed between 2021 and 2025.
"If you've been scammed out of your hard-earned savings or lost eve...