Washington, Oct. 1 -- Congressman Ralph Norman issued the following press release:
WASHINGTON - Congressman Ralph Norman (R-SC) reintroduced the Capital Loss Inflation Fairness Act to address a nearly five-decade-old provision of the federal tax code and allow Americans to deduct more of their investment losses from their ordinary income.
The current limit of $3,000, or $1,500 for married taxpayers filing separately, has remained unchanged since 1978. Norman's legislation would increase those limits to $14,250 and $7,125, respectively. Additionally, the bill includes an annual adjustment for inflation.
Under current law, losses exceeding the annual limit generally must be carried forward to future tax years. The legislation would allow i...