Nearly 50 Years Later, It's Time to Update the Capital Loss Deduction
The tax code shouldn’t be stuck in 1978. Nearly 50 years ago, Congress set the amount of capital losses an individual could deduct against ordinary income at $3,000 per year. Think about how much has changed since then. The cost of a home, a car, groceries, and just about everything else has gone up SIGNIFICANTLY. But that $3,000 limit? It hasn’t moved a penny. Let’s say you invest…