Rep. Ralph Norman Reintroduces Capital Loss Inflation Fairness Act to Modernize Nearly 50-Year-Old Tax Rule
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…