Rep. Ralph Norman Introduces the Capital Loss Inflation Fairness Act
On Tuesday (Tax Day), Rep. Ralph Norman (SC-05) introduced the Capital Loss Inflation Fairness Act, which would increase the capital loss limit against ordinary income from $3,000 to $13,000 for individuals and those married filed jointly, and includes an annual adjustment for inflation. Under current income tax law, individuals pay capital gains tax when assets, such as property or…