Raise the allowable annual limit of $3000 that can be declared as a deduction for long-term capital losses (Schedule D) for senior citizens 65+.
Why is this important?
A maximum of $3000 can be declared in long-term capital losses each year on tax returns. Given downturns in the economy over the last decade or more, individuals were impacted and significant losses incurred in many cases. I personally carry a year to year long-term capital loss carryover. It will take me a number of years to reduce the declared loss carryover to zero given we are allowed a maximum of $3000 each year which we can declare and deduct. Raising this allowable annual limit will benefit seniors on fixed incomes (I draw the line at 65+ only because that is where I am at) and improve individual tax returns.
