A Senator from Wisconsin is among a group of legislators from both sides of the aisle who are looking to give some tax relief to victims of fraud, scams, thefts, accidents, and other personal casualty losses.
Senator Tammy Baldwin joined forces with Vermont Democrat Peter Welch and Florida Republican Ashley Moodey to introduce the Tax Relief for Victims of Crimes, Scams, and Disasters Act.
The measure aims to reinstate the tax deduction for personal casualty and theft losses and ensure victims of scams, robberies, storms, and fires do not have to pay taxes on stolen assets and further wipe out their hard-earned savings and financial security.
Baldwin noted, “When Wisconsinites fall victim to a fraud or scam, the last thing they should have to worry about is being slapped with an unexpected tax bill once tax season rolls around.”
Companion legislation will be introduced in the U.S. House by Representatives Jamie Raskin, a Democrat from Massachusetts, and Greg Steube, a Republican representing Florida.
