Capital losses: Write-offs for "long-term" capital losses - losses on investments held more than one year - would become much less valuable. Under current law, capital losses can be used dollar for dollar to offset any capital gains you have plus up to $3,000 a year of other income, such as salary from your job. Under the Senate plan, losses could still be used dollar for dollar to offset capital gains. But when it comes to offsetting other types of income, long-term losses would be half as valuable. Instead of being able to use $1 of losses to offset each $1 of income, it would take $2 of long-term losses to offset each $1 of salary or other income - up to the $3,000 limit.