Musk is borrowing against assets to get cash without having to sell and pay taxes.
Sen. Bob Menendez wants the largest tax break possible, while Sen. Bernie Sanders is looking for a more modest cut.
The plan that would give an unlimited deduction on federal returns for state and local taxes under a certain income.
The $10,000 cap on state and local tax deductions could be repealed for a couple of years.
This proposal would go after capital gains tax breaks for qualified small business stock.
The temporary rollback is one of the “main considerations” before the Democratic caucus now, according to a House Democrat.
A full repeal of the state and local tax deduction would be costly and politically difficult.
One idea is applying an excise tax on stock buybacks or treating them as taxable dividends to shareholders.
Restoring the full SALT break would cost about $88.7 billion for 2021 alone.
While Congress encourages land conservation, disputes often arise over how property owners use the tax incentives.
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