Tax break for the 1% in the stimulus bill

by navagrey

…our rich taxpayer couple — and this applies only for individuals, not corporations — can now deduct an unlimited amount of “excess losses” in real estate against income from other sources

Calls on rich people with real estate.

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EDIT: The actual document. Section 2304 starts on page 196

EDIT 2: NY Times article. Not behind a paywall.

A draft congressional analysis this week found that the change is the second-biggest tax giveaway in the $2 trillion stimulus package.

A separate provision in the stimulus bill, which removes restrictions on losses that people can carry over from previous years, would make the tax break even more lucrative.