Although qualifying ISO dispositions can be reported as long-term capital gains on the 1040, the bargain element at exercise is also a preference item for the Alternative Minimum Tax.
Allowing loan securitizations, derivatives, and swaps to be taken off bank balance sheets was an important element in this, as were the procyclical rules on capital and loan loss reserves.
Despite being an interesting political capital for political leaders, some of these new populist movements have an element of independence and do not necessarily blindly follow leaders.