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+---- Thread: Cabinet nominees will get massive tax break; maybe $1 billion (/thread-803677.html)
Cabinet nominees will get massive tax break; maybe $1 billion - QuestionSocratic - 12-28-2016 09:03 AM
Cabinet members are required to sell off assets that would create an impression of "conflict of interest." But because selling those assets may generate a tax bill, legislation exists that allows the new secretaries the ability to defer, and even altogether avoid, paying any capital gains taxes.
For Wilbur Mills, whose net worth is $2.5 billion, this break could save him $500 million alone. Rex Tillerson could save $50 million if he needs to sell his Exxon stock.
Ain't America Great!
RE: Cabinet nominees will get massive tax break; maybe $1 billion - GrayBeard - 12-28-2016 11:28 AM
(12-28-2016 09:03 AM)QuestionSocratic Wrote: Cabinet members are required to sell off assets that would create an impression of "conflict of interest." But because selling those assets may generate a tax bill, legislation exists that allows the new secretaries the ability to defer, and even altogether avoid, paying any capital gains taxes.
For Wilbur Mills, whose net worth is $2.5 billion, this break could save him $500 million alone. Rex Tillerson could save $50 million if he needs to sell his Exxon stock.
Ain't America Great!
I can not believe that Trump set that law up. He is evil.
RE: Cabinet nominees will get massive tax break; maybe $1 billion - green - 12-28-2016 11:51 AM
(12-28-2016 09:03 AM)QuestionSocratic Wrote: Cabinet members are required to sell off assets that would create an impression of "conflict of interest." But because selling those assets may generate a tax bill, legislation exists that allows the new secretaries the ability to defer, and even altogether avoid, paying any capital gains taxes.
For Wilbur Ross FIFY, whose net worth is $2.5 billion, this break could save him $500 million alone. Rex Tillerson could save $50 million if he needs to sell his Exxon stock.
Ain't America Great!
it's their money ...
TO EACH HIS OWN
RE: Cabinet nominees will get massive tax break; maybe $1 billion - dfarr - 12-28-2016 12:28 PM
I think taking a pay cut to serve your country should be rewarded if you're forced to divest your investments. I have no problem with this.
RE: Cabinet nominees will get massive tax break; maybe $1 billion - olliebaba - 12-28-2016 07:56 PM
(12-28-2016 09:03 AM)QuestionSocratic Wrote: Cabinet members are required to sell off assets that would create an impression of "conflict of interest." But because selling those assets may generate a tax bill, legislation exists that allows the new secretaries the ability to defer, and even altogether avoid, paying any capital gains taxes.
For Wilbur Mills, whose net worth is $2.5 billion, this break could save him $500 million alone. Rex Tillerson could save $50 million if he needs to sell his Exxon stock.
Ain't America Great!
Can you even imagine how many basement dwellers that could support?
Bwhahahhahahahahahaha.