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!

(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.

(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

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.

(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.