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Drew Harwell over at the Washington Post has an interesting story about a tax loophole that could allow Trump appointees to avoid paying millions in taxes.
President-elect Donald Trump's ultra-wealthy Cabinet nominees will be able to avoid paying millions of dollars in taxes in the coming weeks when they sell some of their holdings to avoid conflicts of interest in their new positions.
The tax advantage will allow Trump officials, forced by ethics laws to sell certain assets, to defer the weighty tax bills they would otherwise owe on the profits from selling stock and other holdings.
The benefit is one of the more subtle ways that the millionaires and billionaires of Trump's White House, which already will be the wealthiest administration in modern American history, could benefit financially from their transition into the nation's halls of power.
The legal tax maneuver, offered for years to executive-branch appointees and employees, was designed to help ease the sting of being forced to suddenly sell investments.
But the federal program, encoded in Section 2634 of federal ethics laws and known as a "certificate of divestiture," has never been tested quite like this. Trump's Cabinet picks have amassed assets worth billions of dollars from lifetimes in banking and investing, much of which they will be able to sell tax-free.
(Score: 0) by Anonymous Coward on Monday December 05 2016, @07:38PM
Yes, because Latino women, black transgendered dwarfs, or one-legged pot-smoking Californian gays tells me anything at all about the politics of said people.
Except that you think they belong to a particular political class, hence identity politics.
Shocker!- there are black conservatives.
(Score: 2) by GreatAuntAnesthesia on Monday December 05 2016, @11:14PM
Which is bullshit. Remind me, which side of the house is it that always points to their multi-ethnic communities when someone dares to suggest that what works in Scandinavia might work in America? "But but but we have so many black people here..."
Is it the left and the "identity politicians" complaining about a "gay agenda"? Labelling Mexicans rapists? Bitching about welfare and positive discrimination?
I know perfectly well that you can't define a person's politics by their skin colour or limb-count thanks very much, my post was to point out the hypocrisy of a thin-skinned alt-right that is all too happy to stereotype and compartmentalise "other" groups when they need someone to blame, but then flip around and try to claim the colour-blind moral high ground when they get called out on it. That's what pisses me off most about this "SJW" bogeyman - it's denial, projection and blame-shifting of the highest order.