Trump, Cabinet could avoid millions in taxes thanks to this little-known law
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.
https://www.washingtonpost.com/business/economy/trump-cabinet-could-avoid-millions-in-taxes-thanks-to-this-little-known-law/2016/12/02/509d009a-b7f5-11e6-959c-172c82123976_story.html?utm_term=.601511bbf495&wpisrc=nl_rainbow&wpmm=1