OMFG!

[rzemanfl]

http://www.msn.com/en-us/news/politics/trump-cabinet-could-avoid-millions-in-taxes-thanks-to-this-little-known-law/ar-AAl43qx?li=BBmkt5R&ocid=spartandhp

[C_U_L8R]

1. So they sell off tax free now while things are pretty good.

And after Trump trashes the world, they buy it back for pennies.
Keep your eyes on these playahs.

[rzemanfl]

2. I think they will resign "to spend more time with their families"

and let the next billionaire in line stick it to us.

[nini]

7. exactly what I was thinking

the cabinet will have one fast spinning revolving door.

[dixiegrrrrl]

3. I saved a nice bundle of tax money when I sold a house at a loss.

It's the same thing, essentially.

While we might not like the idea of a certain person "getting away with" low or zero taxes, I have heard nothing to suggest such a thing was not legal.
So it may be the tax law that needs looking at, in this case.

[rzemanfl]

4. This is many orders of magnitude greater than selling your house.

Years of gains-no taxes. More money than you and I will ever see. The Billionaires Boy's Club.

[dixiegrrrrl]

5. But essentially the same tax law.

I don't like it either, but the truth is this particular law allows losses to be used as an offset of taxes due.

[Statistical]

6. It isn't that it allows offset of losses. It allows deferring taxes on profits.

However it is the law. That being said some of Trump's cabinet will make hundreds of millions if not billions in deferred taxes as a result of "serving the public". Legal but pretty vomit inducing.

[rzemanfl]

8. I don't think it is "deffered" it looks to me like tax free profit-period.

They are not "serving the public" they are "servicing the public" in the most carnal sense of that phrase.

[mahatmakanejeeves]

9. This is not a deferral of paying taxes. It is also not available to just anybody.

Cabinet Picks To Save Millions In Taxes Thanks To Ethics Rules

....
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.
....

When new officials join the government, federal ethics advisers review their holdings and instruct them on how they should cut through entanglements, such as recusing themselves or divesting stocks and other assets in cases where potential conflicts could arise.

People who sell company stock typically have to pay taxes on any profits, known as capital gains. But the divestiture benefit allows officials to skip that tax bill, as long as they reinvest the gains into assets where conflicts are less likely, such as U.S. Treasury bonds or diversified mutual funds. ... It is unclear what Trump officials will be asked to divest, but the tax savings on sold-off holdings could be monumental. Trump's choice for education secretary, Betsy DeVos, is the heiress of a family Amway fortune worth roughly $5 billion.

[rzemanfl]

10. I know. I was responding to the previous post. n/t

[mahatmakanejeeves]

11. Sorry. I was trying to respod to dixiegrrrrl. Back to the other thread.