Trump's Crony Capitalism

[Rajoo]

Trump, Cabinet could avoid millions in taxes thanks to this little-known law

Trump has managed to select one of the richest cabinets. This article gives an insight on the perks of joining Trump's cabinet.

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.

This is of particular importance to understand the magnitude of the billionaire's welfare about to be absorbed by the tax payers.

Trump’s nominee for commerce secretary, billionaire investor Wilbur Ross, has a net worth nearly 10 times that of all of Bush’s first Cabinet in 2001 combined, including tens of millions of dollars in stock and more than $1 billion in cash and assets, Bloomberg data show.

No wonder Romney is groveling at Trump's feet.

https://www.washingtonpost.com/busin...=.b96f244c85c4