As Donald Trump taps more and more megawealthy business leaders for major U.S. leadership positions, there should be a general accounting of the equity holdings they divest.
See, for the likes of Goldman Sachs bankers and Rex Tillerson, longtime CEO of ExxonMobil (being vetted as secretary of state), they are permitted to divest their personal holdings and pay significantly reduced (and in some cases $0) capital gains taxes. For Tillerson, this would amount a nearly nine-figure tax dodge.
These sorts of conflicts should be disclosed whenever federal appointments are made – as it’s a major drain on the federal tax system.
Brad Smith
Cumberland
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