01-03-2017 (Photo: Mnuchin is Trump's National Finance Chairman and a member of his economic advisory team. He is also the former Chair of OneWest Bank, which carried out more ...Four of Mr. Trump’s highest-profile picks—Mr. Ross; Mr. Mnuchin; Gary Cohn, who will run the White House’s National Economic Council; and Rex Tillerson, the secretary of state nominee—have reported holding a total of $640 million in publicly traded shares.) http://JohnBatchelorShow.com/contact http://JohnBatchelorShow.com/schedules http://johnbatchelorshow.com/blog Twitter: @BatchelorShow Trump’s Cabinet & Conflict-of-Interest Tax Advantage. @Larry_Kudlow. @GZuckerman “…Rather than pay taxes on the required sales of the investments, using the purchase price of the original assets as the cost basis, incoming members of the administration likely will be able to take advantage of a policy allowing them to defer paying taxes on the proceeds as long as they are reinvested within 60 days in government securities or mutual funds approved by the government. If the officials later sell the new investments, they pay taxes on any gains that they accrued, dating back to the original investment. However, if they never sell the new investments, they pay no taxes at all. One obvious risk for the executives: The Treasurys and other investments they will be allowed to shift into may not perform as well as those they will be forced to sell. The Journal examined each nominee’s most recent disclosures to the Securities and Exchange Commission, as well as summaries of the same data compiled by InsiderScore, to determine their share holdings. To calculate their gains, the Journal used a weighted average of the price paid for the shares each nominee acquired, whether through outright purchases or via exercising options. The Journal’s analysis included share awards that haven’t yet vested, meaning the executive doesn’t yet technically own the shares. Four of Mr. Trump’s highest-profile picks—Mr. Ross; Mr. Mnuchin; Gary Cohn, who will run the White House’s National Economic Council; and Rex Tillerson, the secretary of state nominee—have reported holding a total of $640 million in publicly traded shares. The four men appear to have gains on those investments totaling at least $165 million, which normally would generate a tax bill of at least $39 million. Mr. Tillerson, the Exxon Mobil Corp. chief executive, reported holding about 2.6 million Exxon Mobil shares as of early December, worth about $240 million at recent prices. Using an estimated cost basis of nearly $85 a share, selling those shares could trigger a gain of nearly $17 million. Normally, that would generate a federal capital-gains tax bill of about $4 million. Exxon says that some 2 million of Mr. Tillerson’s shares haven’t yet vested. Unvested shares typically are forfeited when an executive leaves for another job, but companies sometimes make exceptions for executives leaving for government posts….” http://www.wsj.com/articles/trumps-nominees-stand-to-reap-tens-of-millions-of-dollars-in-potential-tax-deferrals-1481669429
Comentarios