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Elon Musk Could Get a Huge Tax Break from Donald Trump
Trump's promise to give Musk a top job could make the billionaire CEO eligible for a special tax benefit worth tens of billions of dollars
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LampLighter
Joined 2013/04/13Visited 2024/12/23
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... Thanks to a provision buried in the tax code, Elon Musk could reap one of the largest personalized tax breaks in American history if former President Donald Trump wins the 2024 election and fulfills his pledge to appoint Musk to a top government post, according to tax and ethics experts' review of long-standing statutes. This special tax benefit -- which is only available to federal officials -- would be in addition to massive tax breaks Musk could reap if a new Trump administration further cuts income and other taxes for billionaires. The United States Office of Government Ethics, a federal watchdog agency, notes that "the basic criminal conflict of interest statute prohibits government employees from participating personally and substantially in official matters where they have a financial interest" -- and that agency can require top officials to divest corporate holdings that create a conflict of interest in a government job. A provision inserted into the tax code 35 years ago allows government officials to indefinitely defer all capital gains taxes on such divestment -- a tax benefit worth potentially tens of billions of dollars to Musk if he is appointed by Trump to a top government post. The tax benefit has previously been used by George W. Bush administration officials, including former Treasury Secretary Henry Paulson, whose divestment from his Goldman Sachs holdings were reportedly worth nearly half a billion dollars. ...
This special tax benefit -- which is only available to federal officials -- would be in addition to massive tax breaks Musk could reap if a new Trump administration further cuts income and other taxes for billionaires.
The United States Office of Government Ethics, a federal watchdog agency, notes that "the basic criminal conflict of interest statute prohibits government employees from participating personally and substantially in official matters where they have a financial interest" -- and that agency can require top officials to divest corporate holdings that create a conflict of interest in a government job.
A provision inserted into the tax code 35 years ago allows government officials to indefinitely defer all capital gains taxes on such divestment -- a tax benefit worth potentially tens of billions of dollars to Musk if he is appointed by Trump to a top government post.
The tax benefit has previously been used by George W. Bush administration officials, including former Treasury Secretary Henry Paulson, whose divestment from his Goldman Sachs holdings were reportedly worth nearly half a billion dollars. ...
#1 | Posted by LampLighter at 2024-10-25 08:17 PM | Reply
As I asked in a prior comment, what was Mr Thiel's goal in contributing megadollars to Sen Vance's successful Senate campaign?
I wish I knew, but I have to ask ...
Are billionaires more interested in the candidate they support, or the resulting probable tax-reductions and other financial benefits that they may gain should their supported candidate win the election?
Again, I wish I knew the answer.
But I readily admit that I have not a clue how they (the billionaires) may think.
#2 | Posted by LampLighter at 2024-10-25 08:24 PM | Reply
Leon must be jumping for joy about this prospect. But not jumping very high...
#3 | Posted by catdog at 2024-10-28 09:18 AM | Reply
Well, durr... That's the way the GOP works, gin up the rubes and make the wealthy more wealthy.
I assume that Bezos stands to benefit in his own way.
#4 | Posted by censored at 2024-10-28 10:35 AM | Reply
Musk getting sued for his illegal lottery in PA.
#5 | Posted by Alexandrite at 2024-10-28 01:37 PM | Reply | Newsworthy 1
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Home | Breaking News | Comments | User Blogs | Stats | Back Page | RSS Feed | RSS Spec | DMCA Compliance | Privacy | Copyright 2024 World Readable