Can someone substantiate the rumor that our beloved Treasury Secretary, Paulson, received tax exclusion when he was anointed to the position? I've read snips about this but don't know if its true or to what extent.
By accepting the Treasury post, Paulson is poised to take advantage of a tax loophole that allows government officials to defer capital gains taxes on assets they have to sell to avoid a conflict of interest, as long as the proceeds are reinvested in government securities or a broad array of mutual funds approved by the government within 60 days.
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I think the CTO of the US should sell off any shares / stakes in technology companies to avoid conflict of interest.
Can someone substantiate the rumor that our beloved Treasury Secretary, Paulson, received tax exclusion when he was anointed to the position? I've read snips about this but don't know if its true or to what extent.
Yes.
http://www.forbes.com/2006/06/01/paulson-tax-loophole-cx_jh_...
By accepting the Treasury post, Paulson is poised to take advantage of a tax loophole that allows government officials to defer capital gains taxes on assets they have to sell to avoid a conflict of interest, as long as the proceeds are reinvested in government securities or a broad array of mutual funds approved by the government within 60 days.