Scaramucci faces steep tax bill should White House job fall through

[HAB911]

The Mooch" may be on the hook for tens of millions in taxes.

Mar 13, 2017

Hedge fund executive Anthony Scaramucci will have to pay a steep tax bill should a White House job not come through.

According to the New York Post, the profit Scaramucci made off the $100 million sale off his stake in Skybridge Capital, the company he founded, is subject to capital gains taxes.

"Under IRS code, a person investing the proceeds of an asset sale — undertaken to avoid a conflict of interest — in an approved way will not pay the higher capital gains taxes until those approved assets are sold," reporter Josh Kosman writes.

https://www.bizjournals.com/newyork/news/2017/03/13/anthony-scaramucci-skybridge-capital-tax-bill.html

[Egnever]

1. LOL so it's a tax dodging sceme

Why is that not surprising.

[dixiegrrrrl]

3. To be fair, using legal ways to reduce or post-pone taxes is not an evil thing.

Using legal ways illegally is, tho.

The same tax laws that allows him to post-pone taxes on what he sold, allowed me to deduct a loss on a house sale, which made my taxes one year drop dramatically.
Of course, i was not in a high bracket to begin with.

Which supports the idea we need honest tax reform.

[frazzled]

2. OMG, this would be really funny if it weren't so sick

So now WH jobs are just tax avoidance schemes for cheaper-than-the-day-is-long millionaires. It's hard to believe anyone would go this far to save some bucks. The only solace here is that the guy is going to have to work hard for a living now: keeping The Donald happy with his press coverage is a 24/7 ulcer inducing endeavor.

[wishstar]

4. I think he wants into WH mainly to make sure tax changes go through helping people like him

Deregulation and favorable tax policies to enrich millionaires like him are a powerful motivator for Repubs

[rickford66]

5. How long do they have to be employed by the executive branch ?

This could turn into another Trump scheme. Hey. I hire you for a day and you dodge a lot of taxes. Just donate to my foundation on the way out.

[HAB911]

6. Here's the scoop on all this

http://www.telegram.com/news/20161203/trumps-cabinet-picks-to-save-millions-in-taxes-thanks-to-ethics-rules

http://www.nydailynews.com/news/politics/trump-cabinet-picks-sell-assets-save-millions-taxes-article-1.2920595

https://news.vice.com/story/the-millionaires-and-billionaires-in-trumps-cabinet-will-get-an-exclusive-tax-benefit

[rickford66]

7. Good articles on how they benefit, but no where could I find out how long they would have to

be "employed". Knowing how Trump operates, any one of them could be fired or forced to resign within minutes of joining his administration. Some where there has to be some required "vested" time documented. If there isn't, there's a huge loophole for our leader to profit from.

[HAB911]

8. I could not find a timeframe either

but will guess........if they are officially hired and they sell before being fired, they are good to go.

[rickford66]

9. What a deal. I'm sure we'll see plenty of turnover as long as he lasts.

There's probably a waiting list of billionaires anxious to serve the public, at least for a bit.

[HAB911]

10. Time to watch OGE's "Cordial" new watchdog

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