In the Headlines
November 14, 2024
Wealthy? Want to Join the Trump Administration? There's a Tax Break for You
Politico Pro
Tax attorney Robert Rizzi was quoted in a Politico Pro article about a little-known tax provision that could benefit wealthy individuals joining the Trump Administration. The article explained that Section 1043 of the tax code allows appointees to defer capital gains taxes on assets they must sell to comply with federal ethics laws. This provision is designed to ease the financial burden of joining the government and can be particularly valuable in a strong market. Mr. Rizzi commented on the usefulness of this tax break for certain individuals.
"Where it becomes very useful is when people are heavily invested in one company — the company they started, or something like that," he said. "Some people think it's quite useful to diversify their holdings without paying tax."
READ: Wealthy? Want to Join the Trump Administration? There's a Tax Break for You (Subscription required)
"Where it becomes very useful is when people are heavily invested in one company — the company they started, or something like that," he said. "Some people think it's quite useful to diversify their holdings without paying tax."
READ: Wealthy? Want to Join the Trump Administration? There's a Tax Break for You (Subscription required)