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Biden’s Cabinet Uses Tax Loophole Just For Them – They Are Avoiding Millions In Capital Gains Taxes For Now
By Adam Casalino|June 4, 2021
Biden’s Cabinet Uses Tax Loophole Just For Them – They Are Avoiding Millions In Capital Gains Taxes For Now

What’s Happening:

Joe Biden and the Democrats are pushing an agenda that simply costs too much.

Mr. Wannabe-FDR seeks to spend trillions of dollars to buy American voters’ loyalty. But where is the money coming from?

Biden himself has promised to raise taxes on many Americans. That includes corporations and business owners.

But does his own staff pay their “fair share” of taxes? Apparently, thanks to a little-known law, they do not.

From Fox News:

Members of President Biden’s Cabinet are able to punt paying taxes as they divest their assets to avoid conflicts of interest when they enter into public service, thanks to a little-known provision of federal law…

Since 1989, this tax provision has been offered by the Office of Government Ethics and has helped administration employees and appointees — including Cabinet members — defer paying capital gains taxes when they are required to sell assets as they enter public service.

As usual, Democrats are using the law to their advantage. The law requires that White House staff have no conflicts of interest when entering public service.

That means they have to sell off assets, like stocks and such, to avoid conflicts.

Normally, when you sell off assets, you get hit with major capital gains taxes. They often take a big chunk out of what people can earn.

But if you’re selling off your assets because you are working for Joe Biden, you don’t have to pay them until years later!

In fact, they can avoid paying those taxes as long as they reinvest in “less-conflicted interests.” How convenient.

You might be thinking this loophole is necessary. After all, you don’t want government officials with conflicts of interest, and they can’t control the timing of the sale.

Find a government employee without conflicts of interest and I’ll eat my hat.

But what is really alarming is the fact that Joe Biden keeps pushing an agenda that will punish Americans with higher taxes. Meanwhile, his own staff can dodge taxes because of their privileged position.

Do you think it sounds kind of unfair?

Key Takeaways:

  • Joe Biden’s staff avoided paying capital gains taxes because of a loophole law.
  • They can put off paying these taxes if they reinvest sold assets into “less conflicted” interests.
  • This comes as Biden pushes higher taxes for many Americans, to pay for his bloated agenda.

Source: Fox News

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Adam Casalino
Adam Casalino is a freelance writer, cartoonist, and graphic designer. He is a regular contributor for the Patriot Journal. Find his other work: www.talesofmaora.com
Adam Casalino is a freelance writer, cartoonist, and graphic designer. He is a regular contributor for the Patriot Journal. Find his other work: www.talesofmaora.com
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