Rex Tillerson’s tax deal may have made year in Trump’s orbit worth the item

There is actually nothing to suggest Tillerson took the job to get the tax deal or even, at This particular time, wanted to leave the item. nevertheless Willens wasn’t sure the item was worth the item. “Maybe he could not go through the year he spent, nevertheless he benefitted. Probably if he had to do the item over again he might have declined,” the tax in addition to accounting expert said.

The tax windfall issue received some scrutiny as Trump’s Cabinet took shape early last year with so many posts being filled by extremely wealthy individuals, including Commerce Secretary Wilbur Ross, who incorporates a net worth nearly 10 times of which of all of President George W. Bush’s Cabinet in 2001 combined, Bloomberg data show. nevertheless the item’s not uncommon for these situations to exist among Cabinet members. Henry Paulson, one-time chief executive of Goldman Sachs, sold roughly half a billion dollars’ worth of Goldman shares when he became Treasury secretary, a move The Economist estimated was worth $0 million in taxes.

In a few cases there have been minor conflicts of interest of which have erupted related to public stock holdings in addition to Trump confidantes, such as Carl Icahn, who bowed out of a role as adviser over concerns of which his interest in shares of a refining company were wielding suspicious influence on energy policy. Icahn last week released a rare public statement denying more recent allegations of which he sold shares in a steel-affiliated company ahead of Trump’s tariff announcement with insider knowledge.

To be sure, some press reports have indicated of which a federal official could have to serve at least one year to receive the tax benefits of stock sales, nevertheless there is actually no such requirement, according to government ethics laws. They also noted of which while Tillerson may receive favorable tax treatment regardless of how long he served, the most important point is actually of which he did follow the law in addition to divest. Unlike at least one additional business person who has assumed a high-profile public office.

“the item wouldn’t be fair to say Tillerson saw a one-year stop at the State Department as a way to grow his fortune,” said Corey Goldstone, spokesperson at the nonpartisan watchdog organization Campaign Legal Center, where Walter M. Shaub, Jr. — the former director of the United States Office of Government Ethics, who was openly critical of Trump’s approach to business conflicts inside early days of his administration — is actually at This particular point a senior director of ethics. “To the contrary, Tillerson seemed to act in Great faith to reach an agreement divesting himself via his holdings prior to entering the administration,” Goldstone said. “of which basic compliance is actually what we should expect via all public servants.”

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