AdvertisementTwo of the reported candidates for Treasury Secretary made their fortunes on Wall Street, including billionaire Apollo CEO Marc Rowan.
Eligible federal appointees can defer capital gains taxes indefinitely when they sell stock or other assets in order to avoid a conflict of interest.
As a top earner in New York, they would normally have to pay more than $3 million in capital gains taxes.
The sum that would have been spent on capital gains taxes is now free to compound and grow.
The IRS allows investors to defer capital gains taxes in other scenarios that are deemed outside their control.
Persons:
Donald Trump's, Trump, Howard Lutnick, Cantor Fitzgerald, Major Trump, Chris Wright, Marc Rowan, Bush, Goldman Sachs, Henry Paulson, George H.W, Bob Willens, You've, Scott Bessent, frontrunners, eyeing Rowan, Kevin Warsh, Morgan Stanley, Warsh, Jane Lauder, Rowan, Ed Renn of Withersworldwide, Penny Pritzker, Mark Parthemer, Willens, Renn
Organizations:
Commerce, of Energy, Treasury, Executives, Columbia Business School, Federal Reserve, Government, IRS
Locations:
George H.W . Bush, New York