Biden Cabinet members avoid huge tax hits thanks to little-known federal law
Fox News
Under Section 2634 of federal elections law sits a unique provision to help soften the financial blow of new administration officials suddenly selling off assets: certificates of divestiture.
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. Government appointees and employees are able to put off paying capital gains taxes as long as they reinvest their gains into less-conflicted interests, such as mutual funds and treasury bonds.
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