No going back: Anthony Scaramucci's White House job could cost him $7.5 million

By Gregory Korte, USA TODAY Published Aug. 3, 2017

WASHINGTON — Anthony Scaramucci took no salary during his short tenure as White House communication director — yet his 10-day career detour could end up costing him more than $7.5 million. That's because the New York hedge fund founder left the White House before he could obtain a "certificate of divestiture" giving him the special tax treatment available to federal employees who give up assets in order to avoid conflicts of interest. Without that certificate, the sale of Scaramucci's SkyBridge Capital to a Chinese holding company will be taxed at the long-term capital gains rate of at least 15%. According to Scaramucci's financial disclosure report, his 43.8% share of the sale is worth at least $50 million; other estimates put that number even higher. That certificate allows a federal employee to reinvest the proceeds of the asset sale —with capital gains taxes deferred — into U.S. Treasuries or a diversified mutual fund that would not present a conflict of interest. Yet Scaramucci left his White House job Monday – the same day Trump brought on his new chief of staff, John Kelly — before a certificate of divestiture could be issued.

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Rogue Valley said:

No going back: Anthony Scaramucci's White House job could cost him $7.5 million

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The "Mooch's" 10 days of employment with Donald Trump will cost him a $7.5 million capital-gains penalty, the SkyBridge hedge-fund company he loved, and his marriage.

:rofl

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