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Biden White House

Biden Cabinet members avoid huge tax hits thanks to little-known federal law

Section 2634 helps administration employees defer capital gains taxes

By Houston Keene

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.

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.

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