On this edition of Your Call's Media Roundtable, The Lever news editor Lucy Dean Stockton discusses how Donald Trump's victory could make Elon Musk eligible for a special tax benefit available only to government officials.
A provision inserted into the tax code 35 years ago allows government officials to indefinitely defer all capital gains taxes on such divestment — a tax benefit worth potentially tens of billions of dollars to Musk, according to The Lever.
Lucy Dean Stockton and Katya Schwenk write: Musk — currently the world’s richest person, with a $250 billion net worth — has been canvassing for Trump relentlessly, including by spending millions on a scheme that critics have said is an elaborate and potentially illegal vote-buying operation. He and his companies stand to benefit from a Trump victory — and already, his wealth has ballooned thanks to the first Trump administration’s tax cuts and accelerated government support of SpaceX.
Guest:
Lucy Dean Stockton, news editor at the Lever
Resources:
The Lever: Musk Could Now Reap Huge Tax Gift From Trump Win
The Washington Post: Elon Musk, the richest man in the world, becomes Donald Trump’s ‘first buddy’
The New York Times: U.S. Agencies Fund, and Fight With, Elon Musk. A Trump Presidency Could Give Him Power Over Them.
The Guardian: How Trump’s ‘new star’ Elon Musk stands to benefit from his presidency
