03-13-2018, 06:03 PM
Quote:Secretary of State Rex Tillerson’s pride might be hurt by his forced ouster on Tuesday, but his pocketbook won’t be. The former ExxonMobil CEO will still get to enjoy the millions of dollars in tax deferrals he got when he joined the Trump administration in the first place, even though he spent just a little over a year on the job.Rex Tillerson gets to keep the big tax break he got as Secretary of State - Vox
Tillerson and Exxon reached an agreement when then President-elect Donald Trump tapped Tillerson to head the State Department. The deal outlined steps for Tillerson to sever all ties with the company to comply with conflict-of-interest requirements while at the same time defining what he was to do with his multi-million-dollar retirement package and hundreds of thousands of Exxon shares. As a result, Tillerson got a major tax break — and is one of several Trump Cabinet appointees with immense personal wealth who did so. He’ll continue to benefit from that arrangement even after he leaves the public sector.