Senate Dems want to curb tax breaks for Trump nominees
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Senate Democrats are moving to block President-elect Donald TrumpDonald John TrumpDemocrats' CNN town halls exposed an extreme agenda Buttigieg says he doubts Sanders can win general election Post-Mueller, Trump has a good story to tell for 2020 MORE or his Cabinet picks from potentially avoiding some taxes.

Democratic Sens. Sheldon WhitehouseSheldon WhitehouseHillicon Valley: Washington preps for Mueller report | Barr to hold Thursday presser | Lawmakers dive into AI ethics | FCC chair moves to block China Mobile | Dem bill targets 'digital divide' | Microsoft denies request for facial recognition tech Dems introduce bill to tackle 'digital divide' Senators press drug industry 'middlemen' over high prices MORE (R.I.), Tammy BaldwinTammy Suzanne BaldwinOnly four Dem senators have endorsed 2020 candidates Democratic proposals to overhaul health care: A 2020 primer More than 30 Senate Dems ask Trump to reconsider Central American aid cuts MORE (Wis.), Dianne FeinsteinDianne Emiel FeinsteinDems reject Barr's offer to view Mueller report with fewer redactions Five takeaways from Mueller's report Only four Dem senators have endorsed 2020 candidates MORE (Calif.) and Elizabeth WarrenElizabeth Ann WarrenDemocrats' CNN town halls exposed an extreme agenda Minorities, older adults push Biden to top of 2020 poll The difference between good and bad tax reform MORE (Mass.) introduced legislation on Tuesday that would place a $1 million limit on the amount of capital gains Trump or his nominees could defer paying taxes on.

Warren argued the move would block Trump's Cabinet picks from getting "another special favor."

“Not only is Donald Trump giving a gang of billionaires control of our government, he’s offering them a special tax break just for signing up,” she said.


The Washington Post reported late last year that a provision in the tax code allows executive branch officials to delay paying taxes on profits they made from selling financial assets in order to comply with federal conflict of interest rules.

The Economist estimated in 2006 that Hank Paulson, a Bush-era Treasury secretary, was able to avoid paying roughly $200 million in capital gains taxes because of the loophole.

Feinstein added that giving "excessive" tax breaks to Cabinet members just because they comply with federal ethics rules is "inappropriate."  

“Public service is an honor, and billionaires shouldn’t require federal tax breaks for their service," she said.

Trump has come under fire for putting together what pundits have said is the wealthiest Cabinet in modern history. Quartz reported last month that Trump's Cabinet has more wealth than a third of American households combined.

But any Democratic bills targeting Trump or his picks face an uphill climb in a GOP-controlled Congress.

Democrats previously made an unsuccessful push, including introducing legislation, for months before the election to force Trump to release his tax returns.

Tuesday's moves come as lawmakers prepare to publicly vet and question Trump's picks, with some confirmation hearings scheduled to start next week.