Tillerson: “And now, if you will excuse me, I have a meeting with a Mr. Mueller.”
Ah, behold, the infamous "thoughts and prayers."
Pray, but not pay.
Rex Tillerson Can Keep Tax Break After Leaving Secretary of State Job After a Year
Rex Tillerson has departed as Secretary of State after a year, but he gets to keep one giant perk: a multimillion tax break he received when he left his job as CEO of ExxonMobil to join the Trump Administration.
The tax break — more accurately a tax deferral — came as Tillerson sold his stake in ExxonMobil to avoid a conflict of interest when entering the Administration and likely worked as a significant boost to his net worth, estimated at $330 million by Forbes.
The move allowed him to take advantage of a provision of the federal tax code that permits incoming public officials to sell an asset that poses a potential conflict of interest without paying capital gains tax if the money is invested in a one of a few select places like a diversified mutual fund or a Treasury bond. That investment is only taxable if and when it’s sold.
This means that last January Tillerson was able to sell the $54 million stake in ExxonMobil that he owned fully without paying any capital gains tax. The $180 million payout he was set to in deferred compensation is a little more complicated. That compensation, which was originally intended to be paid in ExxonMobil stock, was moved into a trust that will vest over time.
The move allowed Tillerson to avoid paying an estimated $71 million in capital gains tax up front, though he will still need to pay taxes as he gains access over time. And thanks to Trump’s tax reform the total he will end up paying on that sum will likely be lower than it would have been a year ago.
Beyond the tax break, Tillerson’s deal when he entered office wound up helping the former CEO avoid ExxonMobil’s lagging stock. Shares in the oil and gas giant are current trading at $95, a small decline from around $100 a year ago. But the larger market — which Tillerson likely invested in — has grown significantly with the Dow Jones Industrial Average up nearly 20% in the past year.
There’s at least one big drawback to the deal Tillerson struck with ExxonMobil: he can’t work in the oil and gas industry without losing some of his $170 million payout. With his government career cut short and the energy industry off limits, Tillerson may need to try something entirely new if he decides not to ret
Thoughts and prayers, oh yay! I pray that your thoughts never become law, how about that.
I have to say, I had a lot of respect for Rex Tillerson and saw him as the only adult in this joke of an administration. However, the way he’s handled this departure is cowardly.
I, on the other hand, will vote.
The voice of God: “Your supplication is important to me. Please leave a message after the beep.”
A corrupt adult is still corrupt.
“O Lord…Ooh, You are so big…So absolutely huge. Gosh, we’re all really impressed down here, I can tell You. Forgive us, O Lord, for this, our dreadful toadying and barefaced flattery, but You are so strong and, well, just so super. Amen.”
Asked to respond, the country stated it would not return the favor.
Absolutely right. Thank you.
he’ll pray for our country right after finishing praying for exxon mobil. could be a while.
he praised the diplomatic corps for their dedication, talent and patriotism …
Isn’t that supposed to be “core”? 
Oh alright-We’ll stop at 10 plagues.
Your Loving Heavenly Father
ps: 11, actually. Trump will be President. Gd
Yeah, and a happy fucking thoughts and prayers to you too. Thanks for nothin’
Well $%^&, that explains a lot, a whole lot of why CEOs seem to take a public interest. 71 million for what, 9 months “work”. It’s enough to make the most cynical vomit.
O that’s comforting, Rex. Why don’t you just tell us what the fuck is going on there? Then we can decide if prayers will do any good.
Thoughts and prayers–not just for victims of mass shootings anymore.
Thank you so much Mr. Tillerson!
“Know that I will continue to pray for our country…"
We all will, Mr. Tillerson.