Raimondo Reportedly Took Advantage of “Little-Known” Federal Law to Avoid Tax Hit

Raimondo Reportedly Took Advantage of “Little-Known” Federal Law to Avoid Tax Hit

Former Rhode Island Governor and United States Secretary of Commerce Gina Raimondo reportedly took advantage of a “little-known” federal law to avoid “huge tax hits,” according to reports. 

“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,” reported Fox News on Friday.

“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,” they continued.

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The analysis lists U.S Energy Secretary Jennifer Granholm along with Special Climate Envoy John Kerry, Treasury Secretary Janet Yellen, Secretary of State Anthony Blinken, Attorney General Merrick Garland, Secretary of Defense Lloyd Austin, and Raimondo as having filed the certificates.

The press office at the United State Commerce Department did not reply to request for comment at time of publication. 

Raimondo on Focus

As Raimondo reportedly realized a tax advantage — she’s been busy advocating for a tax hike. 

The Biden administration is currently pitching its $2 trillion infrastructure proposal and the corporate tax hike that would fund it — and Raimondo has "become the team’s unofficial ‘CEO whisperer,'" Yahoo Finance reported last week. 

“Raimondo, a former Rhode Island governor who previously worked in venture capital, says she’s talked to ‘dozens and dozens of CEOs’ about the proposal to raise the corporate tax rate from 21% to 28%,” Yahoo continued. 

“Many, many, many CEOs felt that 21% was too low, lower than they expected,” she told Yahoo Finance's editor-in-chief, Andy Serwer.