Moo...
Meet Rep. Gary Miller from California:
Rep. Gary Miller grew up poor. Even though he's now worth more than $13 million, he says he's still worried about his family's financial security.
So, while federal authorities investigate some of his real estate transactions, he says he'll keep on making deals.
Miller, a fifth-term Republican representing conservative inland Southern California, said in an interview that he had put his real estate investment activities on hold upon entering politics, only to find that "I was worth less money every year." [cry me a river...]
"Some people are arguing I shouldn't have the opportunity to make an investment that every other American citizen has an opportunity to make," he said. "I've got kids, I've got grandkids, and it'd be nice, when I get ready to go, when they're older, if I can help them."
At the heart of the Miller probe is the 2002 sale of 165 acres to Monrovia, a town of 40,000 northeast of Los Angeles. Miller contended he was forced to sell the property when the city threatened to take it by eminent domain.
Under IRS code, that allowed Miller to defer capital gains taxes on his profit if he reinvested it in other property within two years. With a tax rate of more than 20 percent on a profit of at least $10 million, the deferment involved more than $2 million.
http://www.abcnews.go.com/Politics/wireStory?id=2896056
Rep. Gary Miller grew up poor. Even though he's now worth more than $13 million, he says he's still worried about his family's financial security.
So, while federal authorities investigate some of his real estate transactions, he says he'll keep on making deals.
Miller, a fifth-term Republican representing conservative inland Southern California, said in an interview that he had put his real estate investment activities on hold upon entering politics, only to find that "I was worth less money every year." [cry me a river...]
"Some people are arguing I shouldn't have the opportunity to make an investment that every other American citizen has an opportunity to make," he said. "I've got kids, I've got grandkids, and it'd be nice, when I get ready to go, when they're older, if I can help them."
At the heart of the Miller probe is the 2002 sale of 165 acres to Monrovia, a town of 40,000 northeast of Los Angeles. Miller contended he was forced to sell the property when the city threatened to take it by eminent domain.
Under IRS code, that allowed Miller to defer capital gains taxes on his profit if he reinvested it in other property within two years. With a tax rate of more than 20 percent on a profit of at least $10 million, the deferment involved more than $2 million.
http://www.abcnews.go.com/Politics/wireStory?id=2896056
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